In the wake of changes in various regulations, companies need risk management and regulatory knowledge the most to improve their overall reporting levels, says a report.
Based on a survey of CFOs and financial controllers of large entities, global consultancy EY today said the demands, scrutiny and expectations facing finance and corporate reporting continue to increase.
"Technical accounting, regulatory knowledge and risk management are skills most needed to improve (corporate) reporting," the report said.
According to EY, Indian stakeholders are giving more attention to corporate reporting with around 33 per cent of those surveyed saying that audit committees have significantly increased their attention overall on reporting.
Financial regulators, investors and analysts too have started giving more attention towards corporate reporting, it added.
"The main external challenges for reporting are satisfying the differences in reporting standards (43 per cent) and changing expectations around reporting formats (40 per cent)," it noted.
The findings are based on a survey of around 40 India- based CFOs and financial controllers of large organisations.
Pankaj Chadha, Partner in an Indian member firm of EY Global India, said several recent regulatory developments and notifications including the amendments in Companies Act and introduction of Indian Accounting Standards (Ind AS) are creating a perfect storm in corporate reporting.
