Drive You To Top!
Excellence Is Within The Reach….
Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.
Reporting
Our Financial Reporting Simplifies
- Increasingly Complex IFRSs
- Increasingly Complex Business Operations
- Complexities in the Regulatory Framework
- Changing Attitudes of Businesses and Stakeholders – Especially in their Aversion to Risk
- Growing & Inconsistent Presentation of Results material aimed at Investors
Financial Reporting
The quality and clarity of financial reporting is critical for all entities from the perspective of all stakeholders. It requires compliance with International Financial Reporting Standards-IFRSs and regulatory framework. We have a team that understands, interprets and applies IFRSs and regulatory framework.
Reliable, precise and timely financial accounting and reporting is critical both internally to meet the information requirements of the management and externally for financial reporting pursuant to regulatory framework. There is a necessity to align finance and accounting models according to the changing financial reporting, regulatory and competitive demands.
For effective and efficient accounting it is imperative to choose the right accounting software or package, which not only caters for basic accounting requirements, it also provides information for the successful management of the entity and external reporting requirements.
With the growing need for transparency and accountability of the management of the company, it has resulted in ever increasing complexity in financial reporting. The complexities cumulate due to adoption, interpretation and application of International Financial Reporting Standards, ineffective regulatory environment and the gradual introduction of Islamic Financial Reporting Standards. Complexities in financial reporting are perpetuated by:
Increasingly Complex IFRSs
New and revised Financial Reporting Standards-IFRSs are continuously been issued by International Accounting Standards Board.
Understanding, interpretation and application of IFRSs and regulatory framework with all its complexities require a high level of professional expertise.
Growing and Inconsistent Presentation of Results Material Aimed at Investors
The investor presentation is a key method that companies use to assist readers and management to manage the complexity of the financial report, and to follow movements in key items that are used to predict the future results of the company. For example, the investor presentation may highlight the following financial data, which while based on the financial report, is not always shown separately therein:
- The impact of one-off transactions that is unlikely to recur (for example sales or acquisitions of part of the business)
- Events that is unusual because of their size (for example a large asset impairment, impact of a flood on operations, restructuring costs)
- Key ratios that assist in analyzing the particular business Past and proposed capital expenditure
Increasingly Complex Business Operations
Businesses have used structures and financial instruments, often in complex ways, to more actively manage their operations and exposures. Risks and rewards are passed and apportioned in ways not seen in past decades. This increased complexity in business has contributed to the need for more complex reporting requirements.
Complexities in the Regulatory Framework
Changing Attitudes of Businesses and Stakeholders
- An increase in both the number and volume of additional financial and other disclosures presented.
- The inclusion of immaterial disclosures, which may detract from material disclosures, and confuse and/or deter proper review of these financial reports by targeted users and corporate stakeholders.
- A lack of understanding by preparers and auditors as to which disclosures are material, with the result that material disclosures may be omitted from financial reports and immaterial disclosures included.
Contact Us
Have any questions about the SZS services? Whatever your inquiry, we will be pleased to answer.