All for One and One for All: A Cross-Sector Analysis of Reporting Standards

This paper aims to provide a comparative view between the private and the public sectors through the “lens” of reporting standards and question whether the differences are so pronounced to provide the necessity for distinct sets of regulations and guidelines. To achieve this, we analyze the two sectors in comparison with the use of the literature and official documents. On this ground, we give an insight on the current status of the specific sets of regulations and guidelines (on each level of information). Our findings show that the current reporting practice (taking integrated reporting into account) leads toward a diminishing in the different treatment of the two sectors (from a reporting point of view). All the constituting elements and principles of reporting standards (as well as initiatives from major standard setters) are driven toward one concise communication (the integrated report), thus reducing the gap. Also, the conceptual framework does not purposely discriminate between sectors; it treats them equally and offers implementation perspectives for all entities (by providing principles, fundamental concepts, and theoretical model).