This guide, written in association with the Financial Reporting Council, offers advice for audit committees and boards of smaller quoted companies on evaluating the adequacy of a company’s financial reporting function and process.
Information for Better Markets
Advancing thinking and debate
What it's all about
Our Information for Better Markets work subjects key issues in financial reporting to careful and impartial analysis. Better understanding of these issues will help achieve what the preparers and users of financial reporting need – practical solutions to complex problems. In pursuit of this objective, the Information for Better Markets initiative tackles three broad themes in financial reporting:
- measurement; and
We write and publish reports and commission research by leading academics from around the world.
We host two annual events, the P. D. Leake Lecture and the Information for Better Markets Conference at which we present the outcome of this research and any reports written by the ICAEW. Papers based on these events are published in the annual International Accounting Policy Forum special issue of Accounting and Business Research, a leading academic journal. Both the research and the events at which it is presented are financed by ICAEW’s charitable trusts.
What we're thinking about
IFBM 2020: The financial reporting system: seeing the bigger picture
As efforts are made to address problems with financial reporting, knowledge of how the wider financial reporting system operates, and how its players interact, is essential to understanding the real drivers of financial reporting quality. The 2020 Information for Better Markets conference will be an opportunity to explore this topic and examine financial reporting quality in the context of financial reporting systems. We ask what a good financial reporting system looks like and examine the different ways in which the term ‘system’ can be interpreted. We also explore how the key players – including preparers, directors, audit committees, auditors, investors, standard-setters and regulators – interact, and how these interactions affect financial reporting quality. Drawing on recent debates and developments, each session will also consider how financial reporting systems might need to adapt and evolve in the future.
will take place at Chartered Accountant’s Hall in London on 14 and 15 December 2020. The event is free of charge but delegates must register to attend.
To register your interest, please contact Gillian.email@example.com
What we've done
Our most recent report is Growth, development and accounting: seeing the bigger picture.
Our most recent Information for Better Markets event was the 2018 IFBM conference that took place in December. The theme of the conference was ‘Financial Scandals: past, present and future Recordings of the conference sessions will be available at icaew.com/ifbm2018
All our reports in the Information for Better Markets series and webcasts of the most recent lectures and conferences are available online:
View video recordings, blog posts and academic papers from the 2018 Information for Better Markets conference on ‘Financial Scandals’.
The 2018 PD Leake lecture given by Professor Craig Lewis, Vanderbilt University, with a response from Sallie Pilot of Black Sun.
What role does accounting play in promoting economic growth? What does history tell us about this and what lessons can be learned for the future?
ICAEW’s Information For Better Markets (IFBM) thought leadership programme will take a leading role in advancing private company accounting research. Our intention is to raise the profile of private company research and challenge the predominance of research into the minority of companies globally that are publicly listed.
The 2017 PD Leake lecture was given by Professor Christian Leuz, Chicago Booth Business School. Melanie McLaren of the Financial Reporting Council gave a practitioner response.
What does the future of corporate reporting look like, what are the opportunities and challenges and where are the barriers to change? This report captures the views of key stakeholders on the topic, puts forward principal policy options and invites further debate.
Access webcasts of presentations from the Information for Better Markets Conference, December 2016, on the theme of ‘Private company financial reporting’.
We look at the principal factors that affect financial reporting outcomes and the degree to which these are the product of the surrounding institutions and on the incentives that affect individual firms and their managers.
This report looks at the evidence on whether financial reporting encourages short-termism and asks whether it would be possible for financial reporting to provide better information on long-term performance.