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Comment Letter to FEE on The Future of Corporate Reporting
Jun 29, 2016

FEE on The Future of Corporate Reporting

Dear Ms Bloome,

The Future of Corporate Reporting

Crowe Horwath International is delighted to present a comment letter on The Future of Corporate Reporting - creating the dynamics for change. Crowe Horwath International is a leading global network of audit and advisory firms, with members in some 130 countries.

In preparing this paper, FEE has made some important observations about corporate reporting. These include the existence of multiple bodies involved in different aspects of the setting of standards or principles for reporting. It is right to draw attention to this. It is also right to call for greater co-ordination between the activities of these bodies and to promote a conversation about the accountancy profession taking a leadership role in co-ordination activities. There is an opportunity to make reporting more efficient and more effective.

However, we are submitting our comment letter in the aftermath of the decision by the United Kingdom to leave the European Union. The EU faces the prospect of the country with the largest capital market leaving. The disruption and uncertainty arising from the departure of the UK means that an initiative such as this will be more difficult to deliver. It is possible that the influence of the EU in leading a conversation about global reporting will diminish.

In continuing a conversation about corporate reporting, we encourage FEE to form partnerships with leading international professional accountancy bodies and other interested stakeholders. This enables the conversation to become global, embracing a wider range of perspectives.

Our detailed comments are presented in the appendix below. We should be pleased to discuss further our comments with you.

Kind regards

Yours sincerely,
David Chitty
International Accounting and Audit Director