Accounting and reporting
Finance leaders are under pressure to deliver higher-quality reporting more quickly in an environment of technological change, increased regulatory change and increased scrutiny. EY can support finance teams in this ever-changing landscape.
What EY can do for you
Finance leaders, including CFOs, financial controllers and treasurers, are facing an increasing number of challenges in delivering reporting to their stakeholders.
Finance teams are being asked to improve the reporting process and deliver more with less. Stakeholders, such as board members, want more information, more quickly. Not only are there changes to International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) standards, but national accounting standard setters are aligning to international standards. Plus there are additional regulatory changes and the requirement for increasing transparency from reporting. And to compound matters, organizations are looking to finance leaders to play a much greater role in strategic and operational decision-making.
Organizations and their finance leaders should understand and assess the impact of these changes across their businesses and on their financial performance, as well as the direct impact on the finance function. This includes putting increased effort into assessing and accessing technical accounting knowledge when necessary; identifying the need for clear and consistent accounting policies and guidelines; identifying new innovative technologies, tools and analytics; and building the skills and capabilities in the team to improve reporting performance.
Our Financial Accounting Advisory Services (FAAS) professionals focus on supporting leading organizations in navigating this ever-changing accounting and reporting landscape, helping clients to tackle technical accounting and financial reporting issues.
Our services are supported globally and are tailored to our clients’ needs to address issues such as:
- Addressing enterprise-wide accounting policy frameworks and documentation
- Streamlining financial processes and controls, including developing or integrating processes as part of finance transformations and ERP implementations
- Accelerating GAAP, IFRS and IPSAS conversions
- Remediating control accounts and material weaknesses
- Accounting for financial derivatives and commodities contracts
- Rationalizing statutory reporting processes
- Addressing complexities arising from proposed new accounting standards and guidance, including the impact on existing systems and processes
- Developing tools for implementing new accounting standards and facilitating decision-making
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