ABSTRACT
This chapter discusses trends in global corporate reporting, with particular emphasis on developing narrative reporting that covers both financial and non-financial issues. Corporate reporting encompasses accounting and assurance. Accounting systems comprise accounting regulations, standards and practices. These govern financial statements and narrative reporting. International Financial Reporting Standards (IFRS Standards) and US generally accepted accounting principles (US GAAP) are dominant in the largest multinational companies. It takes many years for a new initiative such as the Global Reporting Initiative (GRI) to become an accepted and established method. Support of stakeholder groups must be established, and eventually some initiatives become incorporated in the law of a country or jurisdiction. Some will argue that the disadvantages of globalisation outweigh the benefits, especially where global initiatives are adopted within a country and affect organisations within that country that have only national expectations to consider. Commentators have identified disadvantages or limitations of global standards that must be weighed against the advantages claimed.
