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Evaluations on the Future of Corporate and Financial Reporting

Author

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  • Hakan Cavlak

    (Ardahan Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, İşletme Bölümü, Ardahan, Türkiye)

Abstract

The most important tool that businesses use in communicating with their stakeholders is corporate reports. Also, corporate reports are the final output of the corporate reporting process. It includes the results of the past operating activities of the business and its predictions for the future. Among corporate reports, financial reports have the longest history and the most common use. Various changes in corporate and financial reporting as a result of changes in markets, operating structures, stakeholder demands, and technology are the subject of this study. The future of corporate and financial reporting is another issue discussed in the study. Increased interest in non-financial information, the increasing importance of intangible assets, sustainability, and digitalization are results of these changes. As a result of these, different types of corporate reports have emerged. Also, it was necessary for this study to document various changes in financial reports. Change and development regarding corporate and financial reporting will continue in various frameworks in the future. However, the Covid-19 pandemic, which has created great uncertainty and has impacted every field, has shown its effect on corporate and financial reports in the form of further disclosure. Also, due to the economic impact of the pandemic, it is observed that business stakeholders have attached more importance to financial reports compared to other corporate reports in this period.

Suggested Citation

  • Hakan Cavlak, 2021. "Evaluations on the Future of Corporate and Financial Reporting," Muhasebe Enstitusu Dergisi - Journal of Accounting Institute, Istanbul University Business School, vol. 64(64), pages 39-58.
    • Handle: RePEc:ist:imeder:v:0:y:2020:i:64:p:39-58
    DOI: 10.26650/MED.797559
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    References listed on IDEAS

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    1. Shigufta Hena Uzma, 2011. "Challenges of Reporting Intangible Assets in Financial Statements," The IUP Journal of Accounting Research and Audit Practices, IUP Publications, vol. 0(4), pages 28-38, October.
    2. Baker, C. Richard & Wallage, Philip, 2000. "The Future of Financial Reporting in Europe: Its Role in Corporate Governance," The International Journal of Accounting, Elsevier, vol. 35(2), pages 173-187, July.
    3. Nielsen, Christian & Roslender, Robin, 2015. "Enhancing financial reporting: The contribution of business models," The British Accounting Review, Elsevier, vol. 47(3), pages 262-274.
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