Business reporting

Information is the lifeblood of global capital markets.  High-quality, consistent, comparable and understandable reporting by business enterprises enhances investor confidence and market efficiency, and thereby contributes to the depth and liquidity of capital markets, which businesses depend upon for sustainability and growth.

Five years ago ICC issued a policy statement on “Improving the Quality of Financial Information."  That statement noted that there is a substantial gap between the quality of financial information available in many countries and the reasonable expectations of the users of this information.  It also identified the closing of that gap as a major priority issue for all actors in the international financial marketplac e - buyers, sellers, investors, lenders, borrowers, regulators, finance ministries and central banks. 

The potential benefits of a single worldwide framework for financial reporting are significant:

• Greater comparability and comprehension of financial information for investors, especially those engaging in cross-border transactions,
• Increased availability of capital and lower costs,
• More efficient allocation of resources, and
• Higher economic growth.