ISCA Breakfast Talk: Transformation In Financial Reporting

In today’s disruptive economic climate, transparency in financial reporting is essential not just for compliance, but as a strategic necessity. Companies must adapt their practices to meet regulatory demands, enhance their credibility, and drive sustainable growth amid evolving market expectations.

At a recent ISCA Breakfast Talk event titled “Trends, Pitfalls and Solutions to 2025’s Financial Reporting Transformation”, Tay Phaik Sin, Director – Capital Markets and Accounting Advisory Services, PwC Singapore (main picture), shared her insights to enhance attendees’ understanding of the digitalisation of financial reporting. The session covered technology solutions such as cloud-based platforms and artificial intelligence (AI) that are transforming accounting and reporting, along with common challenges like data issues, resistance to change, and insufficient training. It also provided a high-level roadmap for organisations to improve their reporting capabilities.

The transformation of finance functions centres around three key pillars of people, process, and technology. This involves enhancing efficiency through automation, standardising data and processes, and employing predictive and dynamic scenario planning. The adoption of advanced technologies includes cloud solutions, machine learning, robotic process automation, and interactive dashboards, thereby enhancing the efficiency of financial reporting. AI and automation improve forecasting and planning, which improve decision-making and boost investor confidence. However, organisations should be mindful of potential challenges such as insufficient leadership support and inefficient processes.

To begin this transformation journey, organisations should clearly define their requirements, including data needs, logic, and rules for report preparation, while keeping scalability in mind. A systematic approach to analysing current pain points is essential, along with a clear vision for future processes and technology. By embracing these changes, organisations can unlock new opportunities for growth and innovation, ensuring they remain competitive in the global market.

Ultimately, the transformation of financial reporting is about reimagining the role of finance in driving business success, fostering long-term sustainability and growth.