EY Cyprus organized its 3rd annual Corporate Reporting Insights conference entitled “Connectivity: Reforming Corporate Reporting”. The event held on November 22, 2023, in Lemon Park, was attended by senior executives of Cypriot and multinational companies. The conference focused on the connection and dynamic interaction of financial and sustainability reporting, in an effort to provide investors and other stakeholders with a complete, connected and coherent corporate report.
The event covered a number of topical topics related to corporate reporting, namely:
- Update on recent regulatory and market developments, including European Common Enforcement Priorities and Actions, covering the impact of climate-related issues and the macroeconomic environment on corporate reporting.
- Developments in financial reporting , including new statements on the IFRIC agenda decisions, on other major IASB projects, on climate-related risks in financial statements and finally on the concept of linking financial and sustainability reporting.
- On developments related to sustainability reporting, including the Corporate Sustainability Reporting Directive (CSRD) and European Sustainability Reporting Standards (ESRS).
After a brief introduction by Andreas Avraamidis Synetairos, Head of Assurance Services, EY Cyprus, the topics of the event were covered by Christiana Panagidou Synetairos, EY Greece, Head of IFRS Central, Eastern, Southeastern Europe & of Central Asia (CESA), Stavros Violaris, Partner, Head of Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS), EY Cyprus, Pantelis Pavlou Director, member of the CESA IFRS Desk, EY Cyprus , Konstantina Charalambidou Senior Manager, FAAS and member of the CESA IFRS Desk, EY Cyprus and Christina Argyrou Manager, FAAS and member of the CESA IFRS Desk, EY Cyprus.
Concluding the event, Nelmari Hamman, Partner, EY Netherlands , Europe, Middle East, India & Africa (EMEIA)CSRD, FSO Sustainability Reporting Leader, presented her practical experience of corporate reporting.
Commenting on the event, Andreas Avraamidis said: “Corporate reporting has embarked on an exciting yet challenging journey, evolving through times of change and uncertainty. The challenges of the green transition and macroeconomic instability, combined with the consequences of the war in Ukraine and the new geopolitical risks in the Middle East and Asia lead to a series of accounting challenges which, among other things, attract the attention of the supervisory authorities . EY will continue to share its knowledge of recent developments and rapidly changing regulatory requirements to help companies comply with emerging standards and provide stakeholders with a comprehensive view of their performance.”
< p>Stavros Violaris, for his part, said: “Investors, other key stakeholders and society in general today demand broader corporate information, which presents a complete picture by linking all relevant information about a company's performance and position . One of the most significant changes in the corporate reporting space is the implementation of the CSRD which sets out the requirements for corporate sustainability reporting and mandatorily harmonises the field so that governments, financial institutions, companies, entrepreneurs and consumers can to make informed decisions. It is up to all of us to work together to overcome these challenges, in time, to take enterprise reporting to the next level and achieve the goal of connectivity.”
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