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Books > Business & Economics > Finance & accounting > Accounting > Financial reporting, financial statements
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The Future of Financial Reporting - TBC (Hardcover)
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The Future of Financial Reporting - TBC (Hardcover)
Series: Routledge Studies in Accounting
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The key message of this book is that the world is changing and that
accounting, financial reporting and auditing must change in order
to avoid the prospect that all three fail to meet the demands of
society and thus become irrelevant. The book identifies four forces
that will cause the future to be different from what it is now.
Globalisation: Accountancy practice in the UK, and globally, will
be increasingly determined by international bodies, such as those
of the European Union and the International Accounting Standards
Board; especially post the 2007/8 crisis. Society's demand for more
ethical behaviour by business: The recent public outrage over the
tax avoidance practices of multinationals has demonstrated that
society will no longer tolerate unethical behaviour on the part of
big business, audit firms and others. The environmental crisis:
Accountants will no longer be able to argue that the impact of a
business's activities on the environment or on a narrow view of the
supply chain is not their concern. Technological change: In the
future financial reporting will be largely effected through the
Internet and real-time reporting. The present unwieldy and largely
unread printed reports will become a relic of the past. Accountancy
needs fundamental reform. Integrated reporting , whilst still
keeping to some of its original ideals, seems to have failed in its
current form. This book develops a novel but thoroughly practical
form of financial reporting - hybrid accounting - which should
enable accounting and financial reporting to meet the challenge of
the future.
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