Most finance leaders worry about nonfinancial data integrity: EY

43% of Singapore finance leaders citing inconsistencies and 30% reporting difficulties related to data formats.

Almost all finance leaders in Singapore are concerned about the integrity and reliability of nonfinancial data used for corporate reporting, EY reported.

In its report, EY said issues such as data inconsistencies and formatting challenges are prevalent, with 43% of Singapore finance leaders citing inconsistencies and 30% reporting difficulties related to data formats.

Investor confidence in corporate reporting is also increasingly tied to the potential of artificial intelligence (AI), wherein 60% of Singapore investors believe AI could enhance data credibility and accuracy, whilst 51% think AI could be instrumental in identifying discrepancies in reporting.

Despite the enthusiasm, adoption barriers remain, with 68% of finance leaders in Singapore eager to adopt AI solutions, whilst 13% are hesitant, preferring to wait until the associated risks are better understood.

Sustainability reporting is another critical area of focus, with 83% of Singapore investors expressing optimism that new regulatory frameworks will positively impact sustainability disclosures.

However, compliance challenges are significant, with 64% of finance leaders in Singapore citing the cost burden of meeting new regulations, and 58% believing the complexity of compliance will be a significant hurdle.

The firm also noted potential accusations of "greenwashing" persist, as 68% of Singapore finance leaders fear that their nonfinancial disclosures may not be adequately supported by data and processes.

Corporate reporting challenges continue to evolve, with 81% of finance leaders in Singapore noting an increased focus by investors on nonfinancial data compared to two years ago.

Despite this growing interest, only 43% of Singapore finance leaders feel their organisations have the necessary high-grade technology to effectively manage and analyse corporate data, signaling a need for further investment in digital infrastructure.

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