I would like to take the time now, as I stand, to acknowledge the people whose land my feet stand upon.
Organizations conduct a wide range of reporting, including financial and regulatory reporting; environmental, social, and governance ESG reporting or sustainability reporting ; and, increasingly, integrated reporting.
Organizations communicate with their stakeholders about: Implementation of effective reporting processes is essential for organizations to be able to provide this information. All sections in the business reporting process—the people and processes involved in the preparation, review, approval, audit when relevantanalysis, and distribution of reports—need to be robust and closely connected to yield high-quality business reports in an efficient and timely manner.
Since the s, there has been significant progress toward the international convergence of financial reporting practices. More recently, there has been momentum toward the adoption of integrated reporting.
Why is Business Reporting Important? Effective and transparent business reporting allows organizations to present a cohesive explanation of their business and helps them engage with internal and external stakeholders, including customers, employees, shareholders, creditors, and regulators.
Value in this context is not necessarily limited to monetary value, but can also comprise, for example, social, environmental, or wider economic value. As organizations fully depend on their stakeholders for sustainable success, it is in their interest to provide them with high-quality reports.
For example, effective high-quality reporting reduces the risk for lenders and may lower the cost of capital. Many organizations are increasingly complex, and have larger economic, environmental, and social footprints.
As a result, various stakeholder groups are demanding increased ESG information, as well as greater insight into how these factors affect financial performance and valuations.
High-quality reports also promote better internal decision-making. High-quality information is integral to the successful management of the business, and is one of the major drivers of sustainable organizational success.
However, there is growing recognition that it is important to capture and report other, largely non-financial, information. Reporting more broad-based information that is important to, and useful for, stakeholders is in the public interest.
The IIRC, and its development of an international integrated reporting framework, is one of these organizations. The accountancy profession has a great deal to contribute to, and a key role to play in, enhancing organizational reporting.
The profession has a long history of involvement in a number of key areas—for example, developing and improving financial reporting processes and controls, and identifying, measuring, and reporting key financial and other information—that are important to the development and implementation of organizational reporting frameworks that go beyond traditional financial reporting.Time for action: the ATO's electronic service strategy and Standard Business Reporting.
Speech by Geoff Leeper, Second Commissioner People, Systems and Services Group to the Advanced Professional Solutions Annual Client Conference Queenstown, New Zealand, 16 November standard business reporting ato as business implementation guide VERSION UNCLASSIFIED PAGE 10 OF 19 A user must be assigned the appropriate authorisation permissions to use the AS service.
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strategy by April 30, , in conjunction with the objectives of CAP Goal #8, to eliminate ofan agency's readiness and maturity to adopt Federal-wide standard business processes and.
Why do I need a reporting strategy? These day’s business decisions are increasingly being driven by data. The collecting of data and the analysis of this data for specific trends / conditions within your business can alert you of problems so that you can take action promptly and effectively.
The Australian Taxation Office has developed an ebMS/AS4 implementation extending on the SBR initiative to simplify Business to Government reporting obligations and aligning with the messaging standards chosen for Superannuation Reform.