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FinancialReports That Dont Age Like Milk: The Power of Real-Time Data Imagine running a business where financial decisions feel like guessworkwaiting weeks for reports, struggling with outdated data, and constantly fearing human error. Now, real-time dashboards allow them to monitor financial health instantly.
Reporting Rules That Make or Break Your Reputation Financialreporting is often thought of as the final step in the business process, the box to tick at the end of the quarter or financial year. They understand that reporting, when done right, is not just a reflection of past performance. IFRS evolves.
Keep track of reporting deadlines Use a compliance calendar so you never miss a submission. Follow standard accounting rules In most industries, this means using IFRS (International FinancialReporting Standards) or IFRS for SME (International FinancialReporting Standard for Small and Medium-sized Entities) to prepare financial statements.
Harmonising financialreporting and compliance Finding the balance between financialreporting and compliance across multiple jurisdictions, while trying to comply to global standards such US GAAP and IFRS with local tax regimes and regulatory requirements without overburdening local teams can be such a huge task for many organisations.
From a global perspective, the International Sustainability Standards Board (ISSB), which was established by the IFRS in November 2021 at COP26 in Glasgow, has issued its first two standards. IFRS S1 requires companies to communicate the sustainability risks and opportunities they face over the short, medium, and long term.
When choosing the best financialreporting software solution, it's important to consider factors such as ease of use, scalability, integration with existing systems, compliance with accounting standards, cost, customer support, and any unique requirements your organization might have. What is financialreporting software?
Whether it’s streamlining financialreporting, enhancing data accuracy, or ensuring compliance with South African regulatory standards, clearly defining these objectives will guide the entire design process. Choosing the Right Software and Technology Selecting the appropriate financial software is a critical decision.
Periodic financialreporting is a great example. Most organizations put a great deal of manual effort into their periodic reporting. Our customers love to tell us how many inefficiencies they had in their reporting process before they started using the Planful Platform for financialreporting.
In an ideal world, financialreports should build shareholder trust by offering accurate data about the performance of the company. In reality, a company’s financialreport can be more flimsy—involving estimates and judgment from leadership that’s far from the truth. at its peak to $0.26
Financialplanning and analysis (FP&A) is important in automating all of the manual tasks in the finance department and giving everyone greater insights into the data. FP&A not only supports business and financial decision-making but also provides management with insights into the organization’s strategic plans and investments.
Within the Five-Step model, Step 4 of ASC 606 and IFRS 15 requires an allocation of the total consideration in a contract, which your company is entitled to collect for each distinct performance obligation. Digital Transformation: Is there a way to map out an incremental plan for migrating our business to S/4HANA? What are the options?
Certain climate-related financial statement metrics and related disclosures in a note to its audited financial statements; and ? Information about climate-related targets and goals, and transition plan, if any. ISSB was established by the IFRS Foundation in response to the Glasgow COP 26 conference in November 2021.
Are you wondering how best to make the business case to your company for investing in a cloud-based planning or reporting solution? Reducing Reliance on Spreadsheets for Budgeting, Planning, and Reporting. Limited reporting and analysis capabilities. Not being compliant with US GAAP or IFRS.
These include tax laws, financialreporting standards, labor laws, industry-specific regulations, and corporate governance codes. Complex Reporting Standards: Adhering to both International FinancialReporting Standards (IFRS) and local regulations can complicate financialreporting.
AI driven automation is expected to extend to more complex tasks such as, audits, risk management, and financialplanning and analysis. For instance, could financial statements generated by ChatGPT withstand audit scrutiny? SEC filings, GAAP documentation, FASB accounting standards, IFRS standards, PCAOB, FINRA, etc.),
Click on the link to download to discover in detail a list of the benefits that IBM Cognos Controller provide for finance teams: Data collection and validation Reconciliations Workflow and tasks to improve the close cycle Currency conversion Minority interest calculations Inter-company eliminations Group closing adjustments Management adjustments Allocations (..)
As the person responsible for preparing an organisation’s financialreports, which include balance sheets and income statements, the role of a finance controller is anything but ordinary. Succeeding amid challenges “Success as a controller relies on an entrepreneurial mindset, analytical rigour, and adept leadership,” says Leonardo.
Strategic Measure: CFOs should focus on strong cash flow forecasting and planning for different scenarios. By creating different financialplans for various economic situations, CFOs can better prepare for and respond to potential problems.
The 2023 EY Global Climate Risk Barometer finds that there have been incremental developments in the quality of climate reporting, but rate of improvement is not enough to support climate commitments. Despite agreeing to climate commitments, about 56% of those surveyed in Southeast Asia do not disclose a transition plan to back these.
Better Insights : Provides deeper insights into revenue metrics and performance, supporting better decision-making and strategic planning. This comprehensive approach not only streamlines the adoption of revenue recognition standards but also enhances the efficiency and precision of financialreporting.
The Steward must ensure company compliance with financialreporting and control requirements. Accounting knowledge (IFRS and taxation). External financial and regulatory reporting knowledge. Competencies include: Staff planning. Investment and credit risk knowledge. Project management. Corporate finance.
This is another key pillar of the leadership development for financialplanning and analysis (FP&A) professionals. You can achieve it only via strong public leadership rather than just your technical skills or knowledge. Strategic leadership (strategy knowledge and business acumen).
The goal is to create an accurate and comprehensive record of all transactions that can be used for both internal and external reporting, including audits and tax returns. Do You Struggle to Make Sense of Your Financial Statements? Help protect against fraud, embezzlement, and mismanagement of assets and resources. Get the free guide!
According to KPMG, 65% of international dealmakers believe ESG is a key consideration when making investments and in merger and acquisition decisions, 1 and EY reports that 99% of investors use ESG disclosures as a part of their investment decision-making.
Consolidating the data following specific financial accounting rules and guidelines, such as U.S. GAAP or International FinancialReporting Standards (IFRS). Reporting results to internal and external stakeholders.
AI driven automation is expected to extend to more complex tasks such as, audits, risk management, and financialplanning and analysis. For instance, could financial statements generated by ChatGPT withstand audit scrutiny? SEC filings, GAAP documentation, FASB accounting standards, IFRS standards, PCAOB, FINRA, etc.),
If the latter is the case, Planful recently held a webinar focused on how you can automate and accelerate the financial close, consolidation, and reporting process and free up more Finance time for value-added analysis. Then there’s additional time spent on external financialreporting and filings.
Finance professionals and teams today have numerous solutions available to help them plan, budget, forecast, and analyze financial information. In this buyer’s guide to the best FP&A software, we’ll provide an overview of the top financialplanning and analysis tools to consider. Customers success. Key features.
The conversation about the underinvestment in intangible assets in South Africa, and the challenges of accounting for these assets (due to subjective accounting treatments), directly impacts how CFOs approach financialreporting. IFRS, US GAAP). Why is this important for CFOs? I would love to hear your thoughts on this.
Almost in parallel, accounting as a profession found its footing and worked on creating rules that would apply to reporting, at least at publicly traded companies, with GAAP (Generally Accepted Accounting Principles) making its appearance in 1933.
So it’s interesting that the focus isn’t only on climate change and reporting thereon and how to reduce emissions, but also on business efficiencies. They come from urban planning, they come from information technology, and they also have quite strong business experience or theoretical business grounding like an MBA or something like that.
Scenario planning, diversification, and embracing technology like AI are vital strategies. Financial leaders must combine human-centered skills with strategic foresight to thrive in uncertain times. I once did a analysis of the IFRS Foundation’s budget. And then you can see the all the countries that contribute.
Ensure auditable reporting and compliance The CFO needs to work with other functions like corporate financialreporting, regulatory compliance, tax, treasury, and legal to ensure timely, auditable reporting and financial accounting. You can unsubscribe at anytime.
Service Differentiation: Telcos must compete with other providers on service quality, pricing, and innovative offerings like bundled packages, mobile device discounts, or personalized service plans. Better Accounting Compliance: Cloud-based ERP systems ensure accurate financialreporting, adherence to tax laws, and audit readiness.
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