They also need to ‘break free’ of constraints of annual cycles with 82% saying stakeholders need more than financial performance measures to assess company performance.

Only 16% of respondents to the survey of finance chiefs said environment, social, governance (ESG) forecasting was ‘fully integrated’ in their financial planning and performance process.

Overall respondents reported there was too much focus on past financial performance and limited insight into the other data needed for ESG purposes.

Just over half (56%) of respondents said they currently give ‘equal’ focus to financial and non-financial areas, such as operational objectives.

The report, the Planning and Performance Management Paradigm, by ACCA and Chartered Accountants Australia and New Zealand (CA ANZ) in association with PwC, asked over 3,000 finance professionals around the world for their views on the future of the finance function.