Financial reporting: navigating today’s reporting demands

In this episode of The Better Finance Podcast, EY’s Myles Corson and Neri Bukspan talk about how finance professionals can navigate the diverging trends in financial reporting and deliver the most value to stakeholders. Finance professionals are facing both demands to deliver information more quickly and requirements surrounding long-term value and measurement.

Finance professionals are facing both demands to deliver information more quickly and requirements surrounding long-term value and measurement. EY’s Myles Corson and Neri Bukspan talk about how finance professionals can navigate the diverging trends in financial reporting and deliver better value to stakeholders.

Key takeaways

• An increased expectation for accurate and actionable data has altered the landscape of reporting strategies, as a greater demand for timely, credible, and environmentally relevant information reshapes the financial reporting sphere.
• There are a variety of drivers behind this expectation, including the advent of multi-channel technology, regulatory changes, and an overarching desire for non-financial information to be assessed in an integrated model.
• Although there are enormous benefits to globalization, there are increased complexities that affect the financial reporting practice, from merging reporting systems and regulatory regimes, to cultural differences and investor relations.
• The reporting sector faces a battle of contradiction as institutional emphasis remains on quarterly reporting, while investors demonstrate increased interest in real-time data retrieval.
• Companies may be facing mounting pressure to deliver quality information to investors quickly without compromising company perception.
• In order to survive, and adapt alongside this dynamic landscape, companies need to be able to balance continuous reporting models with a clear, actionable long-term strategy, and place short-term results in the context of the overarching story.