A coalition of businesses, regulators, accountants, securities exchanges and not-for-profit groups will today launch an initiative aimed at overhauling international company reporting in the wake of the financial crisis.

The crisis has raised concerns about the value of company reporting, with the annual reports and financial statements of banks especially criticised for having failed to alert investors to the risks companies were running. Meanwhile, investors are focusing more on the effect issues such as climate change may have on company finances.

The International Integrated Reporting Committee, which launches today, is seeking to capitalise on this groundswell of discontent to undertake a radical review of reporting. It will not only address companies' financial statements but also management commentary, governance, remuneration and environmental and social issues.