Group Seeks Overhaul Of Global Business-Reporting Standards -FT

1st Aug 2010 23:36

DOW JONES NEWSWIRES A new coalition, which includes numerous businesses and corporations, as well as regulators, nonprofit group and securities exchanges, is working to create the framework of a standardized global reporting model for businesses, which it hopes to present to the Group of 20 by 2011, the Financial Times reports on its website Sunday. The group, known as The International Integrated Reporting Committee, counts among its members Nestle SA (NSRGY, NESN.VX), EDF (EEN.FR), Aviva PLC (AV, AV.LN), HSBC Holdings PLC (HBC, 0005.HK) as well as auditing firms PricewaterhouseCoopers, KPMG, Deloitte and Ernst & Young. The group also has the backing of the International Accounting Standards Board, the U.S. Financial Accounting Standards Board and the International Organization of Securities Commissions, the FT said. Full story at http://www.ft.com/cms/s/0/2f9dd2b0-9d9a-11df-a37c-00144feab49a.html -Dow Jones Newswires; 212-416-2800 (END) Dow Jones Newswires August 01, 2010 18:36 ET (22:36 GMT)