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As Asia's finance leaders navigate an era defined by artificial intelligence, evolving ESG mandates , and data-driven decision-making, the role of the CFO is no longer confined to stewardship—it is increasingly strategic. In 2025, the finance function is being reshaped not just by new tools, but by new expectations.
The Role of IFRS in Simplifying Cross-Border Financial Reporting In todays interconnected world, businesses are no longer confined by borders. This is where International Financial Reporting Standards (IFRS) come into play. But what does it really mean to be IFRS-compliant? What is IFRS Compliance? Why is it important?
For chief financial officers overseeing operations across Asia-Pacific, the Middle East, Europe, and the Americas, building compliant, scalable finance functions in unfamiliar jurisdictions is a high-stakes challenge. When it comes to dealing with changes, being one step ahead is a must for organisations to ensure the best result possible.
The Chartered Institute of Management Accountants unveiled its upgraded CGMA Professional Qualification to meet the expanding scope of modern finance. The move comes following the findings of AICPA & CIMAs Future of Finance 2.0 The move comes following the findings of AICPA & CIMAs Future of Finance 2.0
Nick Anderson was appointed as a member of the International Accounting Standards Board (IASB) in 2017. Anderson was a member of the UK Accounting Standards Board from 2007 to 2013 and a founding member of the Corporate Reporting Users’ Forum (CRUF). He has a degree in economics, University College, Durham, UK.
Whether you’re a finance professional, business owner, or decision-maker, understanding how to leverage FIS can mean the difference between reactive problem-solving and proactive success. From Spreadsheets to Smart Systems Traditionally, businesses used basic spreadsheets to manage their finances.
Business System and ERP Challenges These new business models in the medical device sector present unique financial compliance and revenue reporting challenges including adjustments to traditional accounting practices to ensure accurate revenue recognition, proper tax treatment, and adherence to regulatory standards.
Global standards such as IFRS, IFRS for SMEs, and emerging sustainability frameworks have become the common language of credibility. Today, financial statements are used by stakeholders far beyond the finance department. Where Compliance Typically Falls Short In practice, most finance teams know the theory.
But in the back of your mind, you know the hard work starts now, because you, as CFO, are the one who must bring order to financial chaos in a world that speaks many accounting languages, follows different rules, and operates on different calendars. IFRS, local GAAP)? Standardise your finance policies and controls across all regions.
Heres what that actually looks like in todays finance landscape. Shift from Finance Chief to Strategy Partner Yes, your financials must be rock-solid. They are finance. Use the tools your finance team uses, dont just approve the licences. But being a modern CFO means becoming a strategist and not just a scorekeeper.
IFRS 9 Isnt Just a StandardIts a Spotlight You dont want your valuation approach explained by your auditor in front of the board. If your hedge accounting is built on assumptions, your numbers arent safe. Structured Finance: Not Just Clever, but Commercial Acquisitions, carve-outs, JVsnone of it gets done without structure.
Global Finance (GF): What are NMB Bank’s recent milestones in driving digital transformation? The NMB Pesa Account is a good example. The NMB Pesa Account is a good example. This digital and cardless account-opening solution was designed for low-income households to advance financial inclusion in rural areas.
Every business must follow certain rules when reporting its finances, and these rules change depending on the industry. Work Closely with Other Departments Regulatory reporting is not just the finance teams responsibility. From Chaos to Clarity Smarter Regulatory Reporting for CFOs Regulatory reporting is a big part of a CFOs job.
We focus on economic returns and accounting returns. And we always need to strike that balance 00:33:44 [Speaker Changed] Of define accounting returns versus economic returns. And we always need to strike that balance 00:33:44 [Speaker Changed] Of define accounting returns versus economic returns. Right, exactly.
Career Evolution: A Non-Traditional Pathway Davids career journey reflects a shift from credit enforcement and finance operations to leadership roles in global organisations. And before I give you a chance, a little bit about CFO Club, it’s a division of CIBA, the Chartered Institute for Business Accountants.
But while the outcomes of R&D can transform markets, accounting for these costs often presents significant complexity. Questions around capitalization, practical implementation, and evolving standards make this an area where finance teams must tread carefully. Research : This involves the planned search for new knowledge.
For example, telecom operators leverage AI to automate revenue recognition processes, ensuring compliance with standards like ASC 606 and IFRS 15. sales, finance, supply chain) to predict outcomes and recommend actions. This ensures accurate and timely reporting while reducing the risk of human error.
There are many who trust accountants to do this for them, using whatever is listed as debt on the balance sheet as debt, but that can be a mistake, since accounting has been guilty of mis-categorizing and missing key parts of debt.
Ensure auditable reporting and compliance The CFO needs to work with other functions like corporate financial reporting, regulatory compliance, tax, treasury, and legal to ensure timely, auditable reporting and financial accounting. It also supports the two-dimensional accounting strategy that combines carbon and financial metrics.
Operational Efficiency Integrated Business Processes : SAP Cloud ERP integrates key business functions like finance, supply chain, asset management, procurement, and customer service. SAP Cloud ERP supports percentage-of-completion accounting, which allows for revenue to be recognized as work progresses on long-term contracts.
ASC 606/IFRS 15 Compliance : Under the ASC 606 (U.S.) and IFRS 15 (International) revenue recognition standards, media companies must recognize revenue based on performance obligations, such as when content is made available or when specific services are rendered.
Financial reporting specialist and lecturer Adam Deller explains the basic principles of IFRS 5, 'Non-Current Assets Held for Sale and Discontinued Operations'. The post The fundamentals of IFRS 5 appeared first on FutureCFO.
Financial reporting specialist and lecturer Adam Deller explains the basic principles of IFRS 16, Leases. The post The fundamentals of IFRS 16 appeared first on FutureCFO.
AI coupled with The Digitization of the Finance Function create powerful levers for today’s CFO. AI in the “Real World” While these powerful tools seem to have a near mastery of natural language communication, they are not necessarily designed to possess many of the skills required by finance and accounting professionals.
IFRS 9 is changing hedge accounting forever. A recent Reval survey shows that 70% of finance teams say that they have or will implement new hedging strategies as a result of the new standard. IFRS 9 Advantages in a Nutshell. Under IAS 39, many hedges that did not qualify for hedge accounting may qualify now.
Previous posts in this blog series o n Environmental, Social and Governance (ESG) and carbon accounting have spotlighted carbon accounting as a trend to watch , looked at ESG impacts on M&A , and tracked the emergence of new ESG standards. The CSRD is part of the EU’s European Green Deal and the Sustainable Finance Agenda.
One important side effect of the ongoing trend toward globalization is the need to comply with a range of different accounting principles as well as with disparate reporting and compliance mandates. Parallel Ledgers - in which multiple ledgers are used, with an accounting principle applied to each ledger.
Suppose your company finances are complicated and include multiple entities or locations. In that case, you may be looking for more powerful real-time accounting solutions to provide you with a better view of your entire operation and help with things like taxation, HR, multiple currencies, and more. Ability to view performance on U.S.
Navigating IFRS , Key Updates and Changes Introduction In today’s fast-paced financial world, staying up to date with the latest International Financial Reporting Standards (IFRS) is critical for CFOs. IFRS 16 Leases: Impact on Balance Sheets IFRS 16 has changed the way leases are recorded on balance sheets.
The Financial Reporting Council (FRC) calls for IFRS 17 disclosures improvements in its recently published IFRS 17 'Insurance Contracts' thematic review. The IFRS 17 disclosures improvements that FR C expects include the following. The post IFRS 17 disclosures improvements needed: FRC appeared first on FutureCFO.
IFRS 16, published by the International Accounting Standards Board (IABS), came into effect on January 1, 2019. The new leases standard will affect most companies in the region, because, simply put, most companies use rentals or leasing to access assets as it’s a popular financing solution.
IFRS 17 will change insurers' reported earnings and equity as it alters their profit recognition patterns and measurement of liabilities, while not directly affecting insurers' creditworthiness, said Moody's recently. The post IFRS 17 won't directly affect insurers' creditworthiness appeared first on FutureCFO.
One of the major IFRS 17 challenges is that it’s disrupting business as usual for insurers. According to a WTW IRS 17 survey, there are major post-implementation challenges that insurers still need to overcome after reporting their half-year 2023 results under IFRS 17 for the first time.
Insurers have reported that there is still a huge amount of work to complete in order to successfully deliver IFRS 17 ahead of the 2023 deadline, said WTW recently. According to WTW’s latest survey, entitled ‘IFRS 17: Will we make it?’, insurers report material progress has been made since WTW’s previous IFRS 17 poll in 2021.
Financial reporting specialist and lecturer Adam Deller explains the basic principles of IFRS 8, Operating Segments. The post The fundamentals of IFRS 8 appeared first on FutureCFO.
However, seasoned finance professional, Thabo Maake believes that National Treasury was correct in its decision. Why Maake believes Treasury was right A core point of Maake’s argument is that State Owned Companies (SOCs) like Eskom are expected to not only adhere to IFRS and the Companies Act, but also the PFMA. How do you close it?
Choosing the right accounting software is important. Financial governance allows your organization to meet compliance requirements, such as IFRS and GAAP updates, by having the right financial controls in place. However, there are exceptional cloud accounting software programs that can take that complexity and make it simple.
Driven by sweeping changes such as digital transformation, globalization of markets, the subscription-based Digital Solutions Economy™ (DSE), carbon-accounting mandates, a rising emphasis on artificial intelligence, and other disruptive trends, the role of Chief Financial Officer (CFO) is undergoing radical transformation too.
In the third of EY's Global IFRS video series on the implementation of IFRS 16, Emily Moll and Victor Chan discuss agenda decisions reached by the IFRS Interpretations committee about the application of IFRS 16. The post IFRS Interpretations Committee agenda decisions on IFRS 16 (I) appeared first on FutureCFO.
After several months of re-deliberations, the International Accounting Standards Board (the Board) has published the final amendments to IFRS 17 Insurance Contracts. The post IFRS 17: Final amendments are out now appeared first on FutureCFO.
AI coupled with The Digitization of the Finance Function create powerful levers for today’s CFO. AI in the “Real World” While these powerful tools seem to have a near mastery of natural language communication, they are not necessarily designed to possess many of the skills required by finance and accounting professionals.
Financial reporting specialist and lecturer Adam Deller explains the basic principles of IFRS 2, “Share-based Payment”, in this short video. The post The fundamentals of IFRS 2 appeared first on FutureCFO.
This video considers the accounting for the latest IBOR reform developments, as entities transition their exposures to risk free rates. The post IFRS Video: IBOR reform, year-end considerations appeared first on FutureCFO.
Clearly, CFOs and the finance function have a big role to play here. Financial materiality refers to the effect of sustainability matters on the company’s current or future cash flows, development, performance, position, cost of capital, or access to external finance mechanisms.
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