financial reporting system

USAGE SUMMARY

The phrase 'financial reporting system' is correct and usable in written English.
You can use this phrase when you want to refer to a system designed to collect and report financial data or information. For example, "The company installed a new financial reporting system to help them keep track of their income and expenses."

✓ Grammatically correct

News & Media

Science

Academia

Formal & Business

Wiki

Encyclopedias

Human-verified examples from authoritative sources

Exact Expressions

19 human-written examples

Even prior to Enron, we had been working to improve and modernize our corporate disclosure and financial reporting system to make disclosures and financial reports more meaningful and intelligible to average investors.

The New York Times

Studies suggest that the main causes of the debacle in the United States were the increasing incentives for managers to commit fraud and 'gatekeepers' to be lenient, together with the evolution of the GAAP towards a rule based financial reporting system.

Columbia University

Enron has already made a mockery of the nation's financial reporting system and has started to make an equal farce of its bankruptcy system.

Forbes

"There's a financial reporting system in place now where legislators do report," Mr. Bruno said on Wednesday.

The New York Times

Under Mr. Boisvert, SAS installed a new financial reporting system and paid the sales force incentive commissions rather than salary only.

The New York Times

Our financial reporting system -- which is supposed to inform investors about the health of companies -- has in many respects devolved into a numbers game.

The New York Times

Human-verified similar examples from authoritative sources

Similar Expressions

41 human-written examples

Since then the organisation has gone through an accelerated period of restructuring: jobs have been lost, contracts negotiated, financial reporting systems redesigned and a new business plan written.

The Guardian

Boeing has also widely credited financial reporting systems that are transparent and that have been developed over 50 years of experience in the commercial marketplace.

The New York Times

It can integrate with existing company systems like single sign-on tools such as Okta and OneLogIn, financial reporting systems and G Suite login information.

TechCrunch

A significant amount of time had to be spent with local financial officers to interpret financial reporting systems and to identify adequate cost apportioning methods.

Human Resources for Health

For the two exercises, the authors developed distinct, context-specific methodologies taking into account the countries' financial reporting systems and availability of cost information.

Human Resources for Health

Expert writing Tips

Best practice

When discussing improvements to a company's transparency, specify which part of the "financial reporting system" is being enhanced (e.g., data collection, auditing, internal controls).

Common error

Avoid vague statements like "We improved our financial reporting system." Instead, explain how the system was improved, such as "We implemented automated reconciliation processes within our financial reporting system to reduce errors."

Linguistic Context

The phrase "financial reporting system" functions primarily as a noun phrase, often acting as the subject or object of a sentence. It refers to a structured and organized method for conveying financial information. Ludwig confirms its usability.

Expression frequency: Common

Frequent in

News & Media

35%

Science

24%

Academia

20%

Less common in

Formal & Business

12%

Wiki

5%

Encyclopedias

4%

Ludwig's WRAP-UP

The phrase "financial reporting system" is a common and grammatically correct term used to describe the framework for collecting and presenting financial data. As confirmed by Ludwig, the phrase is widely used in various contexts, including news, science, and academia. The analysis reveals that the phrase primarily functions as a noun phrase, serving to describe or refer to established financial processes. To avoid overgeneralization, specify which component of the system you are referring to and enhance clarity. Related terms such as "accounting disclosure framework" or "external reporting system" can provide alternative ways to express similar concepts, while the related FAQ anticipate frequent questions related to its application.

More alternative expressions

Phrases that express similar concepts, ordered by semantic similarity:

external reporting system

Specifically denotes financial reporting for external stakeholders.

internal controls over financial reporting

Highlights the aspect of internal controls within the financial reporting process.

financial statement preparation process

Focuses on the procedural aspect of creating financial statements rather than the overall system.

accounting disclosure framework

Emphasizes the structured set of rules and guidelines for disclosing financial information.

regulatory reporting infrastructure

Highlights the infrastructure aspect with a regulatory focus.

corporate financial transparency mechanisms

Shifts the focus to mechanisms ensuring financial transparency in corporations.

auditing and compliance system

Expands the concept to include auditing and ensuring compliance with regulations.

fiscal accountability procedures

Focuses on accountability procedures related to fiscal matters.

enterprise resource planning (ERP) financials

Links to specific software systems used for financial management.

financial data collection and dissemination method

Replaces "system" with a description of the data collection and distribution involved.

FAQs

What is the purpose of a "financial reporting system"?

A "financial reporting system" is designed to collect, process, and disseminate financial information to internal and external stakeholders, ensuring transparency and accountability.

How does a "financial reporting system" differ from an accounting system?

While an accounting system focuses on recording financial transactions, a "financial reporting system" encompasses the entire process of generating financial reports based on that data, including analysis and presentation.

What are some key components of a "financial reporting system"?

Key components include data collection processes, accounting software, internal controls, auditing procedures, and reporting formats that comply with relevant standards and regulations.

What regulations govern "financial reporting systems"?

Regulations like Sarbanes-Oxley (SOX) in the United States, and IFRS (International Financial Reporting Standards) globally, set standards for "financial reporting systems" to ensure accuracy and reliability.