Senior executives say improvements can still be made in several aspects of their company's financial reporting, according to a PricewaterhouseCoopers survey.
Given the dynamics of business today, 68 percent believe that financial reporting standards could be realistically simplified -- including 69 percent of product sector companies, 67 percent of service businesses, 78 percent of technology companies, and only 64 percent of non-techs.
When senior executives were asked to rate the complexity of their company's financial reporting model on a 10-point scale, where 10 means "clear to all users" and 1 means "clear only to accounting technical experts," the average rating was a lukewarm 6.1. This finding was consistent across industry groups.
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