Using the Internet in Corporate Reporting - A New CICA Research Report (Part 4)

In the CICA research report, Using the Internet in Corporate Reporting: Practical Guidance for Effective Communications with Stakeholders, the study group concludes that “The key to integrated reporting is Internet utilization serving as a platform to provide more detailed data than what is available only in hardcopy. In leveraging the Internet, users gain the ability to perform their own analysis of financial and non-financial data, as well as communicate their thoughts and opinions with investors and other stakeholders.” The study group is encouraged by the recent creation of an International Integrated Reporting Committee (IIRC). The IIRC comprises members such as the International Accounting Standards Board, the International Federation of Accountants, the Big Four public accounting firms and some of the world’s largest institutional investors and governance organizations. It will oversee the development of an integrated model for reporting on strategy, risk, governance, financial performance and sustainability. Accordingly, the study group recommends that the CICA collaborate with other accounting bodies in the Global Accounting Alliance to spark global innovation on using the Internet in integrated corporate reporting. This is Part 4 of a multi-part series on the key messages contained in this new CICA research report (also refer to Part 1, Part 2 and Part 3).

Using the Internet in Corporate Reporting - A New CICA Research Report (Part 3)

The CICA research report, Using the Internet in Corporate Reporting: Practical Guidance for Effective Communications with Stakeholders, was prepared by a study group comprising current and former judges in the CICA’s Corporate Reporting Awards program. In its report, the study group concludes that corporate reporting will continue to evolve along with information technology, but that the fundamental stakeholder expectations of accountability and transparency will not change. It also concludes that every company needs an Internet-based communications strategy for achieving comprehensive and integrated corporate reporting. That strategy should reinforce accountability to stakeholders and ensure transparency by conveying key messages via the company website using Web 2.0 technologies (such as XBRL and data tools) and social media (such as Twitter and Facebook), as appropriate. Such an approach will help to strengthen collaboration with stakeholders and foster innovation. This is Part 3 of a multi-part series on the key messages contained in this new CICA research report (also refer to Part 1 and Part 2).

Using the Internet in Corporate Reporting - A New CICA Research Report (Part 2)

As previously noted, the Canadian Institute of Chartered Accountants (CICA) has released a discussion draft of the research report, Using the Internet in Corporate Reporting: Practical Guidance for Effective Communications with Stakeholders. As the title suggests, this report contains extensive practical guidance for effective communications with investors and other stakeholders. That guidance includes two case studies. PotashCorp was selected by the Study Group for a detailed analysis of the website design and information content of its 2009 Online Annual Report. BMO Financial Group was selected by the Study Group for a detailed analysis of the design and information content of the Investor Relations section of its website. Three separate guidance booklets have also been published ─ Practical Guidance for Managing Collaboration and Innovation, Practical Guidance for Managing Websites and Practical Guidance for Managing Web 2.0 and Social Media. This is Part 2 of a multi-part series on the key messages contained in this new CICA research report (also refer to Part 1).

Using the Internet in Corporate Reporting - A New CICA Research Report (Part 1)

The Canadian Institute of Chartered Accountants (CICA) has just released a discussion draft of the research report, Using the Internet in Corporate Reporting: Practical Guidance for Effective Communications with Stakeholders. This 256-page report was prepared by a volunteer study group of eight professionals with backgrounds in investor relations, public and private company reporting, financial analysis, public accounting, academe and information technology. In the Study Group’s view, the Internet is a vital communications medium for any business. Because of its global reach, mobile technology and immediate data transfer, more businesses and stakeholders are now connected to the Internet than ever before. Companies are moving from a document-based approach to a data-centric approach for communicating with investors and other stakeholders while, at the same time, building stakeholder relationships online. For every business, this means new opportunities and new risks. This is Part 1 of a multi-part series of postings on the key messages contained in this new CICA research report.

A Workshop on Integrated Reporting: Frameworks and Action Plan

On October 14-15, 2010, “A Workshop on Integrated Reporting: Frameworks and Action Plan” was held at the Harvard Business School. The workshop was sponsored by the Business & Environment Initiative. Robert G. Eccles was the workshop chairman. For two days, over 100 of the world’s leading authorities on corporate disclosure discussed the concept of integrated reporting, what its contribution could be to creating a more sustainable society, and what must be done to ensure its rapid and broad adoption in a high quality way. The workshop participants included people from a wide range of countries and representing virtually every group that has a stake in integrated reporting and can help to make it happen: companies, analysts and investors, NGOs, regulators and standard setters, accounting firms, technology and data vendors, academics, students and civil society. An Executive Summary of the workshop is available online, as well as a compilation of the workshop papers, The Landscape of Integrated Reporting: Reflections and Next Steps.