Less is more, more is less?
This was the question on everyone’s lips at the Center for Corporate Reporting (CCR) GB-Symposium in Zurich. With 18 speakers and over 250 attendees made up of Europe’s leading IR professionals, academics and organisations, it was a thought-provoking afternoon packed with inspiring talks and interactive best practice sessions on key trends such as the future of digital reporting, iXBRL, culture, IFRS 15/16 and the role of design in stakeholder communications.
The two themes which stood out for us, were:
Telling a long-term story
Long-term stakeholder value creation is at the core good of reporting and given this it was great to hear how ABN AMRO have moved from a 400+ page annual report to a suite of smaller concise reports, which clearly communicate how the business is creating long-term value, through both its business model and strategy, for stakeholders and wider society.
Using digital to enhance the reporting experience
Over the next five to 10 years technology and machine learning will reshape the reporting landscape, and so it was great to hear Phil Fitzgerald from the FRC’s Financial Reporting Lab give a snapshot view of reporting in 2030, 2040 and 2050. High on the agenda was the role of artificial intelligence (AI) in reporting and the role it could play in aligning company information with investor behaviour and values influencing investment decisions.
Next up was a session led by John Turner, from XBRL International, in which he explained the concept of XBRL using some interesting analogies including ‘potatoes’ and ‘self-service supermarket checkouts’ – I guess you had to be there but it made perfect sense! He then explained how companies can prepare for XBRL and that whilst it is a piece of EU regulation (ESEF 2020), it is anticipated it will become best practice worldwide and that the UK will still adapt this in a post-Brexit world.
If you would like to discuss how Luminous can help your business respond to the changing corporate reporting landscape, drop me an email: Justin Boucher [email protected]
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