The accounting error in the M&S quarterly accounts highlights the risks of complex manual reporting processes as companies handle increasingly diverse financial data sources, warns Dee Houchen, senior director for ERP applications, Oracle
Modern financial reporting is being defined by new standards of transparency. Fast-shifting legal reporting requirements sit alongside the business’ need for accurate, timely information about its financial state and the compliance environment will only get tougher. Finance executives can expect compliance burdens to increase, or at the very least stay constant, in the coming years.
In an effort to improve transparency for stakeholders, the International Accounting Standards Board (IASB) has announced it is evaluating new rules aimed at bringing more clarity to financial statements. The IASB, which sets International Financial Reporting Standards (IFRS), is considering adding definitions of common accounting terms and providing formatting guidelines for income statements.
