Investor demands overshadowed the impact of COVID-19 on the business, cyber security risks, and future regulatory mandates, according to a survey on financial reporting topics.
“Investors are expecting more information – often about environmental, social and governance issues, such as an organization’s impact on climate, its commitment to diversity, and how it handles human capital management,” said Bill Tomazin, KPMG National Managing Partner - Audit Operations. “ESG is an opportunity for companies to unlock value. Effective engagement creates value, mitigates risk, builds stakeholder trust, and delivers competitive advantage.”
A survey focused on the evolving reporting challenges and opportunities for companies by U.S. audit, tax and advisory firm KPMG LLP during its 31st Annual Accounting and Financial Reporting Symposium found that 44% of respondents agreed that ESG is important, but not linked to their company’s overall strategy.
The symposium drew approximately 400 financial executives from across the country to the virtual event and provided them with valuable insights on how to successfully navigate the rapidly evolving business environment. Each year, the symposium offers in-depth updates on important financial accounting and reporting developments from the past year, as well as insights into what to expect in the future.
“This year’s symposium featured a network of KPMG thought leaders who shared the latest information impacting financial executives, including FASB and SEC current developments, technical accounting updates, and the impact of ESG on financial reporting,” said Tricia Maslov, Managing Director of KPMG Executive Education. “These topics are important for financial executives to consider when focusing on financial reporting ahead of the close of the calendar year.”
The survey also found:
We’re returning to Las Vegas! KPMG’s 32nd Annual Accounting & Financial Reporting Symposium will be held December 1 – 2, 2022, at the Bellagio in Las Vegas. To learn more and to register, go to kpmg.com/us/KPMGAcctSymp.