Financial Reports That Do Not Meet GAAP Is This An Issue For Financial Controllers?

Problem: If you're financial coordinators and administrators hardly trust the month-end close numbers, is your financial reporting fully GAAP "compliant"? Survey results show that a mere 19% of financial controllers and administrators fully trust their reported figures. Considering that accounting standards worldwide are steeped within the belief that financial reports are as reliable as they possibly can be, it appears that 81% of corporations are slipping through vital aspects of GAAP (Generally Accepted Accounting Principles) in spite of all efforts to abide by them. But why are numerous corporations falling through the cracks and failing to report to GAAP standards? One potential reason finance departments are slipping through the generally accepted accounting practices (according to Forbes), is the passing over of responsibilities from CFO to the financial Controller (FC). The CFO is being expected to deal increasingly more with investors and external relations than internal financial reportage. As such, FCS are having to adopt the data reporting and analysis in addition to the communication and presentation of that data - a job traditionally left to the CFO. ..»