TORONTO (PRWEB) April 03, 2014
A new industry whitepaper released today explores the five most common mistakes public companies consistently make during the Disclosure Management Cycle. Aimed at corporate finance professionals, “5 Fatal Flaws Killing Disclosure Management Processes” is the first whitepaper to identify these issues and illustrates how to address them with a smarter disclosure management model.
The most common issue with the disclosure management process identified in the whitepaper is the occurrence of errors in financial reports. Since most organizations still manually rekey data into spreadsheets during reporting crunch time, almost 90% of spreadsheet documents contain errors. These mistakes can be potentially devastating - even resulting in a restatement, which one Deloitte study suggests can destroy up to 35% of an organization’s worth.
“Most companies know there are problems with their current Disclosure Management Cycle, but haven’t specifically identified them or don’t realize how easily they can be fixed,” says Paul Hill, DisclosureNet president and industry expert. “It boils down to a company’s awareness of these crucial process failures and securing executive buy-in to fix them once and for all.”
In today’s financial reporting landscape, companies can no longer afford to practice “status quo disclosure” and must recognize the strategic potential of financial reports as a means to communicate effectively with investors. This whitepaper highlights the most prevalent issues and proposes a smarter disclosure model that eliminates flawed disclosure management processes of the past and promotes the creation of high value, leading edge disclosures.
DisclosureNet provides cloud-based and in-house enterprise disclosure management solutions and services that help improve efficiency, accuracy, control, and reduce risk in your internal and external reporting. What sets us apart is that we enhance disclosure management with the ability to conduct peer comparisons and XBRL analyses, while providing access to accounting standards, rules and regulations. Ultimately, DisclosureNet helps improve the quality of your disclosures and accelerates your reporting cycles.