Performance Reporting Standards
Enhanced Business Reporting Consortium
The Consortium is an independent, market-driven, international collaboration of investors, creditors, analysts, management, boards of directors, regulatory agencies, standards setters, members of academia, and all other stakeholders of business reporting, charged with developing a framework for enhanced business reporting (EBR), related guidelines and definitions.
The Consortium’s mission is to improve the quality, integrity and transparency of information used for decision-making in a cost-effective, time-efficient manner. Specifically, the initial objectives are to:
- Improve the relevance and comparability of reported business information for decision making through the development of the Enhanced Business Reporting framework;
- Facilitate a transformation of the business reporting supply chain to significantly increase the efficiency of the reporting process;
- Develop and execute a plan for market-driven implementation of EBR in an effective, time-efficient manner.
June 13, 2006 – The AICPA has announced a strategic merger of the management of two of its principal initiatives: Enhanced Business Reporting and XBRL. A liaison has been established to work with both the EBR and XBRL consortia. According to the AICPA, “Both Enhanced Business Reporting and XBRL have as their fundamental goals improved quality and transparency of business information used for decision making. Enhanced Business Reporting concerns the content of what is being reported, while XBRL deals with the format in which information is reported.”
Global Reporting Initiative (GRI)
GRI is a multi-stakeholder process and independent institution whose mission is to develop and disseminate globally applicable Sustainability Reporting Guidelines. These Guidelines are for voluntary use by organisations for reporting on the economic, environmental, and social dimensions of their activities, products, and services. The GRI incorporates the active participation of representatives from business, accountancy, investment, environmental, human rights, research and labour organisations from around the world. Started in 1997, GRI became independent in 2002, and is an official collaborating centre of the United Nations Environment Programme (UNEP) and works in cooperation with UN Secretary-General Kofi Annan’s Global Compact.
Issues Sustainability Reporting Guidelines. Third generation guidelines G3 were released in conjunction with their international 2-day conference in Amsterdam in October 2006.
Will adopt new projects if they advance the mission on a user-pays basis.
The Value Measurement Reporting Collaborative
VMRC is a coalition of thought leaders assembled to develop global principles for value measurement and reporting. Its members share a vision that, in a worldwide economy, global collaboration is needed to respond to increasing calls from the marketplace and regulators for better reporting, which gives a more comprehensive, real-time, forward-looking picture that is transparent, consistent and reliable.
VMRC launched the New Paradigm Initiative to explore value and performance measurement approaches that extend beyond the traditional accounting paradigm. The NPI website provides an overview of 80 measurement approaches that have been developed to measure value and performance, ranging from valuation of intangibles to frameworks for reporting on corporate performance. These profiles enable users to determine which measurement approach best suits their needs, and provide a basis for developing new approaches.
The AICPA is a member as well as its counterparts in Canada, Australia and South Africa.