The jury is out on whether good corporate reporting stems from regulatory pressures or market pressures. It is a question of whether good corporate reporting practices emerge from what the regulators try to force on to companies or whether companies eventually respond to what they see as best practice within the marketplace.

”We are seeing two pressures here,” says Ken Wild, global leader, IFRS, at Deloitte. ”We have more and more globalisation of both money and corporate governance. We need more ethical companies and the best way to achieve that is transparency.”