You are here: Home » PTI Stories » National » News
Business Standard

Non-financial data reporting increasingly gaining prominence: Survey

Press Trust of India  |  New Delhi 

Besides financial information, reporting non-financial data is increasingly gaining prominence, with 76 per cent of in indicating that a lot of non-financial information is being used in investors' decision-making, says a survey.

According to the latest findings of the EY Financial Accounting and Advisory Services (FAAS) fifth annual survey, in India, 64 per cent of (globally-58 per cent) surveyed said transparency in reporting was a key to gain investor trust.

The survey further noted that, 76 per cent of in India, more than the global average (72 per cent) indicated that non-financial information is being increasingly used in investors' decision-making, and need to manage this information with the same rigour and assurance as financial information.

The survey said that corporate reporting teams must adopt a creative and innovative approach while recruiting manpower.

It further noted that skills in high demand, like experience in (AI), blockchain and machine learning, will be critical in driving innovation forward, with 93 per cent of respondents (globally-72 per cent) identifying AI skills as the most vital.

"Digital transformation is gaining far more importance in the than ever before. Finance leaders can use digital tools to look for underlying patterns in data and leverage smart analytics to predict scenarios and improve outcomes," said Sandip Khetan, and Partner, Financial Accounting Advisory Services (FAAS), EY

The report noted that, though the recognise the urgency of transforming the workforce, they are also aware of the obstacles, especially when it comes to technological innovation.

Around 83 per cent of finance leaders in (globally-63 per cent) say that resistance and cultural differences within teams are barriers to digital innovation.

More than 1,000 (CFOs) or financial controllers of large organisations with revenue greater than USD 500 million across 25 countries participated in the annual global survey with 40 finance leaders from India.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, December 02 2018. 10:45 IST