• Register
Return to: Home > News > Tax > New compliance and reporting models a challenge: E&Y

New compliance and reporting models a challenge: E&Y

Companies with global operations are struggling to comply with increasing regulation and the growing complexity of financial reporting and tax rules, according to Ernst & Young research.

The Seizing the opportunity in Global Compliance and Reporting survey found that 64% of  financial executives from the world’s largest companies experienced unplanned tax audits within the past year, with almost half receiving unexpected tax assessments or penalties.

Nearly two-thirds of the 200 respondents said changes in rules will challenge their compliance and reporting processes.

E&Y’s global director of global compliance and reporting services Steven Shultz said globalisation and the drive for sustainable cost advantages had changed the way companies position their financial and tax operations.

“Companies are seeing an increasingly complex regulatory landscape and closer, cross-border collaboration by tax authorities under pressure to increase revenue. It is imperative that global businesses update their processes for statutory financial and tax filings to maintain compliance and competitiveness,” he said.

Shultz said that by clarifying global compliance and reporting requirements, process ownership and geographic coverage, “companies can improve effectiveness, enhance visibility and avoid costly and time-consuming surprises across the world”.

 

Top Content

    The UK: uncertain waves rule Britannia

    he UK’s accountancy profession is currently in a period of much uncertainty. The Competition and Markets Authority (CMA) has released its review into the listed audit market which could cause the biggest shake-up the profession has seen in years, the Kingman Review has described the Financial Reporting Council (FRC) as not being fit for purpose and called for it to be replaced. All the while the country remains in a deadlock on Brexit negotiations.

    read more

    Views from the Eurozone

    With Brexit looming, populist governments gaining footholds in a number of countries and movements such as the Yellow Jacket protests in France, 2018 was anything but a quite year for the eurozone. Here leaders report to the IAB on their markets.

    read more

    Eastern promise and how to find it

    With China rising as a global power, Jonathan Minter spoke with ShineWing’s Zhang Ke and Marco Carlei at the World Congress of Accountants 2018 in Sydney, to discuss the cultural challenges that occur when Chinese networks look beyond their border, and the dividends available for those who overcome them.

    read more

    Spain: looking to widen demand

    As Spanish accounting professionals prepare for new audit regulations, the Paul Golden asks what they need to do individually and at firm level to maintain and increase demand for their services.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.