EBR Framework Illustration Concepts. Kitchen Cabinet Meeting July 19, 2004. Governance Guidelines. Strategic Perspectives. Revised Star Diagram. Information should be presented in a clear, concise and understandable manner. It should be reliable, relevant, comparable, and free from bias.
Kitchen Cabinet Meeting July 19, 2004
Revised Star Diagram
Information should be presented in a clear, concise and understandable manner. It should be reliable, relevant, comparable, and free from bias.
The catastrophic financial reporting failures of 2001 and the enactment of the Sarbanes-Oxley Act have increased public focus on the adherence of corporations to the highest standards of ethical behavior. Enhanced business reporting should include information on corporate governance and enterprise risk management practices.
Technology makes it possible to provide stakeholders with an almost infinite number of alternative displays of business information. EXtensible Business Reporting Language (XBRL) now provides a technology that enables entities to provide online, globally accessible information that can be customized to the needs of different stakeholders.
BETTER MARKETS THROUGH BETTER INFORMATION
Enhanced business reporting should include information that clearly presents strategy, plans, opportunities and risks.
The core of any reporting model will continue to be financial information based on GAAP and SEC reporting requirements. However, the inclusion of a wide range of financial and non-financial performance measures in business reporting, as well as information about the quality and variability of cash flows and earnings, will enable stakeholders to see an entity more through the eyes of management.
Required qualitative characteristicsof financial and business information:
Original Star Element Map
ENABLERS - FRAMEWORK + TECHNOLOGY
“Improved Allocation of Resources”
Combination of Miklos Vasarhelyi and Bob Eccles/Alison Thomas Break-out Group Concepts from 6-23 SCEBR Mtg.:
KEY PERF. INDICATORS
Enhanced Business Reporting Framework: Scope and Dimensions
MARKET ENVIRONMENT/ CUSTOMER ORIENTATION
We might consider using this process orientation idea as a jumping-off point from which to show in a more detailed diagram of the different potential sources from which the EBR framework could be developed, or where there are no existing sources…