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Financial reporting is changing around the world and the implications are even being felt across the pond

When a tide turns you can hear, down on the foreshore, a huge noise. It is the sound of pebbles being pulled this way and that as the waters change direction. Journalists love the idea of tides turning. It is a wonderful metaphor and an easy one to use. But often when we speak of tides turning we are describing an idea rather than a process. Often we are describing something which we think ought to come about rather than something which is actually happening. Often the roar of pebbles being upturned in a changing flood of water is missing.

But I do think that when it comes to describing what is happening in the world of American financial reporting and regulation we can genuinely say that the tide is turning. There is a distinct sound of turmoil down on the foreshore.

AccountancyAge/Robert Bruce: Corporate governance - Ripple effect