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The Future of Group Financial Reporting Systems
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Abstract
The Group Finance function has never before faced a period of such
tumultuous change. Governments and regulators around the world are
tightening their grip on compliance; global accounting standards are
becoming more complex, statutory reporting deadlines are accelerating,
disclosure requirements are broadening and new forms of electronic
delivery of information (XBRL) are being hastily introduced. Against
this background it is no wonder that many old financial reporting and
consolidation systems are near to breaking point!
At the same
time CFO’s are being held more accountable (and even personally liable)
for the accuracy of reporting to shareholders, tax authorities and a
wide range of other stakeholders. But fortunately the landscape for
group reporting applications is changing and a new breed of
consolidation system is emerging.
