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The Dark Side of Accounting Expertise

From CFO.com: How important is it for CFOs or other top corporate executives to have accounting expertise? Around the turn of the century, when the financial director of a major bank stated that “the day of the finance director as bean counter is well and truly over,” he was reflecting much contemporary thinking. But since then, perhaps driven by this century’s notorious corpo ...

Germany Moves to Overhaul Accounting Oversight Amid Wirecard Scandal

The Federal Ministry of Justice canceled the existing regulator’s contract beyond 2021, reports the Wall Street Journal. Germany is overhauling its framework for accounting oversight following a financial scandal at Wirecard AG and is canceling the existing regulator’s contract after 2021. The Federal Ministry of Justice and Consumer Protection is working on a new regulatory ...

Where Do CFOs Come From?

From Russell Reynolds Associates: As the role of the CFO becomes increasingly complex, a number of competing theories have emerged regarding what’s required to excel in the job today. In an attempt to provide greater clarity around this issue—and separate fact from fiction— Russell Reynolds Associates analyzed the career patterns of every CFO in the Fortune 100 (F100) to establ ...

Shining a Light on Earnings Adjustments

Finance will have to make some judgments when trying to present a normalized view of ongoing financial performance. From Cfo.com. As the financial impact from COVID-19 unfolds, many companies are grappling with sudden and dramatic shifts in business demand. For some, protracted stay-at-home orders mean significantly reduced revenues, higher costs from supply chain disruption a ...

Strategies for addressing pandemic-related audit risks

By Joseph Radigan, from Journal of Accountancy: Like professionals in nearly every business on the planet, auditors have suffered a tremendous disruption to their normal operations because of the coronavirus pandemic. But the magnitude of the pandemic’s fallout will only start to become clear as engagement teams plan strategies for upcoming 2020 client reviews and audits and c ...

State of ICFR Going Into the 2020s

From Financial Education & Research Foundation (FERF): Going into the 2020s, it appeared that the crest-trough cycle (see the chart below) of material weakness disclosures would continue throughout the decade. Then a black-swan level event occurred. As a result, financial statement preparers are now left with the unenviable task of meeting the high-quality, high-velocity in ...

Quarterly Priorities Survey: Q1 2020 - Covid has changed everything

From FEI: When we launched the first edition of Financial Executive International’s (FEI) Quarterly Priorities Survey in early March, we could not have anticipated the degree to which the outbreak of COVID-19 would impact every facet of American business. The aftermath of the pandemic and resulting recession should permeate every industry, resulting in a massive rate of change ...

IAFEI News: Determination of the function currency: not a one time analysis

By Victor Hugo Vazquez Aguilar, VP of the National Technical Committee of Financial Information of the Mexican Institute of Finance Executives (IMEF) What is the functional currency of my company? This is a genuine question to be asked on more than one occasion in the lifetime of a business. The different stakeholders trust that it is raised and answered in a timely manner, so ...

IAFEI News: Wacker Chemie CFO Tobias Ohler explains how Germany holds its own against China in polysilicon production

Dr Tobias Ohler, CFO of Wacker Chemie AG in Germany explains how the company holds its own against China in polysilicon, used in solar panels. From The International Association of Financial Executives Institutes (IAFEI) latest quarterly newsletter: Dr Ohler, has the business with polysilicon for solar panels still got a future in the Wacker Chemical Group? Absolutely. The g ...

CFOs’ Lower Bonuses Cut Into Compensation Growth

From CFO.com: Growth in chief financial officer’s total pay slowed for the second consecutive year in 2019, according to new data from Compensation Advisory Partners (CAP). The consulting firm said the slower growth was mostly due to decreases in bonus payouts, which were in turn driven by a slowdown in companies’ financial performances A little more than two-thirds of the 110 ...

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