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© 2010 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International.
Liability limited by a scheme approved under Professional Standards Legislation.1
Today’s Meeting – A Broad Cross-Section of the Reporting Supply Chain
Academia WICI Australian Business Leaders Forum Accounting bodies Legislators Regulators Standard Setting
Oversight
Christina BoedkerUniversity of New South Wales
James GuthrieUniversity of Sydney
Anna YoungUniversity of Sydney
Professor Yasu HanadoWaseda University
Yoshiko ShibasakaKPMG Japan & WICI Secretariat
Christina BoedkerSKE
Michael BrayKPMG
Nick RidehalghPwC
Penny StragalinosKPMG
Steve VamosSKE
Geraldine MagareyICAA
Alex Malley CPA Australia
Karen McWilliamsICAA
Lee WhiteICAA
Paul MaddenTreasury
Doug NivenASIC
Bruce BrookFRC
Charles MacekIFRS Advisory Council & FRC
John StanhopeFRC
Chief Financial OfficersDirectors / Chief
Executive OfficersAuditors
Investor Relation Officers &
Communication GroupsAnalysts
Investors & other stakeholders
Gareth EvansQantasPeter LewisSeven Group & Group of 100Andrew PoulterBoralJohn StanhopeTelstraGeoff HarrisGroup of 100
Bruce BrookLihir, Salvation Army, Boart Longyear, Programmed Group, Snowy Hydro, EFICCharles MacekOrchard Funds, Sustainable Investment Research Institute, UnisuperJohn StanhopeTelstra, AGL EnergySteve VamosTelstra, SKEWarwick WatkinsNSW Government – Land & Property Management Authority
Michael BrayKPMGMerran DawsonPwCPeter NashKPMGNick RidehalghPwCPenny StragalinosKPMG
Alison EwingsWestpacSally HermanWestpacIan MathesonAIRAClaire PayneMacquarie Bank
Hamish TadgellGoldman Sachs JB Were
Victoria ColemanSt James Ethics CentreSimon LongstaffSt James Ethics CentreErik MatherRegnanAmanda McCluskeyColonial First State Global Asset ManagementRosemary SaintyUN Global Compact
© 2010 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International.
Liability limited by a scheme approved under Professional Standards Legislation.2
Current reporting portfolioFragmented, voluminous, complex, untimely, not focused on intended use by audience, costly, multiple initiatives / calls to action all competing for the same management time and financial investment
Periodic required reporting
Periodic voluntary reporting
Compulsory continuous reporting
Periodic ESG reporting
Half year
financial
statements
Full year
financial
statements
Remuneration
report
ASXAppendix
4D
ASXAppendix
4E
Annual
report
Half year
mediarelease
Full year
mediarelease
Investor
strategy
briefing
Half year
investor
presentation
• underlying
profit
Summary
business
report
Full year
investor
presentation
• underlying
profit
ASXcontinuous
disclosures
Sustainability
reports
UN Global
Compact
The Prince’s
Accounting for
Sustainability
Project (AS4)
NGERS
reporting
International
Integrated
Reporting
Committee
(IIRC)
Global
Reporting
Initiative
Multiple initiatives, all competing for the same management time, but not offering capital markets reward
Backward looking, complex, voluminous, untimely
Some do it well, some do it badly, all do it differently
Lack of assurance on process and content
Climate
Disclosure
Standards
Board
© 2010 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International.
Liability limited by a scheme approved under Professional Standards Legislation.3
Steps in the business reporting journey
© 2010 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International.
Liability limited by a scheme approved under Professional Standards Legislation.4
Where is business reporting heading?
NextNow
Enhance financial reporting
Critical ESGinformation to
capital markets
Integratemanagementcommentary
Use technology(XBRL, web-based)
© 2010 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International.
Liability limited by a scheme approved under Professional Standards Legislation.5
Better Business Reporting Model
• Business Reporting Framework• Market: corporate overview and business landscape• Strategy and key performance indicators• Performance: strategic objectives and business model• Performance insights / prospects
• Automation• XBRL• Web-enabled
• Tools – KPI Libraries• WICI is building libraries• Automotive, Electronic Components & Pharmaceuticals were released last week• Mining project is kicking off
Company-Specific
Industry-Specific
GAAP-Driven
© 2010 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International.
Liability limited by a scheme approved under Professional Standards Legislation.6
The Journey to BetterBusiness ReportingMoving beyond financial reporting to improve investment decision making
Australia