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Provides a comprehensive framework for achieving higher levels of corporate information disclosure and transparency
In order to decide whether or not a company is a good investment, analysts and investment professionals need to know as much as possible about the company's tangible and intangible assets, as well as a variety of critical performance measures. Written by an international team of experts, The Value Reporting Revolution clearly explains why corporations must move toward greater transparency and, more importantly, it provides a comprehensive framework for achieving that goal. Among other important lessons, readers learn how to identify the gaps between how corporate managers perceive their disclosure practices versus how the markets see them, as well as how to leverage their organizations' electronic communications technology and tools to ensure easy access to vital information and more meaningful data analysis.
Robert Eccles (Jupiter, FL) is President of Advisory Capital Partners, Inc. Robert H. Herz (New York, NY) is a Partner at PricewaterhouseCoopers, US. David Phillips (London, UK) is a Partner at PricewaterhouseCoopers, UK. Mary M. Keegan (London, UK) is head of Global Corporate Reporting at PricewaterhouseCoopers, UK.
- Sales Rank: #2298472 in Books
- Published on: 2001-03-15
- Original language: English
- Number of items: 1
- Dimensions: 9.63" h x 1.13" w x 6.52" l, 1.51 pounds
- Binding: Hardcover
- 384 pages
- ISBN13: 9780471398790
- Condition: New
- Notes: BRAND NEW FROM PUBLISHER! 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!
Review
Even with the recent drop-off in stock prices, there's still great variation in how financial markets are valuing companies. To add more predictability to valuations, says this team of authors from PricewaterhouseCoopers, companies should take the initiative and publicize the nonfinancial measures that can drive future success. Otherwise, they say, analysts and individual investors will rely on their own estimates, which inevitably either undervalue a company or set it up for a fall. The main trouble, they find, lies not in disagreements over the key drivers but in executives' age-old reluctance to divulge information. The book covers these important debates, as well as the shifting world of accounting principles and oversight, in a comprehensive fashion and with clear prose. Yet while parts of this lengthy, lopsided book are full of detail, the case studies of companies actually experimenting with new metrics are surprisingly thin.
--The Harvard Business Review
From the Inside Flap
The ValueReportingTM Revolution: Moving Beyond the Earnings Game
The ValueReporting Revolution is a rallying cry for radical improvements in corporate reporting-a call to be heeded not just by executives who report on corporate performance and the investors who listen to what they say but also by governing boards, accounting firms, securities analysts, and regulators worldwide.
This revolution is about information. To make sound, long-term investment decisions, large institutional investors and astute individuals alike want to know more about what companies actually do to create value. They especially need information about market dynamics, corporate strategy, and nonfinancial value drivers that are leading indicators of a company's future financial performance and stock price.
Yet too many companies today find themselves locked in The Earnings Game. It's a never-ending and highly dysfunctional game focused myopically on short-term earnings, which in reality say very little about future stock price performance. The consequences of the game? Excessive stock price volatility, inaccurate valuations, and over-reliance on market gossip.
Nothing short of a ValueReporting Revolution will end this game and rid the markets of the crippling consequences. This book delivers a trenchant and often biting analysis of the severe problems that plague today's capital markets. More important, it articulates an array of practical, though controversial, solutions.
ValueReporting calls on corporate executives to provide more, rather than less, of the kind of information they use to create value. It exhorts investors to demand that companies do this. It urges boards of directors to make sure it gets done. And it puts accounting firms and securities analysts on notice that they must become part of the solution rather than part of the problem.
Often provocative and never hesitant to tell it like it is, The ValueReporting Revolution speaks with authority and clarity. It sounds its compelling call to arms to anyone with an interest in dramatically improving the markets on which so many depend.
From the Back Cover
ADVANCE PRAISE FOR THE VALUEREPORTING REVOLUTION
"Those of us with responsibility for reporting corporate performance in its broadest sense must look beyond the rules and regulations to ensure we effectively communicate the most useful information. This excellent book raises many issues and challenges and offers a range of solutions for improving how and what we report."-John D. Coombe Finance Director, GlaxoWellcome plc
"With greater corporate transparency-the rallying cry of ValueReporting-investors, both institutional and individual, can gain a much deeper under-standing of how companies create and realize value. This is precisely the kind of information they are aggressively seeking to optimize their long-term investment decisions."-Harold D. Kahn Financial Officer, Scudder Kemper Investments
"While it may take a while to get to a better system of corporate reporting, this book leaves few doubts that the journey will be worthwhile for both companies and the capital markets as a whole."-Steven M. H. Wallman Commissioner, Securities and Exchange Commission (1994-1997) Founder and CEO, FOLIOfn, an innovative online financial services company
Most helpful customer reviews
3 of 3 people found the following review helpful.
Good "second book" on accounting reform
By Buce
If you want to learn about accounting scams, you probably need Mulford and Comiskey, The Financial Numbers Game. But for a broader view of the virtues and limits of accounting, Eccles and company have a lot to offer. You can skip or skim the somewhat overhyped stuff about the "ValueRevolution" itself (note that three of the authors come from PricewaterhouseCoopers, where they seem to be having some trouble with their space bar, or spacebar). Keep your best brain cells for chapters three through eight, where you get a look at the earnings obsession -- and just as useful, a suggestion of what investors really need and want. Note that one of the co-authors (Robert H. Herz) is the new head of the Financial Accounting Standards Board).
3 of 3 people found the following review helpful.
A Call to Arms
By Tim Gourley (eKeeper.com)
"ValueReporting" smoothly describes many broken financial reporting processes, including "whispering", a time-consuming process that CFOs play with analysts, where CFOs "whisper" their earnings expectations to the analyst, making the analysts appear intelligent. A great deal for the analyst cause they don't have to do any real analysis. If the CFO does not play this game, they risk the wrath of Wall Street.
The problem with this is that it is in violation of the spirit (if not the law) of the yet to be enforced SEC Fair Disclosure Act which states that Sally Q. Public gets to know material information the same time that John Q. Analyst does.
"ValueReporting" does offer a practical solution through XBRL technology. As a member of XBRL.org I strongly agree with the authors that if business reporting, both financial and non-financial, is standardized, Web technologies are in place to distribute this information uniformly to all investors and in a richer format than at present. With the gentle prodding of regulatory agencies like the SEC and FDIC, this will happen sooner rather than later. Let's hope that SEC Chairman Unger reads this book, and fast.
For me as a consultant and a technologist "who can spell XBRL", The ValueReporting Revolution was a call to arms to apply my knowledge to the inequities of financial reporting. Helping clients sell their wares over the Web is nice, but to level the financial playing field for small companies as well as large, for the small investor as well as the institutional, is ennobling. And forcing Wall Street analysts to actually work for a living, would be, well, just icing on the cake.
10 of 11 people found the following review helpful.
An XML Software Guy Reviews "The Value Reporting Revolution"
By A Customer
This is the most lucid coverage of an accounting topic that I have ever read, and also the clearest in marrying the underlying accounting principles to the related software topics. The first part of the book explains what Value Reporting is (no surprises here) and why it is needed (in theory). The book then gives how-to examples to clarify the concept. The middle of the book distinguishes this book from many other similar texts -- it explores the history of audited financial reporting, examines previous reforms and why they did not succeed more fully, then gives a data-rich analysis of why Value Reporting is REALLY needed. The last third of the book is even better: It discusses problems and opportunities in Value Reporting; it discusses how the underlying software technology -- both XML (extensible markup language -- a specification or a grammar for a class of languages, but not a specific language itself) and XBRL (extensible business reporting language, a specific
"dialect" or implementation of the XML grammar) make it possible to implement Value Reporting; finally, the book explores deficiencies in XBRL and how they need to be corrected if they are to support implementation of Value Reporting.
The book is a lucid and pleasant read for accounting experts, software experts, and the much larger population of professionals who are potential users and consumers of Value Reporting.
The authors are multidimensional professionals -- they are developers and users of modern systems of financial reporting, and they are experts both in developing the theory of Value Reporting and in implementing specific real-life applications.
The book explains several unusual technical and managerial principles in clear and everyday terms, without getting sloppy or misleading for expert readers. Perhaps it is because of the authors' technical qualifications and their experience in applying their expertise to everyday managerial and reporting problems, that they are able to clarify without oversimplifying an almost obvious topic based on quite advanced accounting and software techniques.
In the interest of full disclosure to readers who should know something about the reviewer, he holds earned doctorates in Information Theory (Yale) and Mathematics (University of Paris). Between two tours of duty in the US Government at the level of assistant secretary, under secretary, and finally chief executive of an independent agency, he was founding chairman of a software company that was, for quite a few years, an acknowledged leader in designing and implementing financial reporting and control systems.
He is today chairman of two start-up technology companies, one of which is applying its technology and software to questions of Value Reporting.
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