Wednesday, 26 January 2011

Narrative reporting is back on the agenda!

It's a couple of years now since the IPA produced its annual reviews on best practice in narrative reporting. The most recent, in 2009, 'Best practice in narrative reporting - a global perspective' focused on top advertisers in the UK, USA and Asia, and provided commentary on levels of transparency in company reports about marketing investment, brand and marketing communications strategy, and key performance indicators. The findings were pretty disheartening.

However, new reasons for optimism are emerging. PwC's Corporate Reporting blog from 18th January 2011 reports that 'in the UK we have some really interesting progressive thinking coming out of BIS around narrative reporting.' (The IPA wrote a submission as part of the consultation process, on its members behalf, last autumn.)

In addition, the Financial Reporting Council (FRC) have themselves published a new report , based on their own consultation, entitled "Effective Company Stewardship - Enhancing corporate reporting and audit.". The most significant and interesting point, apparently, is hidden away on page 20, where reference is made to the potential formation of a "financial reporting lab": a place where new reporting models and concepts could be explored, tested and tailored (without liability) to enable greater innovation in the market.

Sounds like a brilliant idea!

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