Modern trends on financial reporting

The so-called big four global accounting firms, together with two of the major second tier firms, have recently proposed that the current historic reporting of corporate financial results, quarterly or half yearly, should be replaced by real time reporting.

Moreover, they argue that financial reporting should be augmented by disclosure of a wider range of non-financial performance data. Reporting should adopt current technology using deep data mining, data tagging, and internet availability and access

Information should be available to a wider range of stakeholders beyond employees, shareholders, and employees, such as suppliers, consumers, public and special interest groups. Those seeking access should be able to personalise data.

In specific terms the major accounting firms advocate:

• Real time reporting rather than periodic historical financial reporting.
• User customised statements in place of standardised accounting statements.
• Publication of measures of innovation and customer/service satisfaction to supplement historic income statements.
• Looser but broader assessment of the value of intangible and other assets to supplement balance sheets.

For more info read the artichle "The real time reporting utopia" by Bob McDowall on the link below.

http://www.theregister.co.uk/2006/11/20/realtime_reporting_utopia/