Building Public Trust: The Future of Corporate Reporting

Thanks to Enron and a dozen similar financial breakdowns, the public has lost much faith in the public corporation and its associated watchdog institutions. How to restore that trust? With a complete overhaul of the financial reporting, say the authors, one a former Harvard Business School professor (Eccles), the other the CEO of PriceWaterhouseCoopers (DiPiazza). Their system would build in new degrees of visibility and relevance using modern tools such as the Extensible Business Reporting Language for the Internet. The three-tier model includes development of a global GAAP standard, new disclosure guidelines and a renewed dedication to transparency from all who comprise the "Corporate Reporting Supply Chain." The book and its recommendations would be of interest to all investors, policy makers, regulators, intermediaries, and everyone else with a stake in capital markets.