When it comes to financial reporting, some companies are going beyond the call of duty. In a study of 2006 financial statements from the 100 leading U.S. companies, the Financial Executives Research Foundation (FERF) assembled dozens of examples of companies doing just that in the face of accounting rules that seem to be getting more complicated and demanding with each passing day.

One example from the survey, "What's New in Financial Reporting: Financial Statement Notes from Annual Reports," focused on Best Buy Inc., which decided in 2006 to disclose more information on cash flows by the various segments of its business than was required by FAS 131. Given the growing importance of cash flow in investor evaluations of the health of companies, the move was considered by governance experts as something that should eventually be seen as a best practice to increase transparency for investors.

Besides those pioneers in potential new best practices, the report also found considerable variations in disclosures on commitments and contingencies, derivatives and financial instruments, goodwill and intangibles, and revenue recognition. It studied 13 disclosure categories. "The intent of the report is to give companies guidance on how their peers disclose key reporting issues," says Cheryl Graziano, vice president of research and operations for FERF, an FEI affiliate.