In a complex global economy where businesses operate within a myriad of financial frameworks and regulations, accurate and transparent financial reporting is paramount. Consider a multinational corporation, XYZ Inc., operating across multiple continents and engaging in diverse sectors ranging from manufacturing to technology services. Over the fiscal year 2022, XYZ Inc. has encountered various challenges, including fluctuating exchange rates, evolving international tax laws, and intricate revenue recognition issues.

Amidst these complexities, the company's finance department is tasked with preparing the consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) while ensuring compliance with local Generally Accepted Accounting Principles (GAAP) in the countries where they operate. XYZ Inc. also faces the challenge of assessing the fair value of its intangible assets, such as patents and copyrights, which are vital to its competitive advantage but inherently challenging to quantify.

Furthermore, XYZ Inc. has recently adopted cloud-based accounting software, transitioning from traditional on-premises systems. While this move promises efficiency and accuracy, it poses questions about data security, integrity, and the reliability of financial information generated from these modern digital platforms. The company must navigate these concerns while adhering to the principles of confidentiality, integrity, and availability (CIA triad) to maintain the trust of its shareholders, regulatory bodies, and the investing public.

Considering these intricate scenarios, discuss the key accounting challenges faced by XYZ Inc. in preparing its consolidated financial statements for the fiscal year 2022. How should the company address these challenges to ensure the accuracy, reliability, and compliance of its financial reporting, thereby upholding its reputation and stakeholder trust in the ever-changing landscape of international accounting standards and technological advancements?