The publication looks at what listed companies are reporting in the narrative sections, that is the parts outside the audited financial statements, in their annual reports.  The 2008 survey builds on those performed between 1996 and 2007 and includes an overview of current regulatory requirements and latest developments, as well as ‘best practice’ examples.  This year there has been an increase in both the size of the sample (with separate consideration of investment trusts) and the scope of the survey, which now includes a review of corporate governance statements.

The main message from this year’s survey is the realisation how much the narrative reporting requirements have grown like topsy over the years.  New requirements have been bolted on and new extensions will be added in 2008/9.  The result is that the narrative sections of the annual report can have similarities with the famous Ronnie Corbett monologues, namely lots of diversions.  It would be nice to have that clean sheet of paper and to write from the start.

For more information, download our Write from the start (PDF, 3258KB).