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How can you make financial reports more accessible for telecom entities?

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Financial reports are essential for telecom entities to communicate their performance, risks, and opportunities to their stakeholders. However, financial reporting and disclosure for telecom entities can be complex and challenging, especially in a dynamic and competitive industry. How can you make financial reports more accessible for telecom entities? Here are some tips to help you simplify and enhance your financial reporting process and presentation.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting | Unlocking Your Career Potential

1 Understand the industry context

Telecom entities operate in a highly regulated and diverse environment, with different segments, markets, and technologies. They also face various risks, such as cybersecurity, data privacy, network quality, and customer churn. Therefore, you need to understand the industry context and the specific factors that affect your telecom entity's financial position and performance. This will help you identify the key drivers, metrics, and trends that are relevant for your financial reporting and disclosure.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting | Unlocking Your Career Potential
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Identify different audiences within the entity with varying levels of financial expertise (executives, investors, regulators, technical teams). Create report sections or summaries catered to each audience's specific needs and knowledge levels.

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2 Align with the accounting standards

Financial reporting and disclosure for telecom entities must comply with the applicable accounting standards, such as IFRS or US GAAP. These standards provide guidance on how to recognize, measure, and present revenue, expenses, assets, liabilities, and equity. They also require specific disclosures on topics such as contracts with customers, leases, impairment, and financial instruments. You need to align your financial reporting and disclosure with the accounting standards and ensure consistency, accuracy, and transparency.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting | Unlocking Your Career Potential
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Consider exploring interactive dashboards or platforms that allow users to drill down into specific data points, customize views, and filter information based on their needs and relevant standards.

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3 Focus on the material information

Financial reports can be lengthy and complex, which can make them difficult to read and understand for your stakeholders. Therefore, you need to focus on the material information that is relevant and useful for your stakeholders' decision-making. Material information is the information that can influence the economic decisions of the users of your financial reports. You need to prioritize the material information and present it clearly and concisely, using tables, charts, and graphs where appropriate.

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4 Use plain language and avoid jargon

Financial reporting and disclosure for telecom entities can involve technical terms and jargon that are specific to the industry or the accounting standards. However, not all your stakeholders may be familiar with these terms and jargon, which can create confusion and misunderstanding. Therefore, you need to use plain language and avoid jargon in your financial reports. Plain language is the language that is clear, simple, and easy to understand for your intended audience. You need to explain the technical terms and jargon that you use and provide definitions or examples where necessary.

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5 Engage with your stakeholders

Financial reporting and disclosure for telecom entities is not a one-way communication. It is a dialogue between you and your stakeholders, such as investors, analysts, regulators, customers, and employees. Therefore, you need to engage with your stakeholders and solicit their feedback and expectations on your financial reports. This will help you understand their needs and preferences and improve your financial reporting and disclosure accordingly. You can also use different channels and formats to communicate your financial information, such as webinars, podcasts, blogs, or social media.

Financial reporting and disclosure for telecom entities can be challenging, but it can also be an opportunity to showcase your value proposition and competitive advantage. By following these tips, you can make your financial reports more accessible for your telecom entities and enhance your stakeholder relationships.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting | Unlocking Your Career Potential
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Don't overload reports with unnecessary information. Keep the length manageable and focus on presenting the most relevant data in a clear and concise manne

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How can you make financial reports more accessible for telecom entities?

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1 Understand the industry context

2 Align with the accounting standards

3 Focus on the material information

4 Use plain language and avoid jargon

5 Engage with your stakeholders

6 Here’s what else to consider

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