A1256655549jlaIz

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Allen Blewitt Chief Executive
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Raising the bar - todays reporting challenges
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DRIVERS
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I believe this change will increase the
transparency of our business, fulfil our desire
to disseminate information on a fair and
equitable basis, and allow the network to be used
for what it's intended - connecting people and
information President CEO, SunMicrosystems, on
making July 2007 earnings announcement via web
and RSS feeds
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TOWARDS A NEW MODEL
Increase frequency of reporting Disclose more
non-financial information Customise information
disclosure release to the user Complete IASB/FASB
convergence programme Complete audit standards
convergence process Minimise national differences
in auditor oversight Global Capital Markets and
the Global Economy a vision from the CEOs of the
international audit networks
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WHAT ELSE?
Develop a proper IFRS for SMEs Refine approach to
narrative reporting Report on corporate
responsibility and sustainable development
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NARRATIVE REPORTING
Management discussion analysis (US) Operating
Financial Review (UK) Business Review (UK/EU)
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NON-FINANCIAL REPORTING
Triple bottom line reporting Environmental,
social and sustainability reporting Corporate
(social) responsibility reporting
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DRIVERS FOR CSR AND SD REPORTING
Acceptance of environmental-related
concerns Reputational risk Socially responsible
investment Pressure for more ethical
business Regulation effect Peer pressure Talent
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WHO IS REPORTING?
Almost all FTSE 100 50 of Fortune 500 Increasing
number of public sector bodies
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Capitalism and sustainability are deeply and
increasingly interrelated since our economic
activity is based on the use of natural and human
resources. Al Gore, Chairman Generation
Investment Management and former US Vice President
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ACCAS POSITION
Support both narrative and non-financial
reporting Prefer narrative to be
mandatory Encourage and advocate take up on
non-financial reporting Seeking greater
convergence
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Implications?
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EVOLUTION OF FINANCE
Towards real time reporting Broader skills
required A new, multidisciplinary finance
function
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The position of the finance leader as stakeholder
champion creating finance value whilst
maintaining organisational credibility and
strength, building the next generation of leaders
whilst ensuring a sustainable-friendly
organisation is all encompassing. Paths to the
top - best practice in leadership development
ACCA Insights research
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