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IFRS 17 cost estimated at US$15B to US$20B for insurers

Future CFO

The total IFRS cost faced by the global insurance sector to implement the standard is estimated to hit the range of US$15 billion - US$20 billion, said Willis Towers Watson recently. More than 10,000 full-time equivalent employees will be required to deliver IFRS 17.

IFRS 52
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Family Office Financial Management

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Financial governance allows your organization to meet compliance requirements, such as IFRS and GAAP updates, by having the right financial controls in place. Family offices are growing in popularity. It used to be the domain of a relatively small number of wealthy families.

GAAP 81
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Parallel Accounting is a Key Tool for Global Companies with Multiple Reporting Requirements

Bramasol

For example, a company with branches doing business in the United States and the European Union will need to comply with both GAAP and IFRS accounting principles.

IFRS 66
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How to Comply with Accounting Standards for Nonprofits

The Charity CFO

In the United States, these Generally Accepted Accounting Principles (or GAAP) are set by the Financial Accounting Standards Board (FASB). First, nonprofits must follow GAAP, the Generally Accepted Accounting Principles.

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How Complex Are Your Business Finances?

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GAAP, IFRS, and cash base side by side for better visibility. No two businesses are exactly alike. Every business has unique financial needs. Suppose your company finances are complicated and include multiple entities or locations.

IFRS 73
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The Number One Problem With Selling a Business

Focus CFO

GAAP financials when times get tough, and others manage to survive with street smarts. GAAP based Managerial Financial Statements. GAAP or IFRS based. GAAP or IFRS standards in order to maximize the value of the company.

Numbers 52
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California CPAs Call For Crypto Accounting Clarity

PYMNTS

Reports in The Block Crypto late last week said a group of California CPAs has sent a letter to the Financial Accounting Standards Board, a federal board that sets Generally Accepted Accounting Principles (GAAP), requesting that it consider establishing a task force to address a lack of clarity in cryptocurrency accounting standards. GAAP,” the letter stated.

IFRS 47
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Balance Sheet vs. Profit and Loss Statement (P&L)

CFO News Room

In addition, the balance sheet must adhere to a standard format as described in an accounting framework, such as the International Financial Reporting Standards (IFRS) or the generally accepted accounting principles (GAAP).

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Musings on Markets: Data Update 5 for 2022: The Bottom Line!

CFO News Room

IFRS and GAAP now treat as leases as debt, but that is still not the case in many other markets that are not covered by either standard). The proverbial bottom line for success in business is the capacity to deliver profits, at least in the long term.

Marketing 130
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China and Vietnam: the most complex countries in Asia-Pacific for accounting and tax

Future CFO

Local GAAP is much more common than international standards such as IFRS, with 71% of APAC jurisdictions taking the more localised approach. TMF Group is a global provider of critical compliance and administrative services, with some 7,800 in-house experts across 80-plus jurisdictions.

IFRS 52
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Closing The Books, With An Eye On Process And Automation

PYMNTS

This is especially true when multinationals must reconcile data across different accounting standards, such as GAAP and IFRS. A key part of business life is getting the books closed on time, with clean financial reporting that allows a high-level and granular view of what needs to be done next. Yet, in this most crucial of processes, inefficiencies exist, so much so that timeliness lags.

IFRS 63
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When more (data) leads to less (information)!

CFO News Room

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.

GAAP 130
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How the New Revenue Recognition Rules Could Impact Budgeting and Planning

Planful

However, the revenue recognition guidance offered under US GAAP vs. IFRS has differed and was in need of improvement. In May of 2014 , the two bodies issued their converged guidance under ASC 606 and IFRS 15. Presently, US GAAP has complex, detailed, and disparate revenue recognition requirements for specific transactions and industries – including, for example, for software and real estate.

IFRS 40
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How to Build Shareholder Trust with Reliable Financial Reports

Planful

Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS)-compliant, so you can focus on what matters—telling your company’s financial story. In an ideal world, financial reports should build shareholder trust by offering accurate data about the performance of the company. In reality, a company’s financial report can be more flimsy—involving estimates and judgment from leadership that’s far from the truth.

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The most and least complex jurisdictions for financial compliance in APAC

Future CFO

Many jurisdictions are moving towards international accounting standards such as International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP). International alignment is stronger in both North and South American jurisdictions, with IFRS being required in 50% of jurisdictions making it the most common accounting practice used.

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Moving Financial Consolidation and Reporting to the Cloud – Webinar Recap

Planful

Multi-GAAP reporting (i.e., US GAAP, Canadian GAAP, IFRS, etc.). Is your close process fast and efficient? Or are you struggling through an extended process with spreadsheets and email or legacy applications that you’ve outgrown? 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.

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Data Update 5 for 2022: The Bottom Line!

Musings on Markets

IFRS and GAAP now treat as leases as debt, but that is still not the case in many other markets that are not covered by either standard). The proverbial bottom line for success in business is the capacity to deliver profits, at least in the long term.

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Relieving the Pain of Year-End Close and Reporting

Planful

Consolidating the financial results following US GAAP or IFRS guidelines, including these steps: Performing currency conversions. Ability to consolidate results according to US GAAP, IFRS, and other guidelines – within minutes. With the right tools and processes in place, the year-end close and reporting process can be less stressful and painful for the Finance team, maybe – dare I say it – even something you look forward to. Watch the Webinar Replay.

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What is the Financial Consolidation Process in the Accounting World?

Planful

GAAP or International Financial Reporting Standards (IFRS). Financial Consolidation in the Accounting World. By itself, the term “consolidation” simply means to put things together. But in the accounting world, “financial consolidation” is a well-defined process that includes several complexities and accounting principles. Here are the key accounting consolidation steps in the finance consolidation process : Collecting trial balance data (e.g.,

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Financial Reporting – Have You Seen the Light?

Planful

Planful gives you a robust library of report templates to build the foundation of GAAP and IFRS-compliant balance sheets, income statements, statements of cash flow, and other financial and statutory reports. For many routine tasks, the need to just get it done tends to overshadow the inefficiencies and pain along the way. Then, once the task is complete, those irritations are quickly forgotten and your mind moves onto the next task. That is, until the offending task pops up again.

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Making the Business Case for Cloud-Based Planning and Reporting

Planful

Not being compliant with US GAAP or IFRS. Are you ready to upgrade to a cloud-based EPM solution that can help you spend more time on value-added analysis and less time on data collection and fixing Excel errors? 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.

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Disclosure Dilemma: When more (data) leads to less (information)!

Musings on Markets

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.

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Want a Smoother Year-End Close? Get it Right Each Month and Quarter

Planful

These results then require consolidation following US GAAP or IFRS guidelines. When it comes to a smoother year-end close, the more seamless the monthly and quarterly closings are, the better. By establishing solid processes for monthly and quarterly closings, organizations can set themselves up for a smoother year-end close with a lower risk of surprises. It’s a Vicious Cycle – That Repeats.

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ERP and EPM Systems – Better Together

Planful

These systems provide built-in support for complexities such as currency translation, intercompany eliminations, and reporting under multiple accounting guidelines, such as US GAAP or IFRS. So what’s the difference between difference between epm and erp systems? What business problems do they solve? Why do you need both? How do they work together? ERP – Optimized for Transaction Processing. Let’s start with ERP systems.

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Data Update 1 for 2021: A (Data) Look Back at a Most Forgettable Year (2020)!

Musings on Markets

For instance, I have always computed the present value of lease commitments in future years and treated that value as debt, a practice that IFRS and GAAP have adopted in 2019, but that computation requires explicit disclosures of lease commitments in future years.

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10 Best FP&A Software Tools: A Comprehensive Buyer’s Guide [2023]

Onplan

Automated reporting also enforces compliance with GAAP and IFRS standards. Finance professionals and teams today have numerous solutions available to help them plan, budget, forecast, and analyze financial information.