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CFOs must decode data to fuel the next wave of growth

From Accounting Today: CFOs have more data at their fingertips than anyone else in their company. The process of extracting value from diverse data sets is not simple, but it's exactly how CFOs expect new insights to emerge. To get it right, they must overcome significant barriers in capturing data, adopting new technologies and deploying talent in new ways. The upshot is an ac ...

Accounting Background No Longer Needed For CFO Jobs

Having an accounting background is no longer a must for a company’s chief financial officer (CFO), according to a report by The Wall Street Journal. For example, when directors of Hannon Armstrong Sustainable Infrastructure Capital were looking for someone to fill the role, they were more worried about hiring someone who had experience with raising debt and equity, and they di ...

Cost Accounting Standards Board still working on conforming with GAAP

The Cost Accounting Standards Board, a group set up by Congress in 1970 to make sure federal contractors charge their costs appropriately, is finally making some progress in aligning its 19 cost accounting standards with U.S. GAAP after Congress mandated in 2017 that it do so where practicable, reports Accounting Today. A new report from the Government Accountability Office fo ...

BlackRock CEO declares ‘fundamental reshaping of finance’

Climate change is the foundation of what may be a fundamental reshaping of finance, BlackRock Chairman and CEO Larry Fink wrote in an open letter to CEOs released Tuesday that announced the asset manager’s plans to place sustainability at the center of its investment approach, reports the Journal of Accountancy. BlackRock, which has close to $7 trillion under its management, i ...

BOARD INDEPENDENCE: IS YOUR BOARD SKATING CLOSE TO THE EDGE?

South African boards should be looking carefully at King IV’s guidance on board composition and director independence rather than simply trying to impose a one-size-fits-all rule, says Richard Foster CD(SA), a governance advisor, professional non-executive director and Institute of Directors in Southern Africa (IoDSA) facilitator. An overemphasis on independence can actually ro ...

17 jobs paying more than R2 million in South Africa right now

From Business Insider. There are at least 17 paying jobs in South Africa that earn more than R2m a year, according to recruitment agency Michael Page. Michael Page found that CFO’s, financial directors and chief human resource officers are among the highest paid in South Africa.  The recruitment agency said local salaries are under pressure as companies seek to automate an ...

How CFOs Can Jumpstart Automation of the Close

Companies spend nearly half their time creating and updating reports, and devote just a fraction of that time to uncovering insights in the data, writes Matt Soderberg of Deloitte Consulting. From Cfo.com. The financial close is a necessary part of business, yet among the most arduous of tasks. Every month, organizations invest significant resources in closing systems, compili ...

Digital Dollar Project Envisions a Fed-Issued Digital Currency

Former Commodity Futures Trading Commission (CFTC) chairman Christopher Giancarlo presented a detailed look into his Digital Dollar Project at the World Economic Forum in Davos, Switzerland, reports Benzinga.com. The Digital Dollar Project aims to encourage the launch of a central bank digital currency in the United States, according to Giancarlo, who is currently one of the f ...

US should embrace reform of goodwill accounting

From FT.com: The question of how companies treat goodwill in their accounts has engaged the attention of America’s accounting standards-setters several times over the past seven decades. It has not been a comfortable journey. Twice goodwill-related wrangling has contributed to the standards-setters’ own demise; first in 1959 when the Committee on Accounting Procedure was axed ...

Multinationals pay £5bn as profit shifting tax rules bite

From Accountancy Daily: (UK tax authority) HMRC has raised over £5bn since the diverted profits tax and changes to transfer pricing rules came into force five years ago as global businesses change tax policy. 2015 saw the introduction of the diverted profits tax (DPT) which was designed to change behaviour and clamp down on contrived tax schemes used by the largest digital m ...

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