ISCA-IIRC Corporate Reporting Roundtable 2013: The Future of Corporate Reporting
In its role as the national accountancy body, the Institute of Singapore Chartered Accountants (ISCA), together with the International Integrated Reporting Council (IIRC), organised a roundtable entitled The Future of Corporate Reporting on 5 April 2013. It aimed at gathering views and perspectives from different segments of stakeholders in Singapore on whether and how integrated reporting may be the way forward for corporate reporting.
Annual reports have been subjected to quite a fair bit of criticism recently. “Voluminous”, “complicated” and “backward-looking” were some of the criticisms. Business operations have certainly grown bigger and much more complex. At the same time, the information needs of various stakeholders are increasing. Alongside financial reporting, the organisation’s vision and mission, business plans and strategy, risk management, corporate governance and sustainability reporting are some additional areas of disclosure desired by stakeholders. Unfortunately, with the vast ground covered over the hundreds of pages for multiple stakeholders and with different sections put together, the end result is often an annual report cobbled together in a fairly disjointed manner. This makes it challenging for the readers to comprehend what the organisation is trying to communicate.
Corporate Governance: What’s Changed, What Remains
High Standards of corporate governance play an important role in upholding Singapore’s reputation as a well-established and secure business and financial hub. In keeping with this, as well as developments in the business and financial environment, the regulatory landscape in Singapore witnessed several key changes in 2012. These include changes to the Singapore Exchange (SGX) Listing Rules and the revised Code of Corporate Governance (the Code). The Companies Act (the Act) was also reviewed, with amendments to the Act expected to be implemented this year.
As we start the year, it is opportune to take an overall look at what the key trends in corporate governance were in 2012 and their potential implications for our accountants in business and for auditors.