2.1 Introduction
Good company reporting is absolutely necessary and vital as it provides valuable information to its shareholders, creditors and other stakeholder groups who may have the interest in knowing the position of the companies and their activities. It is equally important to maintain an equilibrium or balance between the cost of collecting and publishing the information and the cost of finding the information by the respective readers. It does not necessarily mean that adding bulks of information make the report a good one. It is the quality of information that counts. Government is highly dedicated to affirm that reports maintain a certain degree of quality rather than large and unwieldy information. Trade and Industry Committee (2002)

2.2 Corporate Reporting and Disclosure Concept
Clarity of purpose is the key to economic success. The companies are most likely to pretend their motto is to maximise shareholders value.

“For the business community to become more effective, companies need to be clear about the purpose of their reports and provide what their end-users need to know”.

Company reports serve the useful information to those interested in the activities of the company, mainly the stakeholder groups. Stakeholders act as nucleus, around which the future activities and strategies would be framed. Company law explicitly guards stakeholder’s value in different areas of disclosure. Zairi, M., and letza, S. (1994)

Disclosure system is recognised extensively in the company law. English law takes this concept very much for granted. The distinctive vindication for the disclosure system lay down the in the English literature is that, disclosure stem is the price paid for all the privileges of incorporation and the limited liability of its members. The disclosure philosophy is based on good faith. There is an increasing demand for more and more