Moving in the right direction for devolved powers, but all hangs on Spending Review

By Mike Steventon, Senior Partner of KPMG in Birmingham

Last week, the Chancellor responded to Lord Heseltine’s report on regional growth – ‘No Stone Unturned’ – and it came as no surprise that he chose to incorporate many of Lord Heseltine’s recommendations. 

Will this month’s Budget be about ‘sticking to the course?

The Budget, due on 20 March, is just around the corner now and as we approach the halfway point in the current Parliament, the government’s strategy of combining austerity with recovery is having at best mixed results.  Together with colleagues from tax and our public sector practice, I’ve posted some thoughts on KPMG’s budget website.  We’ll be updating this as the budget approaches and on the day so do check back for further analysis and reaction.

• Andrew Smith’s Economic look ahead for the Budget 

International Women’s Day – Inspiring Women to reach their full potential

By Mariane Fallon, Head of Corporate Affairs at KPMG in the UK

When Clara Zetkin (Leader of the ‘Women’s Office’ for the Social Democratic Party in Germany) first tabled the idea of an International Women’s Day in 1910 at the second International Conference of Working Women in Copenhagen, she did so in front of a conference of 100 women from 17 countries. 

Corporate reporting: New technology brings optimism – but is not a panacea

By Mark Vaessen, Global IFRS Leader at KPMG

Many of the business leaders we spoke to for our publication on corporate reporting were optimistic about the impact of new technology. They highlighted two developments that are likely to help investors find their way round corporate reports.

Corporate reporting: Good governance leads to good disclosure

By Tony Cates, UK Head of Audit at KPMG
Much of the hoped-for debate around the future of corporate reporting is not about what is disclosed but about how it is disclosed and by whom. Indeed, you can’t expect good corporate reporting if the process is faulty. In other words, good governance is a prerequisite of good disclosure. We would argue that the process needs to change because the demands made upon preparers and auditors are changing.

Corporate reporting: Risk

By Mark Vaessen, Global IFRS Leader at KPMG
The balancing of risk and opportunity lies at the heart of corporate reporting. Indeed, in the financial crisis that began in 2008, we lacked insights into the risks that were building up. Admittedly, there were already warning signs to be found in corporate financial statements prior to 2008, if people had looked hard enough. But clearly more needs to be done by preparers to explain to investors the risks companies face and how they are dealing with them.

Corporate reporting: Forward-looking information

By Mark Vaessen, Global IFRS Leader at KPMG
In the current corporate reporting model, an overwhelming emphasis is placed on accurately assessing a company’s financial progress over the previous year or quarter. Regulators and standard-setters have focused on requiring companies to provide a record of their past financial performance.

Corporate reporting: Too much information or too little?

By Mark Vaessen, Global IFRS Leader

The length of a public company’s annual report has grown remorselessly over the past 10 years. In the U.K. and the U.S., the average number of pages is well over 100. Is the higher level of disclosure shining more light on a company’s affairs?

The future of corporate reporting

By Joachim Schindler, Global Head of Audit, KPMG

The global financial system is slowly undergoing a series of reforms, but one crucial element of reconstruction is being ignored. The corporate reporting model in its current form does not meet the needs of investors.  It is also becoming increasingly difficult for it to fit the requirements of preparers, auditors, regulators and standard-setters. It is time to begin a wide-ranging debate about what is wrong with the current model and how to change it.