Making corporate reports valuable (1988)

The authors say this report has "been prepared in a spirit of stimulating debate, and ultimately action, on corporate reporting, because our studies, and the discussions which we have had, indicate to us that the present model for corporate reporting is not satisfactory."

They add: "Our reasons for believing this to be the case are set out briefly in Chapter 1 and in more detail in Chapter 4.

"We stress that this is a document to promote discussion and experimentation. It is in no sense an exposure draft of proposed mandatory requirements.

"Where we do suggest that some legal (or quasi-legal) rules may be needed, those suggestions, like everything else in the document, are there to be debated.

"We address this document to everyone interested in corporate reporting but principally to those who have to report, those who have to audit and those who have to use corporate reports. It is, perhaps, too blindingly obvious to point out that if corporate reports are not useful to someone there is no point in preparing them. What is not so clear is what they should be useful for. We start from the premise that they must provide understandable information — on the stewardship of those charged with the duties of managing business entities and on the performance and standing of those entities — that will enable readers to form valid judgments. We look on them as a help in providing protection for investors and creditors and in making the stock market work efficiently."