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Guide To Analysing Companies, Fifth Edition by Bob Vause

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1 The annual report – and what underlies it

A NNUAL REPORTS ARE COMPLEX and difficult to decipher – sometimes intentionally so. The increasing volume and detail of legislation, regulation, rules, accounting standards and codes of practice all contribute to this. In 1996 Deloitte Touche Tohmatsu estimated that the average company report contained some 45 pages. By 2007 this had risen to 89 pages, and today a listed company can be expected to publish more than 140 pages of corporate information. Each time there is corporate fraud or mismanagement, or a severe economic crisis, there is pressure either for a change in the role, duties and responsibilities of auditors or directors, or for the disclosure of additional or more detailed information. ...

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