The overriding reason for governance is ultimately the safeguarding of an organisation's reputation, and that this requires an integrated approach where the 'accountees' (corporations), and its investors and regulators are provided with appropriate information by the 'accountors', i.e. the financial accounting profession. Unfortunately, the 'accountors' have relied on the reporting model that has not substantially changed since the age of the corporation in the 1850s. The resulting information provided by this model has, inevitably, caused many collapses in the corporate world, especially in the last two decades. Owners, investors, creditors, bankers, government now all need leading indicators, and financial accounting reporting is still preoccupied by lagging indicators". Discuss this statement, and the role of management accounting in providing financial reports to stakeholders in modern corporations.