The guiding principle for annual reports

A review of blog post "Non-GAAP reporting: everything has its place" from PWC

To say that annual reports are highly variable is a dramatic understatement. Despite some industry guidelines on what should be included (particularly relating to detail and clarification of financial statements), most annual reports make it difficult for readers to assess key points on a company’s financial health and direction. For the preparer, annual reports present a daunting task in structuring a vast quantity of information into effective business communication that does not mislead investors through poor data presentation or omission of pertinent information.

Annual reports – why straight talk helps your story

Best Practice - 2008 JPMorgan Chase Annual Report

As annual report season rolls around, we’ll take this opportunity to highlight a best practice from last year’s JPMorgan Chase annual report.

There was little good news for JPMorgan Chase investors (or any equity investor for that matter) from the seismic decline in the stock market from 2008-2009. Notably, at the publish date of CEO Jamie Dimon’s letter to shareholders – March 23, 2009 – the market was just coming off the collapse of Lehman Brothers, the banking sector firestorm (during which Chase ultimately purchasing the assets of Washington Mutual), and the establishment of TARP (of which JPMorgan Chase was a recipient).

With all that bad news, the frank Letter to Shareholders from Dimon hit all the right notes.