Assurance Services

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.

• Learn more about IFRS developments.
• Learn more about how we can help

Fraud

Fraud, bribery and corruption continue to expose companies to heightened financial, regulatory and reputational risk

The findings of our European fraud survey 2011 indicate that there remains a widespread tolerance of unethical behavior that goes to the very top of a business. They show that, across Europe, bribery and corruption are considered to be rife, while few individuals are willing to recognize that it could happen in their own industry sectors. Despite this, respondents to our survey indicate that there has been a decline across the board in the use of anti-fraud and anti-bribery measures precisely during a period when the incentives to act unethically have been the highest.

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.

• Learn more about public policy issues affecting the audit profession.
• Learn more about evolving audit committee responsibilities.

Sustainability reporting

A growing trend toward disclosure of nonfinancial information

In the face of mounting pressure to be transparent, an increasing number of organizations are choosing to report on sustainability or corporate social responsibility (CSR). Sustainability reports help internal and external stakeholders understand how well the organization 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.

Capital Markets

Europe, Middle East, India and Africa

Capital Markets at Ernst & Young supports multidisciplinary teams and draws on the full breadth of Ernst & Young’s global reach, capabilities and experience to help our clients succeed.

Today, capital markets are more interconnected, complex and dynamic than ever before. Market opportunities occur almost anywhere in the world.

Whether a company is looking to launch its initial public offering (IPO) or undertake a transaction, cross‑border deals can be highly challenging and complex.

Ernst & Young supports clients in executing their capital raising strategies and transactions through detailed support on accounting, regulatory and reporting matters across all jurisdictions in the international capital markets.

Working collaboratively with clients, investment bankers, private equity, attorneys and others, we bring together service lines including assurance, tax, transactions and advisory to ensure you receive the highest-quality support.

With a team of more than 80 senior professionals located in the capital markets centers across Europe, Middle East, India and Africa (EMEIA), working together with the US and Asia, we offer extensive experience to clients, encompassing many aspects of the regulatory and capital raising process.

Explore our Capital Markets pages:

• How we can help
  • Regulatory support
  • Capital raising including IPOs
  • Acquisition and divestiture financial information
  • Financial information support
• EMEIA
• Contact us

Download our brochure pdf, 4.8Mb, March 2010

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Financial Reporting Outlook 2012

Our Financial Reporting Outlook conference is a unique opportunity to prepare for the financial reporting challenges ahead. Find out more and register.