Financial Reporting: Pressure Mounts to Fix the Close Process

 

Details

  • Type:
  • Published:
  • April 5, 2013
  • Author:
  • Mary Driscoll
  • Pages:
  • 10
  • Price:
  • Your Price: $75.00
  • Member: FREE

APQC research reveals that the quality standards involving the close-to-disclose process are inching up while the scrutiny is growing more intense. What approaches to change make sense? What’s the sensible way to assess the ROI of change? Some companies aim first for quick wins, such as establishing a consistent close calendar or brining the activities surrounding XBRL publishing in-house. They then work their way up to initiatives such as automating and improving the enterprise-wide account reconciliation process or simplifying intercompany and transfer pricing transactions and policies. In all cases, finance organizations that commit to continuous improvement tend to find themselves pursuing milestones that promise benefits for decision-makers beyond the walls of finance.