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Largest firms call for new reporting model
PARIS, Nov. 18, 2006 — The six largest global accounting networks — PwC, KPMG, Deloitte, E&Y, BDO, and Grant Thornton — have unveiled a new paper on meeting investor needs in an evolving global market.
The 24-page paper, which was unveiled at the recent Global Public Policy Symposium in Paris, focuses on changes that financial reporting and public company auditing must undergo to better serve global capital markets and provides a springboard for dialogue with all stakeholders.
"In the paper, the firms recommend replacing static quarterly financial statements with real-time, Internet-based reporting," stated SmartPros summary of the paper. "The firms' leaders also suggest developing a new business model that simplifies reporting, and a new model for intangible assets. The paper calls for improved global reporting and auditing standards, which the International Accounting Standards Board and Financial Accounting Standards Board are jointly working on now."