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Life in a remote world - tax enforcement in transfer pricing

By Joon Chong, Partner & Karen Miller, Consultant at Webber Wentzel The unusual business conditions of the Covid-19 outbreak will require a more flexible approach from tax authorities when analysing transfer pricing in the 2020 year of assessment The Covid-19 outbreak in late 2019 / early 2020 has impacted the way we live daily and has had a devastating impact on the glob ...

CFO succession planning: how to prepare

From WSJ: 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 w ...

CFOs expect an economic rebound a year from now

The Q2 Deloitte Signals Survey found that 585 of CFOs see the North American economy rebounding a year from now. As the pandemic continues to cause global economic disparity, experts scramble to forecast economic recovery. While no one can predict with precision what lies ahead for the economy, CFOs’ expectations and actions can be a helpful barometer. On a recent Resilient Po ...

Auditors show resilience during pandemic, CAQ’s Lindsay says

From the Journal of Accountancy: Public company auditors have responded quickly and effectively to the coronavirus pandemic to help preserve the public’s critically important confidence in capital markets. That’s the conclusion drawn by Center for Audit Quality (CAQ) Executive Director Julie Bell Lindsay, who said in a telephone interview that auditors have used technology and ...

Storytelling in Finance: Give Life to Your Company’s Numbers

From CFO Daily News:  Is your financial statement template so dense that even you have trouble reading it through without going cross-eyed? Do you find that when you present your findings to stakeholders that there’s dead air, and no one is engaged or asking questions? We speak the language of numbers – but not every stakeholder does. And even those of us who wrangle numbers ...

New US regulations for loan rollovers

From the Journal of Accountancy: In REG-116475-19, the IRS addressed the amendments to Sec. 401(c) by Section 13613 of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, which provides an extended rollover period for a qualified plan loan offset. Sec. 72(p)(1) provides that if, during any tax year, a participant or beneficiary receives (directly or indirectly) any ...

This is a time for personal growth for finance executives

Recent times have exacerbated an essential truth: The only constant is change. For most of us, our normal environments and modes of operation have been completely upended — personally and professionally, says Steven K. Howell from Journal of Accountancy. A highly infectious virus quickly spread across the world, and we still have difficulty drawing managerial conclusions; it h ...

Is COVID-19 a Triggering Event for Impairment Testing?

From Cfo.com: The longest-running bull market since World War II began in March 2009, and over the past few years, many debated “when, not if,” a downturn would occur. But no one could have predicted that a global pandemic would lead to unprecedented disruption and dislocation in the capital markets and the quickest end to a bull market in history. As of March 23, the S&P ...

Audit and Financial Reporting: New Skills, New Challenges

From FEI: New technologies are rapidly transforming the finance function as many manual tasks are automated and digital resources can be used to analyze an overwhelming flood of data. Whether it is robotic process automation (RPA), blockchain or artificial intelligence (AI), senior-level financial leaders are beginning an important transformation of their profession through tec ...

Buffett rebuffed over FASB rules on unrealized gains and losses

From Cfo.com: Warren Buffett was unequivocal in his criticism of the Financial Accounting Standards Board’s ASU 2016-01 — the new accounting for equity securities passed in 2016 and implemented in 2018. In his 2017 letter to shareholders, Buffet noted: “The new rule says that the net change in unrealized investment gains and losses in stocks we hold must be included in all net ...

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