FRC Lab’s Framework for future digital reporting
02 May 2017
The Financial Reporting Lab (the Lab) has today published a report
(PDF) which sets out a framework for future digital reporting. This is the first in a series of reports on the Lab’s Digital Future project. The report expresses the views of a wide range of preparers, investors and others on the characteristics that they would like to see in any future (digitally enabled) system of corporate reporting.
Phil Fitz-Gerald, Director of the Financial Reporting Lab, said,
“Technology will change the way that companies communicate with investors in the future. This report sets out the characteristics that companies, investors and other stakeholders want to see in any future digital reporting framework.
We encourage consideration of these characteristics in the development of future reporting systems. This will enable companies to enhance their reporting in an increasingly digitally enabled world.”
The framework consists of twelve characteristics that are fundamental to any system of future digital reporting:
In the next phase of the project the Lab will assess the extent to which technologies such as virtual reality, augmented reality, blockchain, XBRL, video, and other digital media fit the framework.
The Lab is keen to hear from technology experts and others with strong views on, or experience of, how technology might be used for corporate reporting. The Lab will host tech-focused round tables during the course of 2017. Please contact email@example.com
Notes to editors:
1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the Competent Authority for audit in the UK, the FRC sets auditing and ethical standards and monitors and enforces audit quality.