What can be done to improve reporting to the public?

What can be done to improve reporting to the public?

The ASB Board undertook research to understand the public’s information needs in relation to the financial statements, and specifically whether additional information or additional reporting requirements were needed. Based on the results of its research, the Board observed the following:

• Entities currently report different types of information across many platforms to the public.
• There are wide-ranging legislative requirements for entities to report different types of information to oversight structures and the public.
• The reliability of information currently reported by entities is low, as evidenced by poor audit outcomes.

Based on these observations, the Board decided not to introduce specific reporting requirements for entities to report information to the public. Instead, entities should consider what they report, and how they can better package and communicate currently reported information to meet the public’s needs. The Board published the research in a Research Paper on Reporting Information to the Public to assist entities to better report information to the public. Access the Research Paper: (https://www.asb.co.za/wp-content/uploads/2019/12/Research-Paper-on-Reporting-Information-to-the-Public.pdf).

The Board noted that a further benefit of publishing the research is that it will assist the public to know about the platforms that entities use to report information.

The Board agreed to revisit this project at a future date and will add it to the list of potential projects to consult on in its next programme consultation for 2024 to 2026.