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Meeting today’s auditing, financial and reporting challenges
The global business landscape is being reshaped by transformational events and trends. And that means the financial and reporting environment is also being reshaped, resulting in significant challenges for management, boards, audit committees and auditors.
We can help you understand and address today's most critical financial and reporting issues.
- Accounting change
Sweeping changes to accounting standards are coming — are you ready?
You operate in an increasingly uncertain business environment, complicated by the unprecedented range of potential changes to accounting standards. In this environment, management and audit committees are asking what they should be doing today to ready themselves for such significant change.
The IASB and FASB have undertaken a number of ambitious standard-setting projects to improve both IFRS and US generally accepted accounting principles as well as to work to achieve convergence. These new standards, when issued, are expected to significantly alter accounting treatments and disclosures in several critical areas, including financial instruments, leases and revenue recognition. The number of standards being revised is significant, but of greater importance is how the accounting for common transactions will change as a result of these standards.
Fraud, bribery and corruption continue to expose companies to heightened financial, regulatory and reputational risk
The 11th Global Fraud Survey provides a unique insight into how different economic regions compare. Participants reported an increase in fraud over the past few years, yet the corporate response to addressing fraud is adhoc and inconsistent.
There exists a real need for companies and those charged with their governance and oversight, to revisit their focus on the risks of fraud, bribery and corruption. Given the current environment, more robust anti-fraud and anti-corruption efforts are an imperative.
- Corporate governance
Increasing transparency, improving control
Economic conditions generally improved during the past year, but uncertainties still remain. The world is demanding greater corporate transparency. Investors want access to more accurate and relevant information about companies, transactions, markets and risks. Regulators are moving to exert more control.
There’s much debate about how corporate governance should evolve. It’s a debate that’s being held against a background of legislative and regulatory change, the implementation of International Financial Reporting Standards and increased public scrutiny. We believe that global coordination is a necessity, not a luxury, in today’s interconnected and interdependent markets. Regulators and standard-setters need to continue to work together, to promote global consistency.
- Sustainability reporting
A growing trend toward disclosure of nonfinancial information
In the face of mounting pressure to be transparent, an increasing number of organisations are choosing to report on sustainability or corporate social responsibility (CSR). Sustainability reports help internal and external stakeholders understand how well the organisation adheres to the "triple bottom line" of environmental, social and economic performance.
Seven things you should know about sustainability reporting
1. 3,000+ companies issue sustainability reports. 2. Stakeholders increasingly expect companies to provide sustainability reports. 3. Sustainability reporting can bring operational improvements, strengthen compliance, and enhance corporate reputation. 4. Reports should contain key performance indicators (KPIs) relevant to the reporter's industry such as materiality, stakeholder inclusiveness, sustainability context, and completeness. 5. Sustainability reports are more closely monitored than ever before. 6. Sustainability reporting presents many challenges, including:
- Data consistency
- Striking a balance between positive and negative information
- Continually improving performance
- Keeping reports readable and concise
7. Sustainability reports can be a valuable communications tool. They can help with cutting costs, efficiency, achieving business imperatives and accountability.
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Eye on Reporting
Eye on Reporting is our monthly update on financial reporting developments.
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Learn why investors are placing increasing importance on non-financial indicators, how big data can improve business performance, and more in this issue of Reporting magazine.