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RAPPORT

Effective reporting

A practical guide

Investors, creditors, analysts and other stakeholders require more insight than ever about your company’s performance, strategic direction and exposure to risk.

The financial report is the single most trusted source of information on financial performance and plays a critical role in building trust between management and stakeholders. At EY, we see reporting effectiveness as an important element in maintaining the relevance and quality of financial reporting as a whole.

Boards and senior management are increasingly aware of the importance of ensuring the company’s messages are succinct, accurate, consistent and clear. As of June 2015, over one third of the ASX100 had substantially improved the clarity and readability of their financial report and many more had taken the first steps on the journey. Standard setters and regulators

in Australia and globally have expressed clear support for these efforts. Projects are underway at the International Accounting Standards Board (IASB), UK Financial Reporting Council (FRC), US Securities and Exchange Commission (SEC) and the US Financial Accounting Standards Board (FASB) to look for ways to enhance the regulatory framework and provide more flexibility to reporters.

This guide will give you some insights about what options might be available. It provides an overview of the practical steps that you can take to improve the effectiveness of your financial reports using worked examples based on EY Australia’s illustrative financial statements, Endeavour (International) Limited (Endeavour). These examples are not intended to be templates: instead, we trust this guide will empower boards and their finance teams to produce a financial report that reflects the drivers of value and addresses stakeholder concerns for their own, specific entity. 

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