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FTSE 100 lobby chair says integrated reporting unclear

Robin Freestone, who chairs the FTSE 100 FDs lobby group, spoke at the Financial Director Conference and said that annual reports feature much of the data asked for by integrated reporting.

The aim of integrated reporting, established at the end of 2013, is to create a form of reporting that is clearer to investors with regards to how businesses create value in the long-term, by assessing a number of non-financial aspects.

Businesses have not welcomed the idea, however, with financial directors (FDs) taking their time to see how the new project unravels before deciding whether or not to adopt the model.

Freestone said that it wasn’t easy to identify any differences between integrated reporting and a number of FTSE annual reports. The 100 Group is conducting a study to ascertain what data businesses will be required to submit.

Stephen Haddrill, chief executive of the FRC, said that businesses can meet the goals of integrated reporting by adhering to advice on strategic reporting provided by the reporting watchdog. The guidance was recently published by the FRC after it introduced annual accounts in October of last year.

Yearly reports can be confusing enough without adding another option that is unclear with regards to what is and what isn’t required. This only serves to highlight the importance of having an accountant in the Wirral or elsewhere – one not only capable of calculating their client’s numbers, but who also stays abreast of industry changes so business owners can be confident that all necessary figures are obtained and submitted.

Posted by admin
July 10, 2014

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