For over a decade PricewaterhouseCoopers has conducted extensive research of the views of capital market participants with the sole aim of improving the value and utility of corporate reporting. By analysing the information needs of investment professionals and company management, we hope to help shape a corporate reporting model that is both cost-effective and relevant.

Our February 2007 report, Measuring Assets and Liabilities: investment professionals’ views, presents the results of interviews with investment professionals in which we discussed their use of the balance sheet and the measurement bases for assets and liabilities that best meet their needs.

More recently, we published the findings of an international survey of investors’ and analysts’ views on the information that companies provide in their corporate reports. (See Corporate reporting: Is it what investment professionals expect? – November 2007).

Our latest research in this field, captured here, turns the spotlight on the income statement. The income statement has been highlighted by respondents to our previous studies as particularly important in their assessment of corporate performance. Its critical role in the communication of financial returns has been recognised by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) who are committing significant resources to a joint project that is reviewing its structure. The findings in this survey provide valuable insights to help inform the standard setting debate.

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