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Why everything that can be automated, should be automated: Levi Strauss CFO

From CNBC.COM: Harmit Singh, chief financial officer at Levi Strauss & Co., says the digital preferences of consumers are shaping the investments CFOs need to make.
C-suite executives need to understand that digital transformation is a key part of sustainable profitability and shareholder value creation, even if the costs can be hard to understand upfront.
This thinking includes cloud adoption to keep legacy systems from falling behind; digital upskilling and employee hackathons; data visualization and artificial intelligence; and robotic process ...

How top CFOs are incorporating tech into their roles

From It’s becoming increasingly clear: Tech is in everything. That includes the role of the top finance job: the chief financial officer. And 2021’s CFOs need to be more tech-savvy than ever. “Maybe 20 years ago, it was a department in the corner. It now permeates every aspect of your business, and every aspect of the finance function, so there’s lots of opportunities to learn,” Kristina Salen, the CFO of entertainment titan WWE, said at a Fortune virtual webinar ...

Demand for Part-Time CFOs Heats Up as Startups Raise More Money

From The Wall Street Journal: Chief financial officers who work part-time for several companies are in high demand as venture-capital firms pour more money into early-stage startups, creating a gig economy for CFOs. Such part-time CFOs help establish processes and make operational decisions, for example how to create financial forecasts or whether to expand to new markets. Read more here ...

COP26: Why freeing up CFO time to focus on ESG initiatives is key

From InformationAge: Today, CFOs need to be more than financial controllers; provided they are given the opportunity to step back from the manual day-to-day processes that can be handled by AI and automation, and focus on strategic initiatives that help them survive and thrive whatever the challenge. A turbulent few years has highlighted the increasing importance of business agility, and the need to constantly assess challenges and priorities. Read more here ...

Former Gauteng Health CFO loses bid to have Premier Makhura held liable for PPE scandal

From News24: In a judgment sent to the parties electronically on Monday, Judge Lebogang Modiba of the Special Tribunal ruled against former Gauteng health department chief financial officer Kabelo Lehloenya in her attempt to have Makhura join in the civil recovery proceedings before the tribunal. Lehloenya wanted Makhura to be held liable in the personal protective equipment (PPE) saga. Read more here ...

Two IOSCO speeches at COP26 focus on new ISSB

From IAS Plus: The Chair of the IOSCO Sustainable Finance Task Force, Erik Thedéen, noted that IOSCO identified the IFRS Foundation as the vehicle to develop a global baseline for investor-oriented sustainability standards given its well-tested governance structure, its best-in-class reputation in setting international reporting standards and its proven record of transparent and inclusive due process. He stressed: The ISSB global standards are the right tool to respond to the existing ‘alphabet soup’ of voluntary sustainability disclosures. They can drive ...

Current Trends In CFO Appointments

From BoardEx: Chief Financial Officers (CFOs) are playing a critical role as companies begin to wade into the new economic landscape. Many organizations are recognizing the need for CFOs who can take on an increased level of responsibility. All executive roles have experienced immense pressure since 2020, as organizations have been forced to navigate ever-changing conditions. The Chief Financial Officer has shouldered a new set of responsibilities within their job as the role continues to evolve. Read more here.  ...

IFRS Foundation creates new sustainability standards board

From IAS Plus: The IFRS Foundation has announced the creation of its new International Sustainability Standards Board (ISSB) that will develop a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors’ information needs. In two separate consultations, the IFRS Foundation Trustees consulted on the demand for global sustainability standards and what role the Foundation might play in the development of such standards (September 2020) and on proposed amendments to the IFRS Foundation Constitution that would enable the creation ...

European CFO Route to the Top

Over the past five years, 12% of companies have changed their CFOs each year on average, although there was a spike at nearly 20% in 2018. Despite the apparent urgency with which companies are seeking to increase the diversity among their senior executive ranks, the number of women in senior finance roles remains alarmingly low: just 15% of CFOs in our sample are women. In other respects, too, our data suggests that public companies are becoming slightly more conservative as ...

Climate-related disclosures prototype

From IAS Plus: The IFRS Foundation has released a climate-related disclosures prototype that is the proposal of the Technical Readiness Working Group (TRWG) for the first thematic standard of the ISSB. The TRWG was created in March 2021 to facilitate a running start of the ISSB. It was designed to integrate and build on the work of relevant initiatives focused on meeting investors’ information needs, with the purpose of providing technical recommendations for consideration by the ISSB. The climate-related disclosures ...

Ireland agrees to global tax deal, sacrificing prized low rate

From Reuters: Ireland dropped its opposition to an overhaul of global corporate tax rules on Thursday, agreeing to give up its prized 12.5% tax for large multinationals in a major boost to efforts to impose a minimum rate worldwide. Ireland, the low-tax European headquarters for blue chip companies including Apple (AAPL.O), Google (GOOGL.O) and Facebook (FB.O), declined to sign up to the initial deal in July, objecting to a proposed rate of “at least” 15%. An updated text this week dropped the “at least”, clearing ...

Business travel: How CFOs should handle rising expenses this year

From CFO Daily News: As business travel kicks back into gear, you’re likely seeing that the types of expenses employees incur are going back to normal. But costs may be higher than they were before the pandemic. Most CFOs noticed a big shift in expenses during the pandemic. This is according to a blog post from TripActions, a tech company focused on streamlining corporate travel. Instead of flights, lodging and meals, employers reimbursed employees for work-from-home expenditures such as office furniture, internet ...

Pandora Papers: Largest ever data leak on corruption & illicit assets

From Tax Advisers Europe: The International Consortium of Investigative Journalists has published details of an investigation carried out by over 600 journalists into the largest known data leak on the use of offshore companies, dubbed the Pandora Papers. The leak comprises over 11 million files on the operations of 14 particular offshore service firms who facilitate the use of offshore companies. Individuals identified in the leak are accused of using offshore vehicles for concealing illicit assets. In the leak, over 900 companies in offshore ...

Withholding taxes – New EU system to avoid double taxation

From Tax Advisers Europe: The European Commission has now published a Roadmap concerning a new EU system on withholding taxes, designed to avoid double taxation. The publication precedes a public consultation questionnaire which will also be launched in Q4 2021 on the Have Your Say website. The Commission Roadmap states that despite prior actions by the Commission “tax barriers to cross-border investment and the risk of tax abuse persist within the European Union. One of these remaining barriers is the problem of inefficient withholding ...

Companies expect surge in health care costs in 2022

From CFODive:
  • U.S. companies expect health benefit costs to rise 5.2% next year as employees seek care that they deferred during pandemic lockdowns and support for their emotional wellbeing, data from a Willis Towers Watson survey of 378 employers found.
  • “The pandemic has re-framed the importance of a healthy workforce, and there are selected areas like mental health that have become more prominent,” according to Julie Stone, managing director of health and benefits at WTW. “It’s no longer taken for granted, ...

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