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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?
Finance heads are now expected to elevate their tools and processes as they navigate their way around new models for revenue recognition. Compliance with standards like ASC 606 and IFRS 15 is still crucial, but the focus has shifted to optimising operations for growth. Managing non-standard deals and complex contracts.
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.
Every business must follow certain rules when reporting its finances, and these rules change depending on the industry. If there are differences, it can lead to problems during audits or inspections. If the data is incorrect or unclear, the company may face penalties or extra audits.
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.
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and join our community of accounting and finance executives. Before joining Komatsu, he was a Senior Manager at KPMG in South Africa and he was responsible for several large audit clients. It’s not only on the financial side that I’m involved, I’m also responsible for finance and the IT systems. Go to www.cfoclub.co.za
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These include the Companies Act, the Tax Administration Act, the Financial Sector Regulation Act, and the International Financial Reporting Standards (IFRS), among others. These statements must be audited or independently reviewed, depending on the company’s public interest score.
Among the things finance leaders must focus on for the new year is undoubtedly the rising interest and trend on sustainability. Ethical dilemmas For Hasenoehrl, trustworthy, transparent, auditable, and ethical use of data is fundamental to successful reporting, both in financial and sustainability reporting.
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.
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It’s essential to engage with various stakeholders—including finance teams, auditors, and even IT professionals—to identify the specific needs that your system must address. A user-friendly interface can significantly reduce the learning curve and increase the system’s adoption rate among your finance team.
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As the person responsible for preparing an organisation’s financial reports, which include balance sheets and income statements, the role of a finance controller is anything but ordinary.
Financial Intelligence Centre Act (FICA): FICA aims to combat money laundering and terrorist financing by imposing obligations on businesses, especially those in the financial sector, to verify client identities, keep detailed transaction records, and report suspicious activities.
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2 With regulations continually evolving, data volumes expanding, and the need for transparency growing, finance leaders are in a strong position to drive these efforts and create strategic value for their organizations. The final ESRS requirements are to be passed as law at the end of July 2023 and no later than the end of August 2023.
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Nicolaas emphasized CIBA’s role in supporting CFOs and finance professionals through education, resources, and a strong professional network. Key Highlights Dr. Suresh Kana’s Session : Dr. Kana discussed new developments around IFRS S1 and S2, focusing on sustainability-related disclosures.
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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. Life is so much easier for accounting and Finance staff now with today’s technology. Watch the Webinar Replay. Ah, the memories!
Not being compliant with US GAAP or IFRS. Lack of controls and audit trails. Time-consuming and costly audit process. Improve audit trails, reduce audit costs. Finance time shifts to value-added analysis, reduce hiring needs. Challenges in consolidating multiple spreadsheets and correcting errors.
Here are the key accounting consolidation steps in the finance consolidation process : Collecting trial balance data (e.g., Here are the key accounting consolidation steps in the finance consolidation process : Collecting trial balance data (e.g., GAAP or International Financial Reporting Standards (IFRS).
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. Many Finance professionals may think that only large enterprises need a formal financial consolidation process and system.
They throw finance bodies at the task of requesting, gathering, collating, and organizing the required data. 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.
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Today’s podcast is sponsored by Draftworx, which provides automated drafting and working paper financial software to more than 8000 accounting and auditing firms and corporations. After my degree I got employed by a company called Fox5 as a finance manager and worked there for five years.
Oyinda Akanbi is making a difference beyond finance in her position as CFO at the leading diagnostics provider in Nigeria. Today’s podcast is sponsored by Draftworx, which provides automated drafting and working paper financial software to more than 8000 accounting and auditing firms and corporations.
Finance professionals and teams today have numerous solutions available to help them plan, budget, forecast, and analyze financial information. Because OnPlan was designed by financial professionals, it has given the company unique insight into the data modeling requirements of a modern finance department. Batch change capabilities.
Today’s podcast is sponsored by Draftworx, which provides automated drafting and working paper financial software to more than 8000 accounting and auditing firms and corporations. They’re a unique part of the board in their ability to come from a finance perspective and then interpret the data for business decision-making.
My name is Lawrence Nsibandze, and I began my career back in 2001 with the Price Hotel Group as an audit clerk. I spent about four and a half years there, doing external audits for clients under international standards. In this role, I introduced a risk-based auditing approach and later became the bank’s financial manager.
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