Is the future of corporate reporting to be found in networking?

The answer to the above question given by the UK’s Financial Reporting Council (FRC) is a resounding “yes”. It has recently published a discussion paper ¹ setting out radical proposals to redesign corporate reports according to a new framework, which envisages a network of separate reports prepared according to common underlying principles. The paper is a culmination of a long period of reflection and outreach with a range of stakeholders. A group of experts has been on hand to provide input and advice, and the conclusions take into account the findings of an academic literature review. This article sets out the key ideas behind the proposals, and gives some preliminary views on the paper.