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Companies Adjust Earnings for Covid-19 Costs, but Are They Still a One-Time Expense?

From WSJ: Finance chiefs and investors are trying to figure out how to account for coronavirus-related expenses as the pandemic transforms how companies operate in ways that may become a permanent cost of doing business. Businesses have spent billions of dollars on personal protective equipment, such as masks and gloves, to keep their operations running since March. Many have ...

Companies see 'fresh-start' accounting as way to improve post-bankruptcy odds

As the pandemic sends companies into bankruptcy, CFOs consider a reorganizational approach that creates a new entity with a new set of books. From CFO Dive. Coronavirus-induced Chapter 11 bankruptcies are putting the spotlight on a way to help failed companies get a fresh start. As the pandemic took hold in the second quarter, Chapter 11 filings surged by double digits, report ...

Harvard CFO Thomas Hollister on what Covid means for elite education

From the Harvard Gazette: The COVID-19 pandemic continues to create financial challenges for colleges and universities across the country, including Harvard, which has forecast significant revenue shortfalls for fiscal years 2020 and 2021. Since the onset of the outbreak, the Gazette has periodically checked in with Thomas J. Hollister, Harvard’s vice president for finance and ...

Why the CFO is now digital transformation’s biggest ally

From ITWeb: The classic picture of a chief financial officer is that of a historian. This is CFO 1.0, a financial professional who isn't taking much advantage of modern digital tools and simply uses software for record-keeping. There is a perception that pretty much all CFOs fall into this category. Yet new research from Sage and World Wide Worx challenges that notion, said Wo ...

The government’s taxation response to the Covid-19 pandemic

From IAFEI Quarterly Bulletin: By Filipa Correia, chair of the IAFEI International Tax Policy Working Group, and Alessandro Valente, vice-chair of the IAFEI Ethics and Sustainable Development Working Group This article aims to analyze the new OECD report, released on the 15th of April 2020, which explores the tax and fiscal measures introduced by governments in response to t ...

Is your foreign company worth the paper it’s written on?

Economic substance has become a major buzzword for companies doing business in other countries – but many South African companies have yet to make the necessary adjustments to their international structure to ensure compliance, more than 18 months after the regulations came into force. This warning comes from Sovereign Trust’s Rone Silke, who says companies that do not comply ...

New proposals for double taxation agreements in EU

Issued by the CFE Fiscal Committee. Republished from IAFEI Quarterly bulletin June 2020. CFE welcomes the Commission's intention to expand and improve the mechanisms available to member states to resolve double taxation disputes with the introduction of Council Directive No. 2017/1852 of 10 October 2017 on tax dispute resolution mechanisms in the European Union. CFE Commented ...

What Mexico will give to the world after COVID-19: a better understanding of trade dynamics

By Jose Jaime Diaz Gonzalez de la Campa. Member of IMEF’s Board and Independent Consultant. Republished from IAFEI June 2020 Quarterly bulletin. Mexico has been hit like everyone else by the pandemic. This is not the topic of this article. I will only focus on mentioning that situations not foreseen and not controlled by anyone make us strengthen ourselves as a country. Short ...

4 Surprising Facts About Financial Misreporting Lawsuits

From Forbes: New research finds that audit firms are co-defendants in only 20% of lawsuits alleging financial misreporting, according to a study forthcoming in Contemporary Accounting Research. Company management is responsible for preparing financial statements for investors and other external parties. Auditors are responsible for auditing those financial statements to detect ...

Research reveals a radically different, COVID-influenced CFO role

By Pieter Bensch, Executive Vice-President, Africa & Middle East at Sage As COVID-19 continues to challenge and disrupt the business landscape, CFOs are stepping up and playing a bigger role in digital transformation. In fact, many of them are driving the digital strategy within their businesses – and we have new insights into how they’re achieving this. I spoke about the ...

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