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The post-Covid enterprise - outmanoeuvering uncertainty

By Mauro Machiaro, senior MD Accenture Italy, and Riccardo Volpati, MD Accenture Italy. From IAFEI Quarterly June 2020. As European societies and businesses are reopening and start navigating the “new normal” (or shall we say... “never normal”), all of us are dealing with the aftermath of the lockdown and the learnings that can be drawn from it. The crisis is pervasive, deeply ...

Covid-19 drives CFO optimism to all-time low

By John Graham, D Richard Mead Jr. Family Professor of Finance, The Fuqua School of Business, Duke University, and Phillipe Dupuy, Associate Professor, Accounting, Law and Finance, Grenoble Ecole de Management. From IAFEI Quarterly June 2020. IAFEI and a group of partners among which duke university and Grenoble EM survey CFO’s across the world. For the fourth quarter 2019, th ...

Trump used Huawei CFO as 'bargaining chip' in trade fight with China: documents

From CP24.com: New court documents accuse the United States president of “poisoning” the extradition case against a Huawei executive being held in Canada. An application to B.C. Supreme Court by Meng Wanzhou's lawyers says misconduct by Donald Trump and interference by other U.S. officials meet the clear standard to stay proceedings for abuse of process. The documents say Tru ...

UK Audit Regulator Asks Companies for More Details on Covid-19 Impact

From WSJ: The Financial Reporting Council says firms should go beyond just fulfilling mandatory reporting requirements when talking about the pandemic. The U.K. regulator for audit and accounting is urging companies to provide extensive disclosures on the impact of the coronavirus pandemic on their finances. The Financial Reporting Council said Tuesday that British companies ...

Global CFO survey highlights strategies to rebuild revenue streams

Creating new or enhanced products and services and maintaining R&D and digital investments are top priorities. From FM-Magazine.com. As companies reopen workplaces, global CFOs say in a recent PwC survey that their biggest concern remains the effects of a global economic downturn on their businesses, followed by fears of a second wave of infections. CFOs' focus has also sh ...

The Dark Side of Accounting Expertise

From CFO.com: How important is it for CFOs or other top corporate executives to have accounting expertise? Around the turn of the century, when the financial director of a major bank stated that “the day of the finance director as bean counter is well and truly over,” he was reflecting much contemporary thinking. But since then, perhaps driven by this century’s notorious corpo ...

Germany Moves to Overhaul Accounting Oversight Amid Wirecard Scandal

The Federal Ministry of Justice canceled the existing regulator’s contract beyond 2021, reports the Wall Street Journal. Germany is overhauling its framework for accounting oversight following a financial scandal at Wirecard AG and is canceling the existing regulator’s contract after 2021. The Federal Ministry of Justice and Consumer Protection is working on a new regulatory ...

Where Do CFOs Come From?

From Russell Reynolds Associates: As the role of the CFO becomes increasingly complex, a number of competing theories have emerged regarding what’s required to excel in the job today. In an attempt to provide greater clarity around this issue—and separate fact from fiction— Russell Reynolds Associates analyzed the career patterns of every CFO in the Fortune 100 (F100) to establ ...

Shining a Light on Earnings Adjustments

Finance will have to make some judgments when trying to present a normalized view of ongoing financial performance. From Cfo.com. As the financial impact from COVID-19 unfolds, many companies are grappling with sudden and dramatic shifts in business demand. For some, protracted stay-at-home orders mean significantly reduced revenues, higher costs from supply chain disruption a ...

Strategies for addressing pandemic-related audit risks

By Joseph Radigan, from Journal of Accountancy: Like professionals in nearly every business on the planet, auditors have suffered a tremendous disruption to their normal operations because of the coronavirus pandemic. But the magnitude of the pandemic’s fallout will only start to become clear as engagement teams plan strategies for upcoming 2020 client reviews and audits and c ...

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