A new study aims to inform the debate over who financial reports should be written for.

The research project by the Institute of Chartered Accountants in England and Wales will examine in detail the different groups at which reports are aimed and consider how their needs overlap and diverge.

Research for ‘Financial Reporting: Different Users, Different Needs’ will begin in the second half of this year, with the report slated for publication in December.

ICAEW corporate reporting manager Brian Singleton-Green said the study was sparked by debate over whether investors or regulators should be prioritised. The credit crisis has seen some commentators challenge the view that accounts should be aimed at investors and shareholders. Regulators have asserted that they should be designed to boost financial stability.

According to the ICAEW, the study is intended to collate information on what users want from financial reporting, and examine alternative means of gathering data. The European Financial Reporting Advisory Group is conducting a parallel piece on the information environment of users.

"Realistically, we don't expect any immediate changes as a result of this study,” said Singleton-Green. “We hope, rather, to make a contribution to the debate, to help people become better informed, and potentially promote consensus on the purpose of financial reporting and users' needs."