The following link is to a good summary of the state of disclosure reform, from the Harvard CorpGov Blog, including comments about the prospects or prognosis and the possible timing, click here.
The interest in new and different disclosures is ongoing, both naturally in the marketplace and by statute or regulation. Governance and risk management are two of the important areas on my list. And you should assume that changes will also include environmental and sustainability issues. Already for many years governance and tone-at-the-top have been areas that the outside auditors evaluate at least for the purpose of reliability and planning the scope of the audit. As a start in this area, look at the areas and procedures that the outside auditors consider, and then make changes and improvement if necessary. And it should also now be clear that risk management, top down and bottom up, is an executive and board level function of primary importance which potentially covers all areas of the organization. For example, ISO 31000 (risk management) and COSO ERM and internal control frameworks already have existed, and see also the Sustainable Accounting Standards Board site and materials at http://sasb.org.
Please feel free to provide your comments.
Enjoy. Good reading.
Dave Tate, Esq. (San Francisco and California)