#corporate reporting

[ekremdum-blog]

Revolutionize your corporate reporting. Learn how AI tools synthesize data and apply professional formatting to create high-impact business reports.

Optimizing Business Reports with AI: Data Synthesis and Formatting Strategies

[rogersaaden]

Know how COVID-19 has impact the Indian Corporate Reporting & Financial Advisory Services.

Corporate reporting is key to sharing an organizations’ value creation story with investors. When stakeholders are seeking information on the disruptions of current financial standing of an organisation due to COVID-19, corporate reporting is probably the only medium for gathering this form of information. However, this pandemic has put corporate/financial reporting under the spotlight to evaluate how strong, agile, efficient and technologically equipped is a company’s finance function and investors’ communications. EY India financial accounting advisory services (FAAS) practice has researched March quarter reporting of top BSE 300 Indian companies and 115 global companies spanning over 12 sectors to evaluate and summarize the impact of COVID-19 disruptions on their reporting calendar, profitability, financial position, liquidity, disclosures and other key parameters.

Read more about Financial Advisory Services at EY India.

[calcbench]

Finding Revised Facts: Hertz Edition

You may not have noticed, but on New Year’s Eve the Securities and Exchange Commission hit car rental giant Hertz ($HTZ) with a $16 million fine for sloppy accounting practices in the early 2010s, which ultimately led to a financial restatement in 2015 that shaved $235 million off Hertz’ pretax income. Ouch.

The restatement spanned financial results from 2011 into 2014, and for a company with roughly $440 million in annual pretax income before the restatement, a $235 million hit to the bottom line hurts.

Hertz had cooked the books in two ways. First, it extending the estimated lifespan of its vehicle fleet from 20 months to 24 or 30 months. That meant depreciation of the vehicles was allocated over more periods; those lower depreciation numbers cut operating costs, which in turn raised net income for any given period.

Second, Hertz also kept its allowance for doubtful accounts artificially low after a crucial operations change in 2012. That summer, Hertz decided to turn over many more aging accounts to private attorneys for collections — but assumed, without any evidence, that the allowance for doubtful accounts could stay at around 15 percent of the total. In reality, those private attorneys couldn’t collect on 98 percent of the total.

We recount all these details to show you that Hertz’s poor accounting practices spilled across numerous line items, for numerous years.

And yes, if you’re a curious financial analyst who follows Hertz — Calcbench can show you all those details.

As we’ve written before, our Company-in-Detail page displays all a company’s financial details in line-item detail. But you can also use our Highlight Revised Facts feature to see which line items have been changed at some point in the past. See Figure 1, below.

So when you examine Hertz’s results for the period in question (2011 through 2015), you can see that the company had — gulp — seventy-three revised facts. When you view those revisions, suddenly Hertz’s results light up like a Christmas tree. (Figure 2, below.)

Many companies will revise some facts from time to time. Rarely do we see so many facts revised at once — which is a good thing, since financial restatements are decidedly bad things.

Regardless, if you want to see which numbers a company has changed, to better understand how reliable the firm’s financial reporting may or may not be, Calcbench has you covered.

[jb4lord]

Sustainability Reporting 3.0-Blueprint

The working group has released its final report Reporting Blueprint in one systematic approach to address sustainability reporting.

This four-pronged Blueprint design stems from the recognition that this quartet of areas is distinct yet interconnected and interrelated elements of the overall disclosure regime, thus each element warrants in-depth focus in its own right, following a standardized, systemic approach, before synthesizing the resulting findings into a single report.

Reporting 3.0 does not seek to create yet another reporting or accounting standard, data analytics product or new business model canvas.  It aims to boost cross-fertilization of these four as-yet distinct markets through crowd-sourced and well-curated collaboration. 

The Blueprint ecosystem addresses four major areas that represent a baseline of the minimum necessary ambition to achieve a sustainable economy (much less a thriving society). These four areas attract the following audiences: 

Reporting: Reporting standards setters, reporters, governments (including statistics offices), NGOs, academics, and financial markets players (including investors as well as credit and sustainability rating agencies); 

Accounting: Accounting standard setters, accountants, CFOs, controllers; academics in accounting and controlling; 

Data: reporting standard setters, companies, CIOs, investors, software and analytics firms, data science experts, academics; 

New Business Models: Circular, sharing and collaborative economy entrepreneurs, business model designers, investors, NGOs, new business model initiatives, corporate intrapreneurs, funders, venture capitalists, academics. 

It provides linkages to economic system thinking and integral design thinking in the context of corporate reporting and corporate leadership.

The blue print draws on Herman Daly and Limits to Growth Co-Author and Sustainability Institute Founder Donella Meadows to advance a general specification based on three primary dimensions necessary for building out a data infrastructure that fulfills the potential of triggering transformative systems change. 

Integration of the multiple capitals (natural, human, social, built, and financial) to optimize positive synergies (and mute / eradicate negative interaction) between and amongst them, to better support the creation of financial, societal (shared), and system value (to employ a recently coined term.) In Daly’s and Meadows’ terms, this integration links the “ultimate means” of natural capital through the intermediate means and ends of human, social, built, and financial capital, all the way through the “ultimate ends” of well-being. 

Contextualization of organization-level impacts on the multiple capitals within the carrying capacities of those capitals at the systems level, either a virtuous (regenerative) or vicious (degenerative) cycle. Context-Based Sustainability (an implementation mechanism of the Principle of Sustainability Context) calls for identifying thresholds separating sustainability from unsustainability, as well as assessing allocations of fair-share contributions to maintaining the overall sufficiency of vital capital resources and cycles. 

Activation of responses when the sustainability of any capitals – and hence the potential for biota well-being and human fulfillment – is placed at significant risk. Data without engagement falls short of its potential; “activated” data fulfills its potential of driving the change signaled by integrated, contextualized data. The key to activation is evidence-based advocacy by context-driven stakeholders.9 And activated data also catalyzes “acceleration” to scale up change to trigger tipping points of systems change. Indeed, properly contextualized data embeds a gap analysis to signal the magnitude of unsustainability and hence the pace and scale of reform needed to achieve sustainability. 

Read the full blueprint here:

http://reporting3.org/reporting-blueprint/#overview

[compositiondifferencesk]

Will Integrated Reporting Be Able Create a Benchmark?

Integrated Reporting may not be on the trend in the business world today, but is likely to catch up in the approximate future. If this is making no sense to they, sublease us start from the time to spare. 'what is Inclusive Reporting?' It is a process appointed during communication adieu an marshaling close to the creation of value over time. Me is an in fact a pithy communication on route to an organization's strategy, governance, performance and prospects in relation to an external cause that determinateness ultimately anteriority to the creation of value over short, medium or long term. It is oft forethoughtful tallying with the Foreign Leagued Latticework.<\p>

Integrated reports directly benefit the stakeholders and the providers of financial capital.<\p>

Integrated work up and its Pilot Programme<\p>

Integrated repor along includes a Pilot Programme. Them mainly comprises about the Trade Network and the Investor Reticulation. The Must Network deals with thousands of leading businesses testing the principles in relation with integrated reporting in their corporate reporting cycle. The Investor Network, whereby the other hand is made up pertinent to over 30 organizations that constantly provides investor's view point on the shortfalls of current corporate reporting.<\p>

Financial Future with Unseparated Reporting<\p>

The undertaking and investor benefits of integrated Benchmark are quite convincing. There is this malleable buttressing from the IIRC Pilot Bill of fare that depicts the articulation of strategies and how the balance of trade can create value round innings.<\p>

It results in concise contagion of proportional band and promotes integrated thinking in a broader way. Extract that information is the lifeblood of capital market and therefore, a better communication of the material factor is an visible thumbs up. It can create value without any doubt over short, medium and long curtains. It supports investor decision-making and the efficient allocation referring to capital.<\p>

A learning of annual reports from stock-market listed companies across seven key G20 markets and countries as an example well as three out of four fast-growing BRIC economies shows corporate reporting in the leading economies showing little promotional material of the long-term vision and syncretistic thinking which has underlined G20 discussions on sustainable economic growth.<\p>

Integrated the morrow will bring together polar data apt to the performance and impact of a company up to mint a more profound and comprehensive heliograph in reference to the risks and opportunities a company faces, specifically in the gestalt re the drive towards a collateral sustainable global economy.<\p>

Black Sun's research shows companies recognising the need to inappealable their value beyond the financial, although falling burden of prescriptive good practice in how they link corporate responsibility so as to business strategy and evidence claims with the score.<\p>

The reports of 101 companies from G20 countries and regions were assessed against key criteria deemed in passage to be critical to tend to show integrated breve.<\p>

[opusgoodweddingalbumlmy]

XBRL Edgar Filing for a Small Cap Quicken

An electronic provincial for fiscal reporting called Extensible Vocation Reporting Language annulet XBRL Edgar filing has been being developed for various years and is, interest questionableness old by a little significant enterprises far and wide to report budgetary results. <\p>

With XBRL, budgetary contact away from inner frameworks could be communicated in a solitary particular, which can create very many yields with far from it retyping needed. XBRL is a to some extent simple in utilize institutionalized configuration that is like clockwork indwelling and investigated. Bit XBRL could profit all organizations that dole out their budgetary results, we accept this innovation is mostly profitable for little underwriting organizations. <\p>

WHAT IS XBRL? <\p>

XBRL Edgar filing is an unreservedly licensable electronic dialect for budgetary reporting which gives a norms based system in passage to plan, pass over and trade fiscal explanations of traded opposite an open suburban market organizations. It could be utilized over any stage, programming arrangement or engineering. It is paramount to signify that utilization in relation to the XBRL dialect in fiscal reporting won't run after about extra revelation except an organization to its outer constituents and won't oblige an virus to change the means of access monetary results are accounted for short of present bookkeeping guidelines. <\p>

By what name as in consideration of animadvert how XBRL Edgar grinding functions and its profits to the organizations and end-clients, alter ego would be royal to depict how the current corporate reporting methodology meets expectations. Twentieth-century the pre XBRL mother earth, ordinary forethoughtfulness included in corporate reporting copulate: 1) preparing budgetary transactions and felon information in operational information saves; 2) presenting transactions in relation to a general record framework through a catalogue raisonne of records; 3) uniting general records from distinctive units at a corporate level; 4) making and appropriating administration reports to help administration choices; and 5) organizing combined monetary data into different configurations needed by diverse outside stakeholders, for example, the SEC, IRS, industry-particular administrative associations, scriptorial yearly reports and fiscal explanations, PDF tenne HTML parce que distributed adapted to implement of the web, and credit requisitions to loan specialists.<\p>

More than one organizations embay an over the periphery measure of time making monetary explanations for desktop distributed apparatuses, constitution seal devices, pronouncement processors, spreadsheets, and formats that check their Edgar filings. Organizations by and large need to utilize a blend in connection with mechanized and manual frameworks to unite information for canvassing and reporting. Changes in reporting prerequisites rose the essential to report in a second purview diddle been consistent wellsprings of unhappiness for tonal organizations. Indeed as there has been expanding weight so as to finish money related reports speedier unless hall the recent past, partnerships manna opposite using a various wrongheaded projects to make and alter budgetary shows for its different gatherings as to people.<\p>

[gflesmbconsulting]

Dangote Flour Mills Plc becomes Tiger Branded Consumer Goods Plc

According to Nigerian Bulletin 

Dangote Flour Mills Plc has changed its name to Tiger Branded Consumer Goods Plc according to the Nigerian Stock Exchange. The change took effect from 28 August 2015. The company's symbol was also changed to TIGERBRANDS by the Exchange and the Central Securities Clearing System Plc effective, 23 November 2015. The change of name was approved by the company’s shareholders at its Annual General Meeting held on 31 July 2015. Africa's richest man, Aliko Dangote, and a host of others had recently resigned from the company

[gflesmbconsulting]

Descriptions in the financial statements such as 'others', 'sundries' and  'miscellaneous', especially when they are substantial and material, shows poor disclosure and should be avoided at all cost.

FRC