The Accountancy Futures Forum, entitled Narrative Disclosures: Business Stories Responsibly told, looked at how the use of narrative disclosures, such as management commentaries, operating and financial reviews and chairman’s statements had developed, how the needs of preparers of reports needed to be balanced against those who use such reports, along with a discussion on what investors want from reports.
The event saw nearly 200 attendees including regulators, academicians, senior executives from multinational corporations, state-owned enterprises and listed companies, who heard presentations from Zhou Qinye, Executive Vice President of Shanghai Stock Exchange and Neil Stevenson, ACCA Executive Director – Brand. Panel speakers included Xie Rong, President of the Shanghai National Accounting Institute, Lin Yongfeng, Vice Director of the Company Management department of Shanghai Stock Exchange, Yang Zheng, General Manager of Finance Department of China Life Insurance, Zhao Jinhou, Chief Analyst of Shenyin & Wanguo Securities Research and Caroline Yang, Audit Technical Partner of Deloitte.
Neil Stevenson, ACCA Executive Director – Brand, said: 'There are a great many challenges facing those organisations which produce financial reports, and increasing expectations that information will be presented in an integrated way. This should be balanced against the needs of the users of those reports. ACCA and the Shanghai Stock Exchange have worked closely together, looking at the issues in China and we discussed at our event ways in which organisations can enhance the relevance of their reports to investors.
'We have provided delegates with an opportunity to hear from leading experts on what investors want to see in reports. We are sure that the collaboration between ACCA and Shanghai Stock Exchange will help us to be at the forefront of addressing issues important to the future of the profession.'
Notes to Editor
- ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. As the first global accountancy body entering into China, ACCA now has over 22,000 members and 41,000 students, with 7 offices in Beijing, Shanghai, Chengdu, Guangzhou, Shenzhen, Hong Kong SAR, and Macau SAR.
- Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development. We aim to develop capacity in the profession and encourage the adoption of consistent global standards. Our values are aligned to the needs of employers in all sectors and we ensure that, through our qualifications, we prepare accountants for business. We work to open up the profession to people of all backgrounds and remove artificial barriers to entry, ensuring that our qualifications and their delivery meet the diverse needs of trainee professionals and their employers.
- We support our 147,000 members and 424,000 students in 170 countries, helping them to develop successful careers in accounting and business, and equipping them with the skills required by employers. We work through a network of 83 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote the appropriate regulation of accounting. We also conduct relevant research to ensure that the reputation and influence of the accountancy profession continues to grow, proving its public value in society.
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