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IFAC report recommends 'fundamental changes' to financial reporting

  • IFAC (International Federation of Accountants) (lt gray) Image

10 Mar 2011

The International Federation of Accountants (IFAC) has published a report Integrating the Business Reporting Supply Chain based on interviews with leading business figures around the world which points to the need for significant changes in financial reporting.

'Elemental changes to the current format of financial reporting need to be made to increase its relevance and stakeholder value and stem the increasing complexity that has plagued financial reporting in recent years', it says. Those changes should include: 'developing a new form of reporting that integrates an organization's social and environmental performance with its economic performance, in a simplified manner'.

Click for IFAC press release (link to IFAC website).

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