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Corporate CFOs in High Demand at Charities as Budgets Come Under Scrutiny

From WSJ: After three decades working as a financial executive for General Electric Co. and the Depository Trust & Clearing Corp., Oscar Raposo took a career break in 2015 to go backpacking in Asia. When it was time to return to work, he decided to move into the nonprofit sector. “I wanted to do something that I was passionate about,” said Mr. Raposo. He is now finance chi ...

PwC fails to ward off multimillion negligence claim

PwC has failed in a High Court bid to ward off a pending multimillion euro negligence claim against the Big Four firm, reports Accountancy Daily. The firm had asked Mr Justice Fancourt to strike out the claim and grant them summary judgment. However, in a complex judgment running to more than 18,000 words, the judge refused. The case has been brought against PwC and Windward ...

EU plans overhaul of cross-border VAT rules

The EU is set to tighten VAT rules to improve fraud detection in cross-border e-commerce transactions and simplify requirements for SMEs, says Accountancy Daily.  The economic and financial affairs council has reached agreement on the two proposals, which will now go on to be formally adopted. The first reform concerns the detection of tax fraud in cross-border e-commerce tra ...

OECD consults on global tax rules to stop profit shifting

From Accountancy Daily: The OECD is consulting on its global anti-base erosion (GloBE) proposal which is designed to prevent multinationals from profit shifting, by developing rules which would effectively create a minimum tax rate worldwide. The proposal forms part of the remaining programme of work under the OECD’s Base Erosion and Profit Shifting (BEPS) framework, which is ...

Beautiful business, the antidote to Zumaism

Why the world no longer believes financial statements

It’s getting harder and harder to make sense of published financial accounts, and the relentless tweaking of accounting standards has done little to improve the situation. In fact, it has arguably made it worse. If published accounts were a reliable reflection of the commercial health of companies, then trouble at Steinhoff and Tongaat would have been picked up years ago. Inve ...

The man who tried to disrupt Wall Street’s stranglehold on Silicon Valley is retiring

From Vox: Barry McCarthy, the pioneer behind a novel method to take companies public, is leaving his role as the chief financial officer at Spotify. It’s a major loss for the streaming audio company. McCarthy may not be well known beyond the ranks of Wall Street and Silicon Valley, but the idea he developed last year to take Spotify public — what is known as a direct listing — ...

What Kind of Problems Can Machine Learning Solve?

From Cfo.com: The use of machine learning technology is spreading across all areas of modern organizations, and its predictive capabilities suit the finance function’s forward-looking needs. Understanding how to work with machine learning models is crucial for making informed investment decisions. Yet, for many finance professionals, successfully employing them is the equivale ...

The CEO Life Cycle

From Harvard Business Review:  The executives who appear on Harvard Business Review’s 2019 list of best-performing  CEOs in the world show remarkable longevity in their roles: The average honoree has been CEO for 15 years, more than double the S&P 500 average in 2017 of 7.2 years. All these people have created tremendous value during their careers—but like most other CEOs, ...

Commonwealth finance ministers urge progress on taxing digital commerce to tackle debt

From Commonwealth.org: Commonwealth finance ministers have recognised the potential of technology to improve debt transparency while urging closer collaboration to resolve tax challenges arising from growing digital commerce. Revenues from tax collection are important for maintaining debt at sustainable levels, yet can often be impaired by the digitalisation of trade in servic ...

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