Month: August 2020

CFOs expect an economic rebound a year from now

The Q2 Deloitte Signals Survey found that 585 of CFOs see the North American economy rebounding a year from now. As the pandemic continues to cause global economic disparity, experts scramble to forecast economic recovery. While no one can predict with precision what lies ahead for the economy, CFOs’ expectations and actions can be a helpful barometer. On a recent Resilient Podcast episode, Mike Kearney, Deloitte Risk & Financial Advisory CMO, and I discussed CFOs’ expectations for …

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Auditors show resilience during pandemic, CAQ’s Lindsay says

From the Journal of Accountancy: Public company auditors have responded quickly and effectively to the coronavirus pandemic to help preserve the public’s critically important confidence in capital markets. That’s the conclusion drawn by Center for Audit Quality (CAQ) Executive Director Julie Bell Lindsay, who said in a telephone interview that auditors have used technology and …

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This is a time for personal growth for finance executives

Recent times have exacerbated an essential truth: The only constant is change. For most of us, our normal environments and modes of operation have been completely upended — personally and professionally, says Steven K. Howell from Journal of Accountancy. A highly infectious virus quickly spread across the world, and we still have difficulty drawing managerial conclusions; …

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How to Respond When Your Banker Requests a Visit

Borrowers should not be surprised when their lender requests a “checkup,” financial review, or audit, says Kenneth A. Rosen. Lenders are nervous. Despite long-term institutional relationships with customers, many banks are seeking to reduce financial exposure to borrowers because of uncertainty in the current economic environment. This has been especially so with vendors to the …

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Buffett rebuffed over FASB rules on unrealized gains and losses

From Cfo.com: Warren Buffett was unequivocal in his criticism of the Financial Accounting Standards Board’s ASU 2016-01 — the new accounting for equity securities passed in 2016 and implemented in 2018. In his 2017 letter to shareholders, Buffet noted: “The new rule says that the net change in unrealized investment gains and losses in stocks we hold …

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