The financial reporting environment from a practitioner's perspective

Crystal Finkelstein and Christina Nichols

Chapter 20 in Handbook on the Financial Reporting Environment, 2025, pp 389-400 from Edward Elgar Publishing

Abstract: This chapter provides a practitioner's perspective on the financial reporting process based on interviews with various stakeholders (preparers, auditors, investors, and regulators) and our own experiences in practice. These insights help validate academic research findings in many situations and add important nuance to others. Since stakeholders have diverse needs, the financial reporting process is fluid with various feedback loops, such as standard setters soliciting comments on proposed standards, company employees and external auditors having an open dialogue around implementation, and managers communicating frequently with investors. This chapter offers examples and scenarios from practice to provide context and insights into the academic research on the steps of the financial reporting process: information generation, validation and monitoring, and user integration. We conclude that while GAAP has limitations, the common language that GAAP brings is critical in the decision-making process to keep costs and risks as low as possible.

Keywords: Practitioner's perspective; GAAP reporting process; Non-GAAP metrics; Decision-making (search for similar items in EconPapers)
Date: 2025
ISBN: 9781800888678
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