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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.
However, the economic decisions that are made next year, especially around load shedding, are key,” says Ehsaan. In particular, mining and quarrying, and construction saw negative economic growth for 2022. However, as a modern CFO, you cannot only rely on your IFRS textbook or your technical abilities.
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.
Navigating South Africa’s Reporting Maze: What Every CFO Needs to Know Navigating the complex landscape of regulatory reporting in South Africa can be daunting, especially for CFOs who bear the responsibility of ensuring compliance while also driving strategic financial decisions.
The research “How to improve IFRS for intangible assets? This study provides some key insights that are highly relevant to our discussions and podcasts at the CFO Club on how South Africa can improve its treatment of intangible assets to foster economic growth. How CIBA and the CFO Club Can Assist CFOs 1.
Why IAS 38 is Hindering South Africa’s Growth: A Call for Change In an era where innovation, intellectual property (IP), and intangible assets drive economic success, South Africa finds itself at a critical crossroads. They drive productivity, enhance competitiveness, and provide the foundation for long-term economic growth.
South Korea life insurance firm Kyobo Life has implemented a high-performance computing platform for IFRS 17 and K-ICS financial reporting compliance, said AON recently. The post IFRS 17: South Korean insurer implements a computing platform for compliance appeared first on FutureCFO.
1X ‘ It’s not how well you talk, it’s about the work you put in’ Welcome to the CFO Club Africa podcast, where we interview leading CFOs from Africa and beyond. What are your views of the modern CFO because most of the academic training you would have received would have been focused highly on accounting, tax and auditing.
Anticipating Financial Challenges: Strategic Measures for Corporate Finance As a CFO in South Africa or elsewhere in Africa, you’re no stranger to the financial hurdles that come your way. Economic shifts, new regulations, and technological changes constantly test your ability to keep your company financially stable.
However, CFF’s ought to be consolidated (in IFRS format) at least quarterly, with a monthly review, with forecasts going forward to at least the end of the current financial year and with a subsequent review to explain the variances and to instil forecasting discipline. For many, CFFs are simply a sort of budget revision exercise.
Hence, it is crucial to adopt established standards and frameworks such as the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards issued by the International Sustainability Standards Board (ISSB), the Greenhouse Gas Protocol and ISO 14064.
Broad-Based Black Economic Empowerment (B-BBEE): B-BBEE encourages economic transformation by promoting black-owned businesses through scorecard compliance and sector-specific charters. For SMEs, the IFRS for SMEs standard simplifies reporting but still requires thorough understanding and application.
18 released its final recommendations on nature-related risk management and disclosure, aligned with existing Global Reporting Initiative (GRI) and International Financial Reporting Standards (IFRS) and Kunming-Montreal Biodiversity Framework requirements. The Taskforce on Nature-related Financial Disclosures on Sept.
The last few years have been eventful for all companies, with the COVID crisis and ensuing economic shut down causing pain for companies, with recovery coming in 2021, as the global economy opened up again. 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).
Daniel Raubenheimer, CFO at USA-based Silon, expanded on the new ISSM standards in our CFO Talks podcast interview with him. What is happening internationally, through the various CFO organisations from Mexico to France to South Africa, Italy, Germany, Tunisia, Morocco, is that we have all started working together to empower the CFO.
This Interview conducted by Leana van der Merwe CBA(SA), CA(SA), a Technical Specialist at the Chartered Institute for Business Accountants (CIBA) and editor of CFO Club, with Dr. Daan Steenkamp, the CEO of Codera Analytics. The impact of intangible assets on long-term productivity and economic growth in South Africa. IFRS, US GAAP).
Hasenoehrl adds that organisations must take the new International Financial Reporting Standards (IFRS) S1 and S2, which will be used in many countries as the accounting foundation for ESG reporting.
Oyinda Akanbi is making a difference beyond finance in her position as CFO at the leading diagnostics provider in Nigeria. CFO Talks is a brand of the South African Institute of Business Accountants. CFO Talks is a brand of the South African Institute of Business Accountants. It’s been fun, it’s a lot of work but it’s been fun.
Tax rates, policies and subsidies can also differ depending on whether a location is in a free trade zone, a special economic zone, or a hi-tech industrial development zone, TMF Group noted. However, APAC and EMEA take a much more localised approach.
This notion is reinforced by the World Uncertainty Index (see Figure 1 below), which measures the level of global uncertainty across a variety of economic, social, and political factors. In today's world, one thing is certain – uncertainty. Source: worlduncertaintyindex.com Figure 1: World Uncertainty Index Context setting: Why inflation?
SAIBA’s CEO, Nicolaas van Wyk, provides interesting feedback from the recent CFO World Congress in Mexico, how developments at COP26 will soon change a CFO’s reporting obligations, and the trends for CFOs going into 2022. CFO Talks is a brand of the South African Institute of Business Accountants. Welcome, Nicolaas.
David Wray: Navigating ESG, Sustainability, and the Evolving Role of CFOs In a recent CFO Club podcast episode, Nicolas van Wyk had an insightful discussion with David Wray, a seasoned CFO and expert on ESG (Environmental, Social, and Governance). It’s Nicolaas van Wyk hosting another session for CFO Club.
Nicolaas van Wyk: Good day, CFO Club members, prospective members, and our CFO audience. My name is Nicolaas van Wyk, and I’m hosting another interesting podcast for CFO Club with Dr. Lawrence Nsibandze. I recently met Dr. Lawrence when we were both attending a Marcus Evans event called the 7th CFO Africa Summit.
With our core focus on financial applications such as order-to-cash, revenue recognition, subscription-billing, leasing, treasury and other solutions, Bramasol has significant experience in virtually all aspects of S/4HANA migration that involve the Office of the CFO.
Regularly reviewing IFRS updates, tax laws, and business regulations ensures compliance and minimises risk. Exploring learning beyond finance, such as behavioural economics and leadership skills, also enhances overall decision-making ability. Curiosity and openness to new ideas drive continuous growth.
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