Companies need to tell the story
of their business through the accounts – now legislation will
compel them to do just that, says Charles Bowman
Business information, reporting and assurance have to change.
Why? Because they have to respond to the dramatic changes companies
are undergoing as they adapt to fast-moving global issues, economic
uncertainty and new technologies.
The Department for Business, Innovation & Skills (BIS) has
now grasped the nettle and highlighted the need for companies to think
outside the compliance box and communicate clearly about what is strategically
important.
By putting out these draft regulations on narrative reporting,
BIS is letting everyone know that they are putting the finishing touches
on a final framework as opposed to just discussing the issue.
