The toughest problem organisations face when carrying out statutory reporting is gathering reliable, real-time data in order to comply with statutory requirements.
Statutory reporting refers to the financial reporting requirements carried out by all publicly trading companies, every quarter that must be complied with in order to maintain listing on the world’s stock exchanges. Failure to comply with statutory reporting requirements can lead of delisting from public stock exchanges and severe penalties. It also refers to the additional requirements identified by governmental bodies.
Statutory requirements come from many sources:
- The International Accounting Standards Board (IASB) publishes International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) in Europe and other countries
- Accounting rules can come directly from local governments or stock exchanges
- Companies in regulated industries, such as banking, insurance, and utilities typically have special statutory accounting and reporting requirements
- All companies must comply with local tax authorities.
If you need more information on our Statutory Reporting Solutions or would like to arrange a consultation, please feel free to email info@cogit.pl or call us on +48 22 496 60 00.
