Whilst all this is playing out, it is clear that we will need to invent new regulatory and ethical regimes. Current governance methods are already outdated and is not providing the assurance business and society needs. One of the key changes that we have detected is that intangible drivers make up a much larger percentage of organisational value. The current accounting standards do not support this trend.
It is against this backdrop that we, along with Cambridge University have undertaken an extensive study on how accounting and reporting could look in the 21st Century. Our findings indicate that investors and other stakeholders find little value in the way that companies report today.