财务报告相关资料(英文版).pdfVIP

1 Record to Report The Executive Board is responsible for the conduct, operational and financial performance of an organisation. These responsibilities are discharged by: ? clearly stating the short and long term objectives of the organisation; ? clearly stating the policy guidelines within which they expect management to operate; ? defining the system for ensuring that management acts in accordance with the Boards direction; and ? defining procedures for measuring the extent to which progress towards corporate objectives is being achieved. 1.1 The value of information In order for the Board to be able to function effectively, information is key. A Board which operates with insufficient or inaccurate information will be unable to monitor the organisation effectively with decision making being based on flawed data. Under this scenario, there is a significant risk that the organisation will fail to meet its long term objectives. Post Enron, Qwest, WorldCom etc Executive Boards cannot fail to appreciate that their reporting impacts not only on the performance and future of their own organisation, but capital markets as a whole. High quality, transparent reporting which is based on relevant financial and non-financial value drivers is critical for driving corporate performance as well restoring confidence in the markets. The first step towards achieving this is to implement a framework of management reporting which is based on timely, relevant and accurate information. This will enable effective decision making as well as meeting the needs of external stakeholders. 1.2 Scope of Record to Report The scope of this paper is