• 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

    Time pressure: Facing up to mental health

    In an ‘always on’ culture, it is becoming increasingly difficult to manage a healthy work-life balance. While companies are beginning to address this problem by introducing different support systems, Joe Pickard finds more could be done to ensure the wellbeing of the professions workforce.

    read more

    Venezuela: the race for the dollar

    With a new currency following hyperinflation, large sections of the population emigrating to neighbouring countries, an economy on the brink of collapse and no apparent solution coming from the government, Jonathan Minter finds a profession struggling to stay afloat in Venezuela.

    read more

    Brazil: transparency and control

    Brazilian accountants have an optimistic view of the impact of more-regular reporting and the implications of audit controversies for the profession. Paul Golden reports.

    read more

    Argentina: looking for a clearer view

    The Argentine accounting profession continues to grapple with the impacts of a weak economy and a culture of financial corruption. Paul Golden takes a closer look.

    read more

    Blockchain: adapting to disruptive tech

    In the relatively few years since digital currencies first began using blockchain technology, the array of potential applications has grown significantly – and continues to expand. Dan Balla, Matthew Schell and Dave Uhryniak from Crowe look at how it impacts accountancy.

    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.