Knowledge-based Economy: A View into the Next Millennium Alan ANDERSON Senior Vice-President, Member and Public Interests, American Institute of Certified.

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Presentation transcript:

Knowledge-based Economy: A View into the Next Millennium Alan ANDERSON Senior Vice-President, Member and Public Interests, American Institute of Certified Public Accountants (AICPA) United States

Knowledge Based Economy A View Into the Next Millennium Alan W. Anderson Sr. Vice President -AICPA

Foundation for the Future Must work to protect the public interest under the current reporting models Must work to develop approaches and programs to respond to demands for assurance under “New Economic” models

Building Upon Our Foundation Periodic Historical Cost-basis Financial Statements Reliable Systems Method of Information Dissemination Financial and Non financial Measures Corporate Accountability Understandable Disclosures

Why? The current reporting model is no longer sufficient. –Not timely – its after the fact news. –Not informative enough. –Ignores many factors of performance. So far, calls for change and some action. Now it’s time for coordinated action.

Coordination is Needed Many reporting efforts are ad-hoc and not always comparable between companies. Current ideas are progressing, but slowly. Competition between ideas will hold each other back while the market waits for a leader. Need a way to create to allow ideas to work together.

Blueprint for the Future A new reporting model alone is not enough: –Is based on Internet time, –Is reported first on the Internet, and –Provides forward-looking information. The Profession must prepare for the convergence Corporate Readiness and CPA Firm Readiness

Real Time Reporting Reliable Systems Financial & Non financial measures Information Dissemination Understandable Disclosures Corporate Accountability Current Model is the Foundation

Project: Trust Family – Systrust Real Time Reporting Reliable Systems Financial & Non financial measures Information Dissemination Understandable Disclosures Corporate Accountability

Real Time Reporting Reliable Systems Financial & Non financial measures Information Dissemination Understandable Disclosures Corporate Accountability Project: Performance View VMRC

Project: XBRL Real Time Reporting Reliable Systems Financial & Non financial measures Information Dissemination Understandable Disclosures Corporate Accountability

Real Time Reporting Reliable Systems Financial & Non financial measures Information Dissemination Understandable Disclosures Corporate Accountability Project: FASB Projects SEC Plain English Goals VMRC XBRL

Real Time Reporting Reliable Systems Financial & Non financial measures Information Dissemination Understandable Disclosures Corporate Accountability Project: COSO ERM Project New Fraud Efforts Audit Committee Rules Audits of Codes of Ethics Trust Family ( Privacy) Environmental Reporting

Real Time Reporting Reliable Systems Financial & Non financial measures Information Dissemination Understandable Disclosures Corporate Accountability Current Model is the Foundation

IIN- Mission Global Leadership Role in: –Thought Leadership –New Product Development –Benefiting the Global Profession A Vehicle for: –Effective and Efficient Collaboration –Deployment of new products to National Institutes Members IIN MISSION

Why Set up IIN? The Business Case –Facilitates the Rollout of New Services Globally –Eliminates the need to negotiate: A New Agreement For Each New Service For Each New Country –New Services – Member Choice

IIN - History Started IASN in 1999 Initial meetings Focused on Webtrust Discussed IFAC interest deploying new services to member bodies in July 2000 IIN concept created January 2001 Agreement in concept reached October 2001 Formal Adoption of IIN in July 2002

VMRC Value Measurement and Reporting Collaborative A collaborative with accounting profession and information users to create a framework for better reporting.

VMRC Goals: –Identify best practices. –Debate existing concepts. –Test existing and new concepts. –Modify concepts, as necessary. –Develop framework to allow for comparability between: Organizations. Within Industries

VMRC Create: –Comparability –Consistency –Transparency –Principles/Criteria

VMRC Benefits For the accounting profession: 1.Take the lead (our logical role) 2. Make sure the models protect the public. 3.The accounting profession as an innovator. 4.New students