What information is reported to the public and is it useful?

What information is reported to the public and is it useful?

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.

Public sector entities may question why the public does not have the information they need, because entities already report information on various platforms to the public. The research asked this question and found that the response was that it is hard for the public to use the information that is currently available. There are two main reasons for this:

1. It is not the right type of information

See a previous article on “What does the public want to know and from who do they want to know it?” [https://bit.ly/2B0ZHBB]. Most of the information available:

• Is too aggregated.
• Does not tell a story of what an entity has done and does not have context.
• Is inaccessible to the public as it requires an internet connection and data to download.
• Is no longer relevant as it is historical information from the financial statements or annual report.

2. Challenges prevent the public from accessing and using information

The challenges identified in the current environment include, for example:

The Board has published the results of the research in a Research Paper on Reporting Information to the Public to assist entities to better report information to the public. Entities are encouraged to consider what they report, and how they can better package and communicate currently reported information, to meet the public’s needs. Access the Research Paper: (https://www.asb.co.za/wp-content/uploads/2019/12/Research-Paper-on-Reporting-Information-to-the-Public.pdf).