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EY Cyprus organised its 3rd Annual Corporate Reporting Insights event titled ‘Connectivity: Reforming Corporate Reporting.’ The event, which was held on 22 November 2023, at Lemon Park, was attended by senior executives from Cypriot and multinational corporations. The event explored the connection and the dynamic interplay between financial and sustainability reporting, in an effort to enable investors and other key stakeholders to obtain a complete, connected and coherent corporate report.
The event covered several current issues relating to corporate reporting, more specifically:
- An update on recent regulatory and market developments, including European Enforcement Priorities and Actions, covering the impact of climate-related matters and the macroeconomic environment on corporate reports.
- Financial reporting developments, including an update on new pronouncements and IFRIC agenda decisions, other major IASB projects, climate-related risks in financial statements and the concept of connecting sustainability and financial reporting, i.e., Connectivity.
- Developments regarding sustainability reporting, the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS).
Following an introduction by Andreas Avraamides Partner, Head of Assurance Services, EY Cyprus, the issues were covered by Christiana Panayidou Partner, EY Greece, Central, Eastern, South-Eastern Europe & Central Asia (CESA) IFRS Leader, Stavros Violaris Partner, Head of Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS), EY Cyprus, Pantelis Pavlou Director, EY Cyprus, member of CESA IFRS Desk, Constantina Charalambidou Senior Manager, FAAS, EY Cyprus and member of CESA IFRS Desk, and Christina Argyrou Manager, FAAS, EY Cyprus and member of CESA IFRS Desk.
Concluding the event, Nelmari Hamman, Partner, EY Netherlands, Europe, Middle East, India & Africa (EMEIA) CSRD, FSO Sustainability Reporting Leader, presented the experience on corporate reporting from practice.
Commenting on the event, Andreas Avraamides, noted: “Corporate reporting has embarked on an amazing, albeit challenging journey, evolving in times of changes and uncertainty. The challenges of the green transition, and macroeconomic instability, combined with the consequences of the war in Ukraine and the new geopolitical risks in Middle East and Asia bring with them a number of accounting and reporting considerations and are attracting the attention of market supervisors. EY will continue to share its insights on recent developments and rapidly changing regulatory requirements to help companies comply with emerging standards and provide a comprehensive picture of their performance to their stakeholders.”
Stavros Violaris, noted: “Capital providers, other key stakeholders and society at large, today, demand more corporate information that presents the complete picture by connecting all the relevant information around a corporate's performance and position. One of the major changes in the corporate reporting space is the implementation of the CSRD which puts forward the requirements for corporate sustainability reporting and mandatorily harmonises the field, so that governments, financial institutions, companies, entrepreneurs and consumers can make informed decisions. All of us need to work together to overcome these challenges, in a timely manner, so that we bring corporate reporting to the next level, and to achieve the goal of Connectivity.”
