More companies should adopt integrated reporting approach: experts
- POSTED: 31 Jul 2014 22:15
- UPDATED: 31 Jul 2014 23:36
This approach, which seeks to present a company's financial statements in a way that makes it easier for stakeholders to gauge performance against overall goals, would allow for more transparency, said experts at the Singapore Accountancy Convention.
SINGAPORE: More businesses should adopt the integrated reporting approach when crafting their annual financial reports, according to accountancy experts amid a push for greater transparency from companies.
This was one of the topics discussed during the Singapore Accountancy Convention, organised by the Institute of Singapore Chartered Accountants (ISCA). Integrated reporting seeks to present a company's financial statements in a way that makes it easier for stakeholders to gauge performance against overall goals.This new method is proving popular among larger companies, which tend to have both regional and international stakeholders.
"I think as more companies grow, as their businesses necessitate them to go regional and eventually international, their stakeholders are going to come outside of Singapore,” said Gerard Ee, ISCA’s president. “And the expectations of their stakeholders is that they would like to see an integrated report. At that stage, those companies will adjust."