Demands for corporate reporting growing in India

Demands for corporate reporting are growing in India owing to significant changes in the regulatory and financial reporting standards, but […]

   

Demands for corporate reporting are growing in India owing to significant changes in the regulatory and financial reporting standards, but companies also need to embrace advanced technology, an EY report on Tuesday said. Key priorities for corporate reporting in India are upgrading IT and financial data analytics tools for 60 per cent of finance professionals as against 45 per cent globally, global consultancy major EY said. The survey of CFOs or financial controllers noted that other major priorities are establishing an integrated data management approach for finance data and meeting stakeholder demands for smarter and faster information. “Increase in reporting demands are due to significant changes in the regulatory and financial reporting environment in India upon adoption of Ind AS,” EY India, Financial Accounting Advisory Services (FAAS) leader and Partner, Sandip Khetan said. Khetan further noted that changing business and regulatory environment has resulted in enhanced focus on corporate governance by companies in India. “To meet the growing needs of external stakeholders efficiently, companies need to shift the finance mindset and embrace technology innovation with the right set of IT tools and data management approach,” he said. The main barriers to implement new finance or reporting technologies are lack of collaboration between finance and IT and the lack of finance function advanced analytics capability. Accepting these constraints, the vast majority of Chief Financial Officers in India plan to spend more on reporting technology. Around 98 per cent expect to increase investment in corporate reporting technologies over the next two years as against 87 per cent globally. “Companies Act, 2013 has ensured the mandatory rotation of statutory auditors for a defined set of Companies. In view of the same, it has become important for internal auditors to act as a bridge between the exiting and incoming auditors. The industry is now working for significantly more ‘value’ from audit than mere compliance,” Khetan added.

Trending

MSMEs

GeM has processed orders worth ₹ 40,000 cr in GMV in last 3 years, 50% transacted by MSMEs

Day-after-Piyush Goyal snub-Jeff-Bezos

Day after Piyush Goyal snub, Amazon commits to create one million new jobs in India by 2025

Amazon's-$1-bn-investment-in-India-no-big-favour--Minister-of-Commerce-&-Industry

Amazon’s $1 bn investment in India no big favour: Piyush Goyal, Commerce & Industry Minister

Jeff Bezos India visit

Amazon CEO, Jeff Bezos bets on Indian century, invests $1 bn digitizing MSMEs

MSME loans

Piyush Goyal: CGTMSE, SIDBI to set up framework for faster processing of SME loans

GST

Nirmala Sitharaman: GST to be further simplified for traders

UK Sinha committee

Government invites stakeholder’s suggestion on National Technology Mission for MSMEs

Delhi-NCR-the-largest-start-up-ecosystem-in-India,-surpasses-Bangalore

Delhi-NCR the largest start-up ecosystem in India, surpasses Bangalore

Premium Organic Soaps- Contribution to the Community

Anant-Nahata

Public charging infrastructure will be key to electric vehicle success in India: Anant Nahata, MD, Exicom 

MSME payments

Startups, MSMEs request for timely payments from government and corporates

Ashok-Prusty

Indian EV battery industry still searching for commercial battery technology: Ashok Kumar Prusty, Bry-Air