This IMA whitepaper examines the global corporate reporting ecosystem, which involves multiple regulators, submission platforms, and data formats. The study shows a system with highly fragmented reporting, inefficient formatting, and non-actionable information output. Results support a call-to-action among finance and accounting professionals, supported by Jeff Thomson, President and CEO, IMA® (Institute of Management Accountants), to establish more efficient best practices and modernize processes to create better efficiencies.
The paper classifies fragmentation at six levels:
- Regdata process
- Data types
- Standards and supporting documents
- Technical standards
- Submission modes
- Data definitions
It offers answers to key questions like:
- Are regulatory authorities ready for the data revolution?
- Is the accounting and finance professional ready for the data revolution?
- Are standard setters and policy makers ready for the RegData revolution?