EY Cyprus successfully hosted its 5th annual Corporate Reporting Insights event, held on 13th November in Nicosia. This year’s event, titled “Beyond Reporting: Re-Imagining the Finance Function”, brought together many senior executives from Cypriot and multinational organisations at the Journalist’s House, providing a platform for insightful discussions and the exchange of ideas on the latest developments shaping today’s business and economic environment.
The event explored how the finance function is being redefined - moving beyond its traditional boundaries, to address the demands of a dynamic regulatory environment, economic volatility, and sustainability imperatives. Throughout the day, EY experts shared critical updates on financial reporting developments and practical insights into sustainability reporting, emphasising that finance transformation must remain central to the modern CFO’s agenda. This means proactively identifying opportunities to stay ahead of evolving standards, emerging risks, and investor expectations, while positioning finance function as a true strategic partner to the business.
In his opening remarks, Andreas Avraamides, Head of Assurance Services at EY Cyprus, acknowledged that “Corporate reporting is evolving against a backdrop of profound change and uncertainty. The green transition presents its own set of challenges, while the macroeconomic landscape remains volatile and unpredictable. At the same time, rapid advances in technology—especially digitalization and artificial intelligence—are reshaping the finance function and redefining roles across our organizations. Navigating these shifts requires agility, transparency, and a forward-looking approach to both reporting and decision-making”.
Stavros Violaris, Head of Financial Accounting and Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) at EY Cyprus, highlighted in his address that “Realising the full potential of corporate reporting and the finance function requires breaking down silos, fostering multidisciplinary teams, and embracing technology and innovation. It’s through this synergy that we can truly transform reporting into a strategic enabler of success and sustainability”.
Christiana Panayidou, Partner at EY Greece and Corporate Reporting Leader for Europe Central, South Business Unit, took the stage to present key insights on Macroeconomic and Regulatory Developments, and highlighted the need to “provide meaningful, entity-specific insights into how geopolitical risks and uncertainties are affecting our financial statements. This is not just a compliance exercise—it’s about building trust and transparency with our stakeholders”.
Following her presentation, Pantelis Pavlou, Partner in FAAS and member of Europe Central Corporate Reporting, together with Managers in FAAS, Christina Argyrou, also member of Europe Central Corporate Reporting, and Chara Skordi, presented the latest trends in Financial Reporting and the future outlook of the profession. Emphasis was placed on IFRS 18 – Presentation and Disclosures in the Financial Statements, as this is one of the main changes in patriating financial performance, becoming effective on 1 January 2027.
The event continued with a panel discussion focused on the evolving landscape of sustainability reporting and the implications of the Corporate Sustainability Reporting Directive (CSRD) for businesses. Constantina Charalambidou, Director in FAAS and member of Europe Central Corporate Reporting, opened the discussion by stating that “Sustainability is a topic that continues to shape the future of business. Despite the geopolitical headwinds, sustainability remains a key long-term strategic priority for businesses.”. The panel featured Stavros Violaris, and Nelmari Hamman, Partner at EY Netherlands, member of Europe West Corporate Reporting Services, FSO Sustainability Reporting Leader. Stavros Violaris noted that “most companies in Cyprus that have embarked on a journey towards green transition have decided to continue, utilising the additional time to better understand the sustainability issues affecting their organisation and to develop a more accurate and long-term strategy”. Nelmari Hamman emphasized that sustainability should be viewed as a strategic enabler rather than a compliance exercise, noting: “When you think about sustainability beyond compliance and reporting, you unlock the real value of this information - helping you steer your organisation strategically, manage risks, and ensure business continuity”.
The final session of the event focused on Re-imagining the Finance Function, with Nikoletta Iosifaki, Director in FAAS, presenting emerging trends and innovative approaches shaping the future of finance function. In her remarks, Nikoletta noted that “finance leaders are no longer just stewards of capital and compliance - you are expected to be strategic partners, digital innovators, and drivers of long-term sustainable value for your organizations… they are expected to lead digital transformation, harness predictive analytics, and shift from backward-looking reporting to forward-thinking insights”.
Closing the event, Andreas Avraamides highlighted the urgency of the changes ahead: “We are entering a period of rapid transformation that requires organisations to be flexible, decisive and ready to make bold choices for both their own operations and their clients’ portfolios. The 5th Annual Corporate Reporting Insights Event served as a constructive gathering of senior executives from across the Cypriot business community, highlighting both the challenges and opportunities that lie ahead. We must continue to redefine the finance function, aiming to build a more agile, resilient and sustainable business model”.
