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CFO Exits Can Trigger Positive Changes

A change in finance chiefs brings a fresh set of unflinching eyes to bear when examining risks and opportunities, writes Mark Partin, President John F. Kennedy once commented that the word “crisis,” as written in Chinese calligraphy, involved two brush strokes — one representing danger, the other opportunity. “In a crisis, be aware of the danger, but recognize the opportunity,” Kennedy advised. His point is useful advice for CFOs addressing the crisis of our times — the pandemic’s staggering ...

Between the report and the investor

By Magdalena Mikołajek-Gocejna, Economics and Business Administration Journal The traditional model of reporting, based above all on historic data concentrating on profits and the asset and financial situation of companies, does not suffice anymore in the present circumstances. Furthermore, investors expect thorough information as to the strategy and development perspectives of the company. However, there seems to be a clear lack of information directed at the future of enterprises. Financial reporting does not meet the requirements of investors, as a ...

How finance is quietly emerging as a key to business transformation

By Steven Ehrenhalt, Peter Koudal, Atanu Chaudhuri and Aditi Rao (Finance Masters series) From distant mining in South Africa and commodity production in Asia to sales and service networks in North America, the business operations of some of the world’s largest and most sophisticated industrial enter-prises are experiencing a quiet revolution. It is being led by Finance. Over the last five years, Deloitte ServicesLP has benchmarked the global strategies,financial and operational capabilities, and business performance of more than 1,100companies around ...

The future of work in a post-pandemic world

From McKinsey: The COVID-19 pandemic disrupted labor markets globally during 2020. The short-term consequences were sudden and often severe: Millions of people were furloughed or lost jobs, and others rapidly adjusted to working from home as offices closed. Many other workers were deemed essential and continued to work in hospitals and grocery stores, on garbage trucks and in warehouses, yet under new protocols to reduce the spread of the novel coronavirus. This report on the future of work after COVID-19 ...

German Regulator Steps Down, EY Changes Leadership Following Wirecard Scandal

From WSJ: The once-high flying electronic payments company disclosed a $2 billion accounting hole. The Wirecard AG scandal is leading to more exits, with the head of Germany’s accounting regulator stepping down and auditor Ernst & Young naming a new leadership team in the country. Edgar Ernst, president since 2011 of Germany’s Financial Reporting Enforcement Panel, said he would step down from his role at the end of the year. The change at the top of the organization, which is a private-sector body ...

Will Cryptocurrencies Play By The Rules (and how will this impact CFOs)?

From Institutional interest in Bitcoin may finally force regulators to come to terms with digital money. Nearly seven years ago, CFO asked finance chiefs an accounts receivable question: Would you allow a customer to pay in bitcoin? Now, the issue is one of cash management: Would you allow your treasury team to invest excess corporate cash in Bitcoin? Tesla and MicroStrategy have. In early February, Elon Musk’s carmaking company changed its short-term investment policy to allow it to invest ...

The increased importance of tax risk management

By Jacques van Wyk, JGL Forensic Services, member IAFEI Technical Committee. From the IAFEI December 2020 Quarterly Bulletin Financial crises, well-documented corporate collapses and creative accounting practices are taking their toll on the general public’s trust in our institutions. Customers, communities and regulators are increasingly expecting more, and the bar continues to lift on what a good corporate citizen entails. The complexity of tax legislation is adjusting to the complexity of international trade, and this is placing a result in ...

Companies that boomed and tanked in the pandemic (and why)

From Cocosign: The COVID-19 pandemic has had a huge influence on the economies of many countries, so much so that the current financial score of many brands now wears a new look, significantly different from what it was in the last fiscal year. The stock market seems to be running on pins and needles, with trades and businesses no longer in full swing as they used to be. While some brands hit a new low during this period, others have ...

Entrepreneur Coenie Middel went out in search for solutions to a post-Covid world

He set up a research project that raised 748 ideas, and settled on five new business cases. By Ciaran Ryan. When the Covid lockdown was first announced in March 2020, most companies turned their attention to the existential threats bearing down on them: cash flow, staff safety and how to survive the next few months. Coenie Middel, a chartered accountant, innovator and serial entrepreneur, embarked on the most ambitious project of his career: the search for innovations that would help ...

FinTech and the digital disruption in financial services

From IAFEI December 2020 Quarterly newsletter: By Alessandro Valente, Co-chair of the Ethics and Sustainable Development Working Group at IAFEI and member of the Tax Technology Committee and of the New Tax Professionals Committee at CFE. Introduction The application of blockchain in the form of a Distributed Ledger Technology [DLT], has the potential to transform well established financial institutions and bring lower costs, in addition to faster and more secure transactions, improved transparency, ordered ability of operations, among other benefits. Particularly ...

Germany CFO interview: Infineon stepped on the brakes early on

From IAFEI December 2020 Quarterly newsletter: Dr Sven Schneider, CFO of Infineon Technologies AG, issues a warning about the negative effects of the trade dispute between the US and China on Europe – sanctions against Huawei hit the chip producer. Mr Schneider, Infineon share price is presently trading above its level in February 2020, before the coronavirus pandemic. How do you explain this price recovery? I see several key reasons for this recovery period for one, the coronavirus pandemic has ...

The role and expectations of a CFO

The International Federation of Accountants has released a discussion paper of the role and expectations of a CFO. According to the paper, a professional chief financial officer (CFO) should:
A. Be an effective organizational leader and a key member of senior management;
B. Balance the responsibilities of stewardship with business partnership;
C. Act as the integrator and navigator for the organization;
D. Be an effective leader of the finance and accounting function; and
E. Bring professional qualities to the role and ...

Boards’ Rising Interest in CFO Succession Planning: How to Prepare

From Deloitte: 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 process, and explains what boards often look for in CFO candidates, including their potential to assume the role of CEO. He also offers insights on ...

Data model helps CFO see forest for the trees

From CFO Dive: Tom Berquist, CFO of software company TIBCO, applies Wall Street experience to help make acquisitions work, whether they involve hot new companies or old workhorses. TIBCO CFO Tom Berquist often buys his company extra time to head off trouble, thanks to his decade on Wall Street as an analyst researching enterprise software companies. Back in his days at Piper Jaffray, Goldman Sachs and Citigroup starting 25 years ago, Berquist forecasted how Microsoft, Intel and other big companies ...

CFOs Expect Financial Hit From Potential Minimum Wage Increase

From WSJ: Various companies have said they support raising the federal minimum wage—albeit not as high as $15. Finance chiefs are evaluating their options to offset potential higher costs as some lawmakers pursue legislation asking for an increase in the federal minimum wage to $15 an hour as part of a Covid-19 relief package. President Biden has said he supports a plan to more than double the federal minimum wage from $7.25 to $15 over the course of four years ...

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