Financial Scandals: past, present and future

With the collapse of Carillion earlier this year, the theme for the Financial Reporting Faculty’s 2018 Information for Better Markets (IFBM) conference is particularly timely. Entitled ‘Financial Scandals: past, present and future’ the thought leadership conference will explore the history of financial scandals and ask what can be learned from academic research about the role of financial reporting as a solution to the problem, as well a contributing factor.

Acknowledging that a review of regulations is a typical response from the accounting profession in the aftermath of a major scandal – as evident from the financial crisis – one of the four academic presentations will specifically explore the role of financial reporting regulation in reducing financial scandals.

Given recent high profile examples of corporate tax avoidance and increased media attention to such cases, another presentation will address this topic as a ‘modern day’ scandal. Of particular interest is how a financial reporting response – in the form of more informative and transparent tax disclosures – has been considered a key driver in response to this issue. New EU reporting requirements for larger companies to publicly disclose the income tax they pay on a country–by–country basis are a good example of this.

 Presentations for the conference are based on academic papers, commissioned by ICAEW specifically for the event. A summary of all four presentations and speakers is outlined below:

  1. Financial scandals: a historical overview
  • Steve Toms, Leeds University Business School
  • A Practitioner's View: Gillian Tett, The Financial Times
  1. 21st century scandals: the financial reporting consequences 
  • Kees Camfferman, VU University Amsterdam
  • A Practitioner's View: Bridget Gandy, former co-head of EMEA financial institutions Group
  1. Gatekeepers: past, present and future 
  • John Coffee, Columbia Law School
  • A Practitioner’s view: tbc
  1. Tax avoidance: is tax transparency the solution? 
  • Penelope Tuck, Birmingham University
  • A Practitioner's View: Richard Murphy, Tax Research UK

How to find out more

The conference takes place on 17 and 18 December. The event is free to attend although delegates are required to register in advance. To guarantee your place, please visit icaew.com/IFBM2018

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