The Future Financial Reporting Model

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The Future Financial Reporting Model

  • In modernizing financial reporting, we need to

  • review and revise the existing accounting and financial reporting model to reflect several dimensions:

    • meaningful financial reporting that is useful, timely, and relevant
    • generic provisions
    • industry information
    • entity-specific information (i.e., value and risk)

  • recognize the difference between certain types of financial and other information:

    • historical cost
    • readily marketable assets
    • non-readily marketable assets
    • Projection information (e.g., burden, fiscal, and intergenerational)
    • performance information (e.g., key national indicators)