Enhanced Corporate Reporting and Accounting

ECRA is EY’s global offering that helps with complex issues arising from proposed new financial and non-financial guidance and the impact on existing systems and processes. EY teams can help support modern finance organisations by aiding them in meeting the rapidly evolving regulatory and stakeholder demands for high-quality enhanced corporate reporting, and building new evaluation frameworks that measure and value financial and nonfinancial outcomes.

Related topics Assurance Financial accounting advisory services Climate change and sustainability CFO agenda

The team

Andrew Behan

Andrew Behan

EY Ireland Assurance Executive Director

What EY teams can do for you

Finance leaders, including CFOs, financial controllers and treasurers, are facing increasing demand from stakeholders to provide trusted and increasingly transparent financial and nonfinancial reporting to communicate their organisation’s progress against strategic priorities and the creation of long-term, sustainable value.

Finance teams continue to respond to evolving financial reporting standards and regulatory changes from the International Accounting Standards Board (IASB), Financial Accounting Standards Board (FASB), Financial Reporting Council (FRC), International Public Sector Accounting Standards Board (IPSASB) and other local standard setting authorities. At the same time, organisations are looking to finance leaders to play an increasingly strategic role, collaborating across their organisations and supporting operational decision-making.

Organisations and finance leaders should understand and assess the impact of these changes across their businesses and on their performance, as well as the direct impact it could have on the finance function and access to capital. 

Impact assessment includes putting increased effort into:

  • Applying technical accounting knowledge
  • Defining clear and consistent accounting policies and guidelines
  • Innovating processes to leverage new technologies, tools and analytics
  • Building new team skills and capabilities to improve reporting performance  

EY Financial Accounting Advisory Services (FAAS) professionals can help your organisation meet stakeholder demands and navigate the ever-changing accounting and reporting landscape. EY teams can assist management as they address the following areas:

  • Enhanced Financial Reporting

    • Developing enhanced financial and nonfinancial annual reports and other communications, including internal and external reporting strategies 
    • Collecting and collating nonfinancial data and KPI development
    • Providing nonfinancial reporting assurance

  • Accounting

    • Improving US Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS) conversions
    • Accounting for financial derivatives, commodities contracts and other complex accounting topics
    • Addressing complexities arising from proposed new accounting standards and guidance, including the impact on existing systems and reporting

  • Policies and procedures

    • Defining financial and nonfinancial accounting and reporting requirements as part of finance transformations and ERP implementations
    • Addressing enterprise-wide accounting policy frameworks and documentation
    • Establishing corporate governance risk disclosures
    • Remediating control accounts and material weaknesses

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