Report Essay Example | Topics and Well Written Essays - 1250 words - 6

Report - Essay Example also proposed 11 key proposals for new reporting models for businesses including the development and implementation of balanced scorecard and other important strategic alternatives. More recent debates on the changes in the financial reporting standards focus on the need to address the non-financial aspects of the business reporting. (Tayyebi, 2008). Thus this new monograph was also focused on the development of new reporting models for businesses which can address the forward looking information regarding the businesses and their viability. Corporate social responsibility standards as well as the reporting on intangibles were some of the themes which emerged in the new efforts made to revamp the accounting reporting standards. The current economic situation however, has relatively changed the way business is being done in the world. There emerged different themes which need to be addressed and integrated in order to make the monograph more pertinent to the current business environment. This paper will therefore provide follow up on this monograph and discuss as to what could be done about the current issues. New Reporting Models for Business was an effort to propose an alternative view on the way businesses use to report their overall affairs to the shareholders. The main aim of financial reporting is always to allow the shareholders to make sound judgment based on information provided in the financial statements of the business. What is however, significant to note that after the issuance of this monograph, new developments took place and world economy started to slide into decline. Old models of doing business almost failed to provide the results and as such the emphasis shifted on the need for having better and more comprehensive financial reporting standards which can help the shareholders and regulators to keep a check on the future viability of the businesses. What is critical about this monograph is the fact that it emphasized on the need for adapting