The paper "Foundation Model Transparency Reports" by Rishi Bommasani et al. proposes a standardized approach for transparency reporting in the context of foundation models, which are critical digital technologies with significant societal impact. The authors draw inspiration from social media transparency reports, aiming to institutionalize transparency practices in the nascent foundation model industry. They identify six design principles for transparency reports, based on the successes and shortcomings of social media transparency reporting, and align these principles with 100 transparency indicators from the Foundation Model Transparency Index (FMTI). The paper also examines how these transparency reports overlap with government policies, such as the EU AI Act and the US Executive Order on Safe, Secure, and Trustworthy AI, to reduce compliance costs and ensure regulatory alignment. The authors provide examples of transparency report entries from different foundation models, highlighting the need for more detailed and standardized information. The paper contributes to advancing transparency in the foundation model ecosystem by providing a structured framework for developers to publish essential information and by guiding governments in promoting transparency through policy.The paper "Foundation Model Transparency Reports" by Rishi Bommasani et al. proposes a standardized approach for transparency reporting in the context of foundation models, which are critical digital technologies with significant societal impact. The authors draw inspiration from social media transparency reports, aiming to institutionalize transparency practices in the nascent foundation model industry. They identify six design principles for transparency reports, based on the successes and shortcomings of social media transparency reporting, and align these principles with 100 transparency indicators from the Foundation Model Transparency Index (FMTI). The paper also examines how these transparency reports overlap with government policies, such as the EU AI Act and the US Executive Order on Safe, Secure, and Trustworthy AI, to reduce compliance costs and ensure regulatory alignment. The authors provide examples of transparency report entries from different foundation models, highlighting the need for more detailed and standardized information. The paper contributes to advancing transparency in the foundation model ecosystem by providing a structured framework for developers to publish essential information and by guiding governments in promoting transparency through policy.