CIMA Innovation and Development
                
 Global Developments in Corporate Reporting  April 2008
                           
       The Agenda today
        •Financial Reporting Supply 
         Chain
        •Narrative Reporting
        •Report Leadership
        •Public Sector
 Global Developments in Corporate Reporting  April 2008
                           
        FINANCIAL REPORTING SUPPLY CHAIN
        Current Perspectives and Directions
         • CORPORATE GOVERNANCE
         • FINANCIAL REPORTING PROCESS
         • FINANCIAL AUDITING PROCESS
         • USEFULNESS OF FINANCIAL 
           REPORTS
 Global Developments in Corporate Reporting         April 2008
                               
                      Introduction
       • In recent years, there have been significant efforts to 
         change and improve financial reporting. What is the 
         result of these changes?  
       • Has the financial reporting process become better or 
         worse? Have the financial reports become more or less 
         relevant, reliable and understandable? 
       • What should be done next?
       • Global Survey June/July - 341 responses from around 
         the world and from all parts of the FRSC
 Global Developments in Corporate Reporting                 April 2008
                                    
                  Corporate Governance
     Positives:                     Areas of Concern:
     • Increased awareness that     • Governance in name but 
       good governance counts        not 
     • New codes and standards       in spirit
     • Improved Board structure     • Overregulation
     • Improved risk                • Development of a 
       management and internal       checklist mentality
       control                      • Personal risk and liability 
     • Increased disclosure and      for directors and 
       transparency                  management
                                    • Cost benefit concerns
 Global Developments in Corporate Reporting                April 2008