Month: August 2020

By Joon Chong, Partner & Karen Miller, Consultant at Webber Wentzel The unusual business conditions of the Covid-19 outbreak will require a more flexible approach from tax authorities when analysing transfer pricing in the 2020 year of assessment The Covid-19 outbreak in late 2019 / early 2020 has impacted the way we live daily and …

Life in a remote world – tax enforcement in transfer pricing Read More »

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 …

CFOs expect an economic rebound a year from now Read More »

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 …

Auditors show resilience during pandemic, CAQ’s Lindsay says Read More »

From WSJ: As many boards acquire greater responsibility for risk oversight, the task of selecting CFOs and planning for their succession is gaining more attention in the boardroom. Bryan Proctor, head of the Financial Officer Center of Expertise at Korn Ferry, discusses the market and boardroom dynamics driving greater board involvement in the CFO hiring …

CFO succession planning: how to prepare Read More »

From CFO Daily News:  Is your financial statement template so dense that even you have trouble reading it through without going cross-eyed? Do you find that when you present your findings to stakeholders that there’s dead air, and no one is engaged or asking questions? We speak the language of numbers – but not every …

Storytelling in Finance: Give Life to Your Company’s Numbers Read More »

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; …

This is a time for personal growth for finance executives Read More »

From the Journal of Accountancy: In REG-116475-19, the IRS addressed the amendments to Sec. 401(c) by Section 13613 of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, which provides an extended rollover period for a qualified plan loan offset. Sec. 72(p)(1) provides that if, during any tax year, a participant or …

New US regulations for loan rollovers Read More »

From Cfo.com: The longest-running bull market since World War II began in March 2009, and over the past few years, many debated “when, not if,” a downturn would occur. But no one could have predicted that a global pandemic would lead to unprecedented disruption and dislocation in the capital markets and the quickest end to …

Is COVID-19 a Triggering Event for Impairment Testing? Read More »

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 …

How to Respond When Your Banker Requests a Visit Read More »

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 …

Buffett rebuffed over FASB rules on unrealized gains and losses Read More »