Paragon Consulting

Close Cycle Rankings 2008 - Global Top 30 Report

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The close cycle time is regarded by many Chief Financial Officers (CFO’s) and Finance Directors (FD’s) as a key benchmark. This is because there is wide acceptance in the finance community that the speed of close is symptomatic of the state of their underlying finance processes and systems. Our research covers the year end close cycle metrics for the 2008 reporting season for 587 of the worlds largest corporations, including the Global 100, the New York Stock Exchange Top 100, the Euro Top 100, the UK 100, the German Top 100, the French 40, the Scandinavian Top 50, the Austrian Top 20, the Dutch Top 25, the Portuguese Top 20 and the Swiss Top 50. This gives a very broad coverage of North American and European companies plus a representative slice of the largest companies from around the rest of the world and a broad spectrum of business sectors.

It covers the elapsed days taken to report the initial announcement of full year end results to the market (known in the UK as the “preliminary announcement”) and the time taken to obtain auditors sign off of the consolidated financial statements, by reference to the date of the audit report in the published financial statements or relevant SEC filing. We have researched the data for the last five years to enable us to discern trends and movements across geographies and business segments.

Here we provide a full analysis and commentary.

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