Enhanced Corporate Reporting and Accounting
EY teams can help support finance organizations 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.
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 organization’s progress against strategic priorities and the creation of long-term, sustainable value.
Finance teams continue to respond to evolving financial reporting standard and regulatory changes from the International Accounting Standards Board (IASB), Financial Accounting Standards Board (FASB) and other local standard setting authorities. At the same time, organizations are looking to finance leaders to play an increasingly strategic role, collaborating across their organizations and supporting operational decision-making.
Organizations 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) and Sustainability professionals can help your organization 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
- Supporting impact analysis, including returns on investments
- Improving US Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS) conversions
- Developing tools for implementing new accounting standards and facilitating decision-making
- 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
- Developing strategies and programs to report progress against stakeholders’ ESG objectives and communicate long term value creation