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Improving the Relevance and Value of Financial Reporting
“How can CFOs and finance organizations improve the relevance and value of financial reporting? Like the competitive life cycle of a firm or product, financial reporting and accounting are at a crossroads: decline or resurgence. Significant forces of change during the last four decades have radically altered the way companies create long-term value. Yet financial reporting and accounting haven’t changed markedly and even have moved in the wrong direction in some cases.” The first step in regaining relevance in financial reporting is for all of us to recognize a problem exists. CFOs and management accountants have an opportunity to experiment and develop internal performance reports focused on the components of the Strategic Resources & Consequences Report that create sustained competitive advantage.
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