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Investors want improved accounting, corporate governance: report

KUALA LUMPUR, March 27 (Bernama) -- Investors want to see new and improved accounting, auditing and corporate governance standards developed in a more integrated manner, says a report by the ACCA (Association of Chartered Certified Accountants) and Grant Thornton.

The report, entitled "Putting investors at the heart of the financial system: Malaysian perspectives," is based on the insights gained from a series of roundtable discussions facilitated by ACCA and Grant Thornton in the last quarter of 2011 involving investors and investor representatives from a number of markets.

Quoting details of the report, the ACCA in a statement today said any reform proposals towards improving the financial system should also be based on the solid understanding of investors' needs and priorities.

The report revealed their views in relation to existing global financial and accounting standards, the current and future challenges, their aspirations for reform, and the potential barriers they foresee in addressing their concerns.

Commenting on the report, launched here today, Country Managing Partner of SJ Grant Thornton, Datuk N.K. Jasani said investors should be the primary focus for global financial and accounting standards, and yet their voices in shaping future standards were not being clearly heard.

"As a result of the current fragmented way in which solutions are being proposed and the failure to place investors at the heart of the reform process, investors, businesses and their advisers remain uncertain about the global financial markets."

Country Head of ACCA Malaysia, Jennifer Lopez meanwhile said the general consensus was that adjustments to the current financial reporting framework were needed if they were to be relevant and value-creating for investors.

"The many issues raised at the discussions include the inadequacy of companies' annual statements, disjointed global standards, corporate governance and visibility to standard setters.

"The report reveals that investors want public listed companies to provide more forecasts as well as information to help analysts to create and evaluate forecasts."

Lopez added that financial information must be transparent and credible, thus the unanimous call from investors that good corporate governance be upheld.

 

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