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Why CFOs speak to the press (and whether they should)

From Finance chiefs’ credibility, diligence and deep knowledge of the numbers make them ideal candidates for press interviews and company spokespeople, PR specialists say. When Twitter permanently banned former President Donald Trump from its platform, company CFO Ned Segal broke the news in a CNBC interview about the micro-blogging platform’s first quarter earnings. “If anybody [violates our anti-hate speech guidelines], we have to remove them from the service,” Segal said at the time. “Our policies don’t allow people to ...

A small business CFO’s practical approach to new technologies

From CFOs can add discipline to the technology selection process and set the “tone at the top’” by demonstrating a willingness to upskill. Large companies are firmly embracing robotic process automation (RPA), leveraging sophisticated data analytics and visualization tools, and exploring the use of blockchain and other new technologies. The media say small and medium-sized enterprises (SMEs) must also proactively embrace these new technologies or risk being competitively disadvantaged. However, for small organizations, enduring the challenges and uncertainties of COVID-19 for ...

OECD: Nominal corporate income tax rates continue to fall

From Tax Advisers Europe: The OECD has announced that on average, global nominal corporate income tax rates have continued the downwards trend, down 8 points on average from the year 2000 (28.3%) to year 2021 (20%). Across 111 jurisdictions, 94 had lower corporate income tax rates in 2021 compared with 2000, while 13 jurisdictions had the same tax rate, and only 4 had higher tax rates. In addition, data confirms that corporate income tax continues to be an important source ...

Weak oversight plagues audits of billions in private assets

From WSJ: Self-regulatory audit system fails to safeguard charities, pension funds and private companies, a WSJ analysis finds. Six months before Los Angeles-based Shepherd University collapsed into bankruptcy in 2017, accounting firm BW CPA Group Inc. gave the school’s finances a clean bill of health. State regulators called the audit “grossly deficient,” saying it missed red flags for potential fraud and left numerous errors in the financial statements uncorrected. The year before, BW CPA Group failed its second every-three-year peer review ...

From defense to offense: CFOs look to drive growth in a digital economy

From PwC: The pandemic has significantly impacted many aspects of finance — from closing the books remotely to near-constant scenario planning and shoring up supply chains. Faced with the need to be more agile and decision-ready, finance organizations are evaluating their processes and prioritizing key areas to deliver the outcomes they seek. Comprehensive and continuous planning is driving deeper collaboration among functional business partners, providing greater visibility across the organization. According to our March 2021 CFO US Pulse Survey, CFOs’ top priority ...

CFOs more optimistic about economic recovery – Deloitte

From Deloitte: What are the economic prospects for 2021? Is the economy in recovery? Can we expect economic growth in 2021? And what’s next for European businesses? What are the economic prospects for 2021? Is the economy in recovery? Can we expect economic growth in 2021? And what’s next for European businesses? With strict lockdown measures still in place across many European countries, lingering high levels of COVID-19 infections and a relatively slow pace of vaccinations, it would be easy ...

IRS’s 2021 ‘Dirty Dozen’ details top scams

From CFO Daily News: It’s that time again. IRS is warning business leaders and individuals about the top scams to look out for right now. This year, though, the Service did things a little differently. It separated the typical “Dirty Dozen” into four categories:
  1. pandemic-related scams
  2. personal information cons
  3. ruses focusing on unsuspecting victims, and
  4. schemes that persuade taxpayers into unscrupulous actions.
Here’s a look at some of the top scams that could impact Finance, so your team can stay ...

CFOs: Higher input costs will persist

From Some companies are taking aggressive action to pass on at least some of the abnormal cost increases to customers. While the White House and the Federal Reserve describe U.S. inflation risks as “transitory,” data from the CFO Survey by Duke University and the Federal Reserve Bank of Richmond paints a different picture. Finance chiefs expect the large increases to their input costs that they are suffering to last 8 to 12 months or longer. And some of those increases will ...

A new global taxation regime is in the pipeline – start preparing now

By Karen Miller and Joon Chong from Webber Wentzel The recent agreement by 130 of the 139 countries participating in the OECD/G20 Inclusive Framework (IF) to implement the two-pillar package will result in a fundamental shift in the way international taxation has worked in the past. It “wipes the slate clean”. Background The IF solution to reform international tax rules on the digitalisation of the economy has two pillars. The first pillar was designed to find a more equitable way ...

Taking the communications path to CFO

From CFO Dive: CFO and board professional Jennifer Ceran tackled her biggest problem — communications — early on so she could leverage the math skills that came naturally to her. Jennifer Ceran knew she wanted to go into business, which is why she majored in communications as a college undergraduate. “I felt comfortable with numbers, but I was shy and didn’t like public speaking,” Ceran, a former CFO who today sits on the boards of five companies, including NerdWallet, said ...

CMAs need to change from ‘Cost Accountants’ to ‘Value Accountants’: ICMAI Pres Biswarup Basu

From India Times: The role of CMAs in the changing world requires the need to re-skill the CMAs in high-end tools such as Activity Based Costing, Process-Based Costing, or target costing etc. There is a need to change the agile mindset – promote diversity in thinking and imbibe multi-disciplinary skills, he said. Biswarup Basu, President at the Institute of Cost Accountants of India, in the interview below, discussed the role of cost and management accountants (CMAs) in pandemic. There is ...

New EU VAT Rules Enter Into Force

The new rules concerning the EU VAT regime entered into force on the 1 July, creating a simplified VAT regime for cross-border supplies of goods (B2C) and distance sales. The new rules provide for a system to declare and pay VAT in the EU using the Import One-Stop Shop and also level the playing field between EU businesses and non-EU sellers. Online sellers, including online marketplaces and platforms can now register in one EU Member State and this will be valid for the declaration and payment of ...

130 Countries Sign Historic Agreement on International Tax Reform

From Tax Advisers Europe: 130 countries signed last week the global agreement on international tax reform, based on a two-pillar solution which allows multinational companies to pay more tax in the countries where they operate as well as a global minimum tax rate. As estimated by the OECD, a total amount of USD 100 billion of profits per year will be reallocated to the market jurisdictions, under the rules agreed in Pillar One. Companies within scope include the largest MNEs with global turnover above 20 ...

4 ways to slash overhead costs in the new normal

From Cfodailynews: Your team has clear insight into the financials that can help your company uncover new ways to save. Take overhead costs, for example. Finance staffers see all the bills that come in for things like rents and leases, electricity costs, office supplies and maintenance. And as their role transforms from a back-office function to a strategic business partner, staffers can better use that insight to lower overhead costs. Check out four tips, inspired by the finance pros at Stampli, that ...

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