BusinessCompany NewsEurope has bad report

Europe has bad report

European multinationals are still unable to match the very best performance of US corporates for timeliness of reporting and could be missing out on valuable management information, according to PricewaterhouseCoopers' survey of 160 organisations headquartered in Europe.

The survey confirms that many European multinationals are not yet able to close their books and produce results in the timeframe being demanded by their managers and the investment community, despite the fact that many have increased headcount and cost to try and meet these demands.

Pressure on reporting have increased due to the recessionary environment, plans to move to International Accounting Standards and the need to move to faster and more accurate quarterly reporting.

In the PwC survey the fastest legal close was five working days and the slowest 120.

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