Can Corporate Reporting Evolve in the Global Information Age?

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Can Corporate Reporting Evolve in the Global Information Age?

June 27, 2006 12:00 PM
From BusinessFinanceLink, Issue #333

PricewaterhouseCoopers' U.S. Chairman Dennis Nally made some sobering remarks regarding existing corporate and financial reporting models at the World Business Forum in Chicago earlier this month, comparing current financial reporting systems to an outdated jetliner. "All of a company's reporting systems may be working perfectly, but the system is outmoded and unable to meet the needs of the future," said Nally, who identified three main areas in need of reform and made a strong case for simplifying U.S. G.A.A.P.