Just 35% of finance departments are following reporting guidelines to the letter, while the remaining 65% said there was room for improvement, a survey by Softworld discovered.
In light of this, it was not then surprising that only 24% of those surveyed said the recent accounting scandals had impacted on the way they provided information.
Changes in regulations such as Sarbanes-Oxley and the Higgs report had a slightly bigger impact with a third of finance departments saying that these had increased pressure on their methods and speed of financial reporting.
The survey did however reveal a greater integration of software, with 59% of companies saying they now linked their accounting systems with other applications such as sales databases.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements