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Finance & Accounting
Pages 7 (1757 words)
The idea of the existence of corporate reporting has been said not to be evidence proof or evidence that there will be an accumulation of the benefits that comes with corporate reporting. Rather, it is important that other key steps and approaches are taken towards the need to harness all the components of corporate reporting. …
Rather, it is important that other key steps and approaches are taken towards the need to harness all the components of corporate reporting. In this respect, research has actually pointed to the fact that the regulation of corporate reporting is the key to achieving such benefits (Lang, Raedy and Wilson, 2006). Generally, a regulated corporate reporting is one that is taken from the institutional level to the political level in that it is given governmental backing in the regulation of basic rules governing finance and accounting principles (Coffee, 2007). This is normally done when the central government wants to have a better view and understanding of what the various institutions, mostly financial institutions and ministries, are doing in their own rights to contribute to gross domestic product growth. Though many have said that corporate reporting could exist and be of benefit without the need of any regulation of it, there are many more that have refused to reason like this, citing a number of reasons why a regulation of corporate reporting is necessary. Focus on people and not on data A major criticism that has gone against corporate reporting is the fact that individual institutions that have been left to manage and control corporate reporting only focus on people, the institutional structures and professions, instead of focusing on actual data collection (Kothari, Ramanna and Skinner, 2009). ...
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