Financial reporting is a means for an organization to communicate its past actions and proposed future plans to the owners, investors or to the society, as they are either the present or the potential stakeholders in business. In the recent past, a number of instances have come to the fore, where loopholes in the traditional financial reporting system have been exploited to provide misleading information to the investors, while hiding the real financial position of the companies. New financial reporting mechanisms, such as Global Reporting Initiative (GRI), Triple Botton Line Reporting (TBL), extensible Business Reporting Language (XBRL), and Value Reporting have been developed with a view to providing relevant and reliable information to the stakeholders. They also aim at providing reports that are consistent and comparable, so that the investors can take informed decisions. The book Financial Reporting – Emerging Trends starts with a brief introduction on various types of reporting that have emerged during the last decade3 and then delves into the emerging scenario and trends, together with the pitfalls/red flags and their implications on organizations implementing them. It also relates the experiences of a host of enterprises that have adopted new reporting standards and how they have benefited by implementing them. Our primary objective in editing this book has been to stimulate further research and discussion on financial reporting and help facilitate grappling with the issues concerned.
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