Financial reporting has changed radically over the past ten years. New technology and more sophisticated performance metrics have increased the amount and quality of information generated by businesses. The accounting standards environment has become more international, and governance continues to be a major issue for management, shareholders and regulators, focusing them on the quality of corporate reporting.
At the same time, the pace and complexity of business activity has also changed. Companies need the freedom to move quickly in new and existing markets and to deploy appropriate financial instruments and business models.
In 2008, the International Federation of Accountants (IFAC) commissioned a project to discover the effects of developments in the financial reporting process over the previous five years. Read the results.
