CFOs concerns over impact of big data on financial reporting

Corporate India's CFOs are concerned over the impact of 'big data' on financial reporting and expect to increase investment in reporting technologies over the next two years, says survey.
As per the survey by global consultancy firm EY, companies in India have higher numbers of jurisdictions, reporting systems and reporting standards.
"Many, more particularly in India (57 per cent against 30 per cent globally) are encumbered by legacy systems that do not allow reporting teams to extract forward-looking insights from large, fast-changing data sets," Pankaj Chadha, Partner with an Indian member firm of EY Global.
He noted that incrementally, Indian CFOs are facing challenges of multitude of regulatory changes across various industry sectors.

"Companies are increasingly witnessing huge increase in data required to manage compliances arising from new regulations. Some of the regulatory changes are also impacting the business model of the companies," Chadha said.
Accordingly, 98 per cent expect to increase investment in corporate reporting technologies over the next two years.
As part of this increase in investment, companies in India expect to prioritise spending on big data technologies and cloud computing, the survey added.