The wave of change which has affected almost every aspect of business has yet to make a significant impact on the way companies report their performances. As a result, financial statements are seen as inadequate and incomplete. Many argue that they are tragically flawed in their treatment of a variety of today’s business realities. Many of these realities are not properly identified, measured, or reported. In some cases they are completely ignored, therefore creating a gap between what is in the financial statements and what the users expect from them.
A paper released in 1988 by the Institute of Scottish Accountants entitled “Making Corporate Reports Valuable” recommended such drastic measures as scrapping profit and loss statements. More recently, Ernst & Young in the U.K. put the blame for declining confidence in audits on poor financial statements than poor auditing.
The objective of this conference is to discuss the need for fundamental changes and to shed some light on the future developments of financial statements. These include:
- performance measures in the new economy;
- meeting the information needs of users;
- business reporting in global markets;
- reporting for innovative financial instruments;
- Implications for the profession.
Business Reporting Model
Jerry J.Weygandt, PhD, CPA, Professor, University of Wisconcin, President of The American Accounting Association
Dan Thornton, MA, PhD, FCA, Professor Queen’s University, President of Canadian Academic Accounting Association
Financial Reporting in the 21st Century: A Canadian Perspective
Nabil Elias, PhD, FCMA, Professor, University of Manitoba Past President of CAAA
Prospects for International Harmonization of Accounting Standards
Anthony Cope, CFA, Member of the Board, Financial Accounting Standards Board
Performance Measure and Intellectual Capital: The Current State of the Art
Robert McLean, MA, CA, CMC, Executive Director, The International Federation of Institutes for Advanced Studies