As Paul George of the FRC says below, a lack of transparency in reporting undermines trust in business, but also in financial statements. Many of the professions take the approach that being 'guarded' is in their interests but with ever increasing interest / scrutiny on financial statements, could such actions be seen as evasive? There is an opportunity for good, open, honest commentary that the market would view as a positive so will it be your firm that leads the way?
“A lack of transparency in financial and governance reporting, undermines trust in business. More accurate reporting and better governance practices are needed to reverse this trend. The UK faces challenges with corporate reporting after EU Exit. Companies should therefore do more to meet the expectations of the market and society in order for the UK to maintain its position as an attractive home for global capital." Paul George, Executive Director of the FRC