Financial Reporting for investors
The adoption of those technologies will help the accounts vertical to stay at pace with Industry, which is represented by these new technologies. He is addressing ASSOCHAM’s recent virtual conference on Financial Reporting and Control, ‘Recent Developments and Challenges’.
Besides Industry 4.0, Covid-19 is additionally liable for wider adoption of technology.
Covid has taught us to speak with investors through webinars. “Digital transactions have multiplied. the press of a button will throw light on the inventory and therefore the adding progress. Technology is being integrated into the system for a far better record outlook. But we’d like to be watchful for cyber-attacks,” said Amarjit Chopra, member of NAFRA and past president of ICAI.
Businesses don’t add isolation and financial reporting is that the language of business. The financial statements are a part of the ecosystem; they ought to reflect the business and what it does for society. All this could be measured and shared with the investor in a reader-friendly format. “Financial statements by themselves are records of the previous time, though they are doing project estimates for the longer term. So, it becomes all the very important for the investor community to be ready to connect the past with the longer term of the corporate,” said V Ramakrishnan, former chief financial officer, TCS.
In this fast-changing world, financial statements are relevant to investors, stakeholders, and shareholders, counting on the speed at which they’re completed. Transparency and consistency are other hallmarks of those statements. are often “, this is often where technology features a role to play as intelligent tech tools can be used for precision and analyzing data. Covid may be a period of uncertainty and uncertainty results in unprepared circumstances, which may make a dent within the company’s profits Consequently, businesses got to use technology to boost the bar of efficiency when it involves financial reporting.