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The better the question. The better the answer �.The better the world works.
Can a wider look on reportingenable greater trust in business?
4th Annual Financial Reporting Insights
Athens, 13 December 2017
Page 2 Financial Reporting Insights – December 2017
1 Wider Corporate Reporting
Regulatory Update
Governance: Audit Committee role; Auditorrole: key audit matters
Revenue Recognition – practical considerations
Break-out Sessions:q IFRS Technical Updateq US GAAP Technical Update
Agenda
23
4
5
Morning break
Lunch break
Page 4 Financial Reporting Insights – December 2017
Trust in business, financial institutions and society as a whole is at an all-time low ... brings together diverse stakeholders to create a framework which is a consistent model forhow companies can measure and report the long-term value they create.”
Mark Weinberger, EY Global Chairman and CEO
Wider Corporate Reporting
Page 5
Wider Corporate Reporting
► What is currently going on in the world of corporate reporting?
► What is the future of corporate reporting?
► How do we improve: Long Term Value
► Call for coordination and greater standardization
► Integrated reporting
Financial Reporting Insights – December 2017
Page 6
Wider Corporate Reporting
Financial Reporting Insights – December 2017
Short-termvalue
Long termvalue
Page 7 Financial Reporting Insights – December 2017
Investors perspective
ESG factors can significantly impact a company’s long term value. Onlythrough successful integration of ESGfactors can investors mitigate both theirinvestment and their reputational risk, whilepotentially improving their risk-adjusted returns.
Allianz Global Investors
We aim to be a responsible corporate citizenand to take into account environmental, social andgovernance issues that have real and quantifiable financial
impacts over the long-term for our firm and the firms inwhich we invest.
Blackrock
Page 8 Financial Reporting Insights – December 2017
Corporates’ perspective
Long-term investment and sustainablegrowth models go hand in hand. Businesses mustoperate with purpose embedded in their strategy, serving their shareholdersand wider society. The ability to articulate this in a standardized, meaningfulway has long been needed so markets can properly measure this broaderapproach to value creation.
Paul Polman, CEO of Unilever
Business must do more than simply turn aprofit. We must also be guided by a deepsense of purpose. This means measuring our success not onlyquarter to quarter, but also year to year and decade to decade. It meanscreating value for shareholders as well as society. Companies that embracethis mindset will be the ones to thrive long-term.
Indra Nooyi, Chairman and CEO of PepsiCo
Page 9
Accounting and reporting of long term value
Financial Reporting Insights – December 2017
The issues
1. Accounting profit and shareholderreturns are disconnected
2. We often report the wrong things
3. Diminishing trust in organizations
4. Over-burdensome regulation andincreased demands for informationresulting in reduced reportingclarity
The answers
1. Develop reporting systems providinginsight into how organizations createvalue over the long term;
2. Communicate the value of strategicassets;
3. Provide multi-stakeholder reportswith wider set of information relevantto stakeholders to rebuild trust;
4. Simplify reporting
Page 11
“Half the benefit of integratedreporting is integrated thinking.”
Richard Howitt, CEO of the International Integrated Reporting Council (IIRC)
Financial Reporting Insights – December 2017
Page 12
► There is a growing gap between market capitalization and book value.► Investors know there is a “hidden value” not fully recognized in financial statements, that is,
to a great extent, attributable to intangible assets.
17%32%
68%80% 84%
83%68%
32%20% 16%
0%
20%
40%
60%
80%
100%
1975 1985 1995 2005 2015
Tangible Assets
Intangible Assets
Source: OceanTOMO LLCJanuary 1, 2015
Organisational value creation is no longer fully captured bythe financial statements
Financial Reporting Insights – December 2017
Page 14
Integrated Reporting
Financial Reporting Insights – December 2017
“An integrated report is a concise communication about how an organization’sstrategy, governance, performance and prospects, in the context of its externalenvironment, lead to the creation of value in the short, medium and long term.”
Source: International Integrated Reporting Council ('the IIRC')
Page 15
► Integrated reporting is based on two fundamental and interconnectedconcepts: value creation and the capitals.
► Value creation emphasises value is not created by or within theorganisation alone, but is influenced by the external environment, theorganisation’s relationships with others, and the resources used and affected.
► Value creation can best be understood as the change in value of thecapitals over time.
► The concept of capitals seeks to assist an organisation in identifying all theresources and relationships it uses and affects to report in a comprehensivemanner.
Integrated Reporting
Financial Reporting Insights – December 2017
Page 16
Impact of capitals on an organization’s value
►Financial►Manufactured►Intellectual►Human►Social and relationship►Natural
►Financial►Manufactured►Intellectual►Human►Social and relationship►Natural
Businessmodel
Societyand
organizations
Financial Reporting Insights – December 2017
Page 17
The goalis not to provide more information,but better information.
Financial Reporting Insights – December 2017
Page 18
Need to disclose information on:
► environmental matters,► social and employee-related aspects,► respect for human rights,► anti-corruption and bribery issues, and► supply chain.
New EU Directive on non-financial reporting (Law 4403/2016)
Comply or Explain
Financial Reporting Insights – December 2017
Regarding their:
► Business model► Policies and due diligence► Outcomes► Principal risks and their management► KPIs
Page 19 Financial Reporting Insights – December 2017
Law 4403/2016: “heavy” non-financial reporting
According to the provisions of Law 2190/20, as amended by the provisions ofLaw 4403/2016:
Mandatory Mandatory Mandatory Mandatory
Report with non-financial
information(incorporated in
Directors’ Report)
Public InterestEntities>500
employees
FinancialInstitutions >
500employees
Insurance andRe-insurance
companies >500employees
Subsidiaries ofcompanies that are
characterized asPublic InterestEntities in the
country of origin
Page 20 Financial Reporting Insights – December 2017
Law 4403/2016: “light” non-financial reporting
According to the provisions of Law 2190/20, as amended by the provisions ofLaw 4403/2016:
Mandatory Mandatory Mandatory
Directors’ report Large entities and largegroups
Medium entities andmedium groups
Small entities andsmall groups
Total Assets > 20.000.000 4.000.000 - 19.999.999 350.000 - 3.999.999
Net Turnover > 40.000.000 8.000.000 - 39.999.999 700.000 - 7.999.999
Average number ofemployees > 250 50 - 249 10 - 49
Page 21
► Actual and potential impacts of the entity on theenvironment
► Disclosure of procedures applied by the entity forthe prevention and control of pollution andenvironmental impacts of factors such as: energyuse, direct and indirect use of air pollutants,protection of biodiversity and water resources,waste management, environmental impacts fromtransport or use and disposal of products andservices
► Reference to the development of green productsand services, if they exist.
► Diversity and equal opportunities policy(irrespective of gender, religion, disability or otheraspects)
► Respect for employees’ rights and their rights toparticipate in trade unions
► Health and safety at work, training systems,promotion policy.
Environmental issues Labor issues
Law 4403/2016: “light” non-financial reporting
Page 23
The Embankment Project for Inclusive Capitalism
► Marked withering of public trust in business
► A significant debate has begun about how toimprove capitalism so that it creates long-term value that sustains human endeavorwithout harming the stakeholders andbroader environment
► There is now solid academic research toshow that companies that follow inclusiveand sustainable standards perform better fortheir shareholders than those that do not.
► It is not just about Corporate SocialResponsibility
► It is about encouraging businesses to makechanges and expand their investment andmanagement practices to regain public trust.
The problem The actions
Financial Reporting Insights – December 2017
Page 24
The Embankment Project for Inclusive Capitalism
The contribution
Financial Reporting Insights – December 2017
► The proposed framework would become atool for asset owners and asset managersbut also other stakeholders to understand,measure and compare the investmentsmade by asset creators in their purpose,brand, intellectual property, products,employees, environment and communities.
► EY has developed a proof-of-conceptframework that will be tested and furtherdeveloped by some of the world’s largestasset owners, asset managers, and assetcreators (corporations).
► Aetna, DuPont, Johnson & Johnson, Nestlé,PepsiCo, Unilever.
Page 26 Financial Reporting Insights – December 2017
ESMA1 SEC2
New standards adoption and disclosures (revenue, leases, financial instruments) ü ü
Acquisitions and business combinations ü ü
Reporting non-financial information ü ü
Entity-specific disclosures ü ü
Fair value measurements and disclosures ü ü
Alternative Performance Measures (APMs) / Non-GAAP measures ü ü
Specific issues of IAS 7 Statement of Cash Flows. ü
Brexit: Assessment and disclosure of the associated risks and expected impacts on businessstrategy and activities
ü
Segment reporting ü
Income taxes ü
Commitments and contingencies ü
1 Source: European common enforcement priorities for 2017 IFRS financial statements2 Source: Comment letter topics for SEC FYE 30 June 2016
Common enforcement priorities
Page 27 Financial Reporting Insights – December 2017
1 Source: ESMA, https://www.esma.europa.eu/sites/default/files/library/esma32-63-340_esma_european_common_enforcement_priorities_2017.pdf
Common enforcement prioritiesNew standards adoption and disclosures
Expecteddisclosures1 Accounting policy choices including those relating to transition approach
and use of practical expedients
Amount and nature of the expected impacts compared to previouslyrecognized amounts.
Concise entity-specific quantitative and qualitative description of thechanges introduced by the new standards
Issuers should not merely repeat the requirements of the standards andavoid the risk of overloading financial statements with boilerplatedisclosures that do not fulfil the objective.
Page 29 Financial Reporting Insights – December 2017
Disclosure effectiveness
Key benefits,reactions andchallenges“Our focus whenpreparing thefinancials is to ensurethat our disclosuresare linked to ourbusiness strategy andwe have givenrelevant informationpresented and writtenin a way that all ourstakeholders caneasily understand.”ITV plc
The process
“The journeytowards improvingcommunication ofinformation in thefinancial statementsstarts fromidentifying easywins. Taking thatfirst step is the mostimportant activity inthis process.”Pandora A/S
Triggers of change
“Our directors feltthat time thefinancial reportingprocess wascompliance-drivenand burdensome. Itwas time werefocused theattention oncommunicating ourstory.”Wesfarmers Limited
Areas of successand lessons learnt“The mostchallenging bit ofthe process wasactually gettingstarted. Once thatwas done, havingseniormanagement’ssupport and theright people in theroom were then keyingredients forsuccess.”Fonterra Co-operative GroupLimited
A change towardsgreatertransparency
“We hope toachieve greatertransparencythrough linking theaccounting to theway we do businessin real life.”Orange SA
1 Source: IFRS Foundation Disclosure Initiative—Case Studies (http://www.ifrs.org/news-and-events/2017/10/ifrs-foundation-publishes-a-case-study-report-on-better-communication/)
Page 31
New role of the Audit Committee
Composition:► The Audit Committee (AC) should consist of non-executive Board of Directors members
and/or non BOD members elected by the General Shareholders Assembly.► The AC should consist of at least 3 members► The majority of the AC members shall be independent of the entity in the context of the
provisions of Law 3016/2002.► At least one member of the AC should be certified accountant (suspended or retired) or shall
have competence in accounting and/or auditing.► The AC members as a whole shall have competence relevant to the sector in which the
entity is operating.
Financial Reporting Insights – December 2017
Page 32
New role of the Audit Committee
Financial Reporting Insights – December 2017
Supervision:► The Hellenic Capital Markets Commission (HCMC) supervises the AC compliance as set out
in paragraph 4 of Law 4449/2017. In case of infringements detected the HCMC may imposeto the audit committee members the penalties provided for in Article 10 of law 3016/2002.
► HCMC has made recommendations/interpretations regarding the actions expected to becarried out by the audit committees (No. 1302/28/04/2017). HCMC requests companies to actimmediately on the following:
► Reassess the composition of existing ACs and alter in order to comply with Regulation► Reassess the responsibilities of ACs taking into consideration Art 44 of Law 4449/2017► Develop an AC Charter, that includes description of composition, roles, responsibilities and assessment of
effectiveness of AC► Ensure that ACs have direct and full access to information needed in order to execute their role and has
adequate resources► Maintenance of records, including minutes of meetings, that reflect the actions and results► Update BoD on AC matters and conclusions► AC Chair to update shareholders during annual AGM
Page 33
Responsibilities of the Audit Committee
► Reviews and evaluates management’s financial reporting processes and information (i.e.the mechanisms and systems used to prepare the financial statements);
► Monitors the annual audit process relating to consolidated financial statements;
► Proposes to AGM for Auditor appointment (responsible for process of selecting certifiedauditors);
► Monitors the effectiveness regarding systems of internal control, how company managesrisks over financial reporting, and role of internal auditors
Financial Reporting Insights – December 2017
Page 34
Additional Report to the Audit Committee
The Auditors of Public Interest Entities submit an additional report to the Audit Committee, thelatest by the audit report date. This report among others should state:
► Extent, timing, methodology and materiality levels used in audit process► Accounts on which the Auditor performed test of controls► The audit materiality level► Events and conditions that indicate the existence of a material uncertainty about the going
concern assumption of the company► Possible inadequacies in the internal control systems of the company► Significant errors and/or omissions and other significant audit matters Accounts on which the
Auditor executed substantive audit procedures► Independence confirmation and identification of key audit partners
Financial Reporting Insights – December 2017
Page 36
“GreaterTransparency intothe FinancialStatement Audit.”
Drivers for change in auditor reporting
Global financial crisisprompted desire for moreinformation
Essential to the continuedrelevance of the audit
Change is occurringglobally
► “Pass/fail” opinion valued, but auditor’s report could bemore informative according to investors and otherstakeholders
► It is time for a new foundation in auditor reporting
► UK auditor’s reports – 2013► NL auditor’s reports – 2014► International Standards on Auditing – 2016 (some countries
2017+)► EU Audit regulation – 2017► US PCAOB – New standards in 2017
Financial Reporting Insights – December 2017
Page 37
KAM: Decision-making framework
KAM:Mattersof most
significancein the audit
Matters communicatedwith TCWG
Matters requiringsignificant auditor
attention
Always consider:► Higher assessed risks and
significant risks► Areas of significant management
judgment and estimationuncertainty
► Significant transactions or events
Description of each KAM in theauditor’s report required to include:► Why the matter was considered to
be one of most significance in theaudit
► How the matter was addressed inthe audit
► Reference to the relateddisclosure(s)
Financial Reporting Insights – December 2017
Page 38
The revised auditor’s report
INDEPENDENT AUDITOR’S REPORT
Report on the Audit of the Financial Statements
Opinion
Basis for Opinion
Key Audit MattersKey audit matters are those matters that, in our professional judgment, were of most significance in the audit of the financial statements ofthe current period. These matters were addressed in the context of the audit of the financial statements as a whole, and in forming theauditor’s opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of howour audit addressed the matter is provided in that context.
Financial Reporting Insights – December 2017
Page 39
The revised auditor’s report
Goodwill[Why a matter was determined to be a KAM]Under IFRS the Group is required to annually test the amount of goodwill for impairment. This annual impairment test was significant to ouraudit because the balance of XX as of 31 December 20X6 is material to the financial statements. In addition, management’s assessmentprocess is complex and highly judgmental and is based on assumptions, specifically [describe certain assumptions], which are affected byexpected future market or economic conditions, particularly those in [name of country or geographic area].
[How a KAM was addressed in the audit]Our audit procedures included, among others, using a valuation expert to assist us in evaluating the assumptions and methodologies used bythe Group, in particular those relating to the forecasted revenue growth and profit margins for [name of business line]. We also focused on theadequacy of the Group’s disclosures about those assumptions to which the outcome of the impairment test is most sensitive, that is, thosethat have the most significant effect on the determination of the recoverable amount of goodwill.
[Refer to the related disclosures]The Company’s disclosures about goodwill are included in Note X, which specifically explains that small changes in the key assumptionsused could give rise to an impairment of the goodwill balance in the future.
Financial Reporting Insights – December 2017
Page 40
The revised auditor’s report
Revenue Recognition[Why a matter was determined to be a KAM]The amount of revenue and profit recognized in the year on the sale of [name of product] and aftermarket services is dependent on theappropriate assessment of whether or not each long-term aftermarket contract for services is linked to or separate from the contract for saleof [name of product]. As the commercial arrangements can be complex, significant judgment is applied in selecting the accounting basis ineach case. In our view, revenue recognition is significant to our audit as the Group might inappropriately account for sales of [name ofproduct] and long-term service agreements as a single arrangement for accounting purposes and this would usually lead to revenue andprofit being recognized too early because the margin in the long-term service agreement is usually higher than the margin in the [name ofproduct] sale agreement.
[How a KAM was addressed in the audit]Our audit procedures to address the risk of material misstatement relating to revenue recognition, which was considered to be a significantrisk, included:► Testing of controls, assisted by our own IT specialists, including, among others, those over: input of individual advertising campaigns’
terms and pricing; comparison of those terms and pricing data against the related overarching contracts with advertising agencies; andlinkage to viewer data; and
► Detailed analysis of revenue and the timing of its recognition based on expectations derived from our industry knowledge and externalmarket data, following up variances from our expectations.
[Refer to the related disclosures]The Company’s disclosures on revenue recognition are included in Note X.
Financial Reporting Insights – December 2017
Page 41
The revised auditor’s report
Other information included in The Company’s 20X6 Annual ReportOther information consists of the information included in the Annual Report, other than the financial statements and our auditor’s reportthereon. Management is responsible for the other information. Our opinion on the financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility isto read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we concludethat there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Directors for the Financial Statements
Auditor’s Responsibilities for the Audit of the Financial Statements
Report on other legal and regulatory requirements
Financial Reporting Insights – December 2017
Page 43
Benefits- Challenges of the new auditor’s report
q Enhanced valueq Overall improvement of key deliverable of auditq Greater transparency of the audit and its resultsq Including information about areas of auditor
focus in the auditor’s report expected to:q Increase audit quality due to increased auditor
focus on matters to be reportedq Enhance financial statement disclosures due to
increased focus by management and TCWG onmatters to be reported
q Enhance communications between the auditorand TCWG
Financial Reporting Insights – December 2017
ChallengesBenefits
q Additional time required from senior audit teammembers, management and TCWG (determiningand drafting key audit matters)
q Drafting the auditor’s report needs to happenearlier in the process to allow adequate time forreview
q Considering these changes in discussionsbetween auditors, management and thosecharged with governance
q Determining scope, timing and extent ofprocedures around other information
Page 46 Financial Reporting Insights – December 2017
Revenue from contracts with customersFive step model
Step 02Identify the performance
obligations in the contract
Step 01Identify the contract(s) with the customer
Core principle:Recognise revenue to depict the transfer of promised goods or services to customers in an amount thatreflects the consideration to which the entity expects to be entitled in exchange for those goods orservices.
Step 05Recognise revenue when (or as)each performance obligation issatisfied
Step 04Allocate the transaction price
to the performance obligations
Step 03Determine the transaction price
Page 47
Change mindset /culture
Not just afinanceexercise
Commitment
Accountability
Sponsorship
Follow the 5-steps
Projectmanagement
Re- engineeringopportunity
IFRS 15 - Preparer’s Perspective
Page 49
q Governance objective and planq Revenue stream identification and scopingq Contract selection and review analysisq Gap analysis of current policies compared to new standardq Assess disclosure requirements and compute transition effect
Prepare for implementation
The need for a comprehensive assessment
Financial Reporting Insights – December 2017
As a minimumperform thefollowing:
Even if management believes that no change is expected, acomprehensive assessment must be performed and the results
documented to corroborate such assertion.
Page 50
Comprehensive assessment1. Governance objective and plan
Financial Reporting Insights – December 2017
Purpose
Key Management tasks
Output
q Project sponsor is competent and has theproper decision making authority
q Project team is diversifiedq Familiarize project team with the 5-step
approach
Set up project team, aroadmap andchange managementstrategy
Defined project plan:qProject work streamsqKey stakeholdersqTimeline and key
milestonesqAnticipated work
products
Lessons learned:q Formulate your project team including all appropriate stakeholders across the organizationq Involve the right people and departments to better understand revenue streams and contract terms
Page 51
Comprehensive assessment2. Revenue stream identification and scoping
Financial Reporting Insights – December 2017
Purpose
Key Management tasks
Output
qDevelop process for verifying thecompleteness of all revenue contractsqDevelop an approach to identify significant
revenue streamsqDevelop an approach to identify specific
contracts to analyze within each revenuestream
Lessons learned:q One-size fits all approach is not effective. Tailor in entity’s specific facts and circumstancesq Successful scoping when the auditor participates in the brainstormingq Re-evaluate scoping based on knowledge acquired from contract review analysis step
Verify the population ofcontracts is complete;Stratify the population intogroups expected to havesame or similar accountingbased on terms.
Memo to include:qSignificant revenue
streamsqSampling approachqHigh level accounting
issues for each stream
Page 52
Comprehensive assessment3. Contract selection and review analysis
Financial Reporting Insights – December 2017
Purpose
Key Management tasks
Output
Evaluate terms of therepresentative contractsvs the five-step model
qDetermine the impact of the standard onrevenue for a contract or the revenue streamrepresented by that contractqDetermine the assumptions, judgements and
estimates requiredqValidate the assumptions made within the
revenue stream scoping step and updatepreliminary decisions
Contract analysismemo:Will form the outlineof the accountingposition papers
Lessons learned:q Need for a robust documentation to support initial assessmentsq Detailed documentation as evidence of management's review process and conclusionsq Clear documentation on areas of the standard not applicable to the contract
Page 53
Comprehensive assessmentContract selection and review analysis-Practice tool: Contract analysis enabler
Financial Reporting Insights – December 2017
Page 54
Comprehensive assessment4. Gap analysis of current policies compared to new standard
Financial Reporting Insights – December 2017
Purpose
Key Management tasks
Output
q Develop expectations of changes incurrent accounting policies and practices.
q Evaluate the degree of changes andaddress the differences between currentand future states
q Identify accounting areas requiring furtherinvestigation
Gap analysis report:q Preliminary impact from
contract analysis andsummary of expecteddifferences
q Heat map of the mostsignificant issuesanticipated to impact
Lessons learned:q Gap analysis should not be limited to financial-related topics.q For areas without a significant change, management should document its conclusions.
Identify the mostsignificant areasexpected to change bykey revenue stream
Page 55
Comprehensive assessment5. Assess disclosure requirements and compute transition effect (cont’d)
Financial Reporting Insights – December 2017
Purpose
Key Management tasks
Output
Form preliminary viewon how disclosures willchangeAssess level of effortneeded for transitiondisclosures in 2017 FS
q Compute transition effect – decision orworking assumption
q Understand disclosure requirements underthe new standard and how they differ fromcurrent requirements
Disclosures:q Transition Disclosures
in 2017 FSq Additional disclosure
requirements for the2018 FS
Lessons learned:q Companies draft a footnote (disclosure checklist) to assist in understanding the qualitative and
quantitative disclosures required and identifying applicable sources of infoq New disclosure requirements have been underestimated. All companies will need to provide additional
disclosures
Page 56
Comprehensive assessment5. Assess disclosure requirements and compute transition effect (cont’d)
Financial Reporting Insights – December 2017
Qualitative disclosuresGood Group suggests considerations analysis per significant revenue stream
q Description of the performance obligationsq Description of significant judgements and estimatesq Areas expected to be impacted by the new standard vs
current accounting treatmentsq Presentation and disclosure requirementsq Other adjustments
Page 57
Comprehensive assessment5. Assess disclosure requirements and compute transition effect
Financial Reporting Insights – December 2017
Quantitative disclosures
Page 59
Example 1SAP 2016 financial statements – Extract
(…)
Financial Reporting Insights – December 2017
Page 60
Example 2Royal Philips 2016 financial statements – Extract
Financial Reporting Insights – December 2017
Page 61
Example 3Rolls-Royce 2016 financial statements – Extract
Financial Reporting Insights – December 2017
Page 62
Example 3Rolls-Royce 2016 financial statements – Extract (cont.)
Financial Reporting Insights – December 2017
Page 63
Example 4Deutsche Telekom 2016 financial statements – Extract
Financial Reporting Insights – December 2017
Page 64
Example 5 and 6BMW and Nestlé 2016 financial statements – Extracts
Financial Reporting Insights – December 2017
Page 65 Financial Reporting Insights – December 2017
High complexity
Low Volume
High complexity
High Volume
Low complexity
Low Volume
Low complexity
High Volume
A B
DC
Revenue from contracts with customersWhich category describes you best?
Page 66
A comment on the new standard projects generally
Financial Reporting Insights – December 2017
Expectation
q Accounting issues can be solved quickly
q Nothing can move until accounting isresolved
q It can all be done in finance head office
q No need to read contracts
q No issues in the business
q Need an accountant to run the project
Reality
q They can take time, so get the auditors onboard asap
q Often the IT / manual solution can be flexed
q Must involve other departments (e.g. business)
q Must read contracts
q Unexpected issues can arise in the business
q PM skills are equally important
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