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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.
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.
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.
Global ESG Regulatory Requirements One of the major ESG compliance developments to watch is the US Securities and Exchange Commission (SEC) proposed regulation on Climate-Related Disclosures and ESG Investing. IFRS S1 requires companies to communicate the sustainability risks and opportunities they face over the short, medium, and long term.
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.
It outlines compliance requirements such as annual financial statement submissions, director duties, and shareholder rights. CFOs must ensure compliance with various tax deadlines, proper record-keeping, and adherence to SARS guidelines to avoid penalties and interest charges.
China is the most complex jurisdiction for financial compliance in Asia Pacific while Hong Kong is the easiest, said TMF Group recently. 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.
Economic shifts, new regulations, and technological changes constantly test your ability to keep your company financially stable. Economic Instability and Inflation Control Challenge: Economic instability, especially in emerging markets like South Africa, can greatly affect corporate finance.
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. Technology should be able to unlock cash and working capital assets, uncover savings opportunities in procurement, and ensure hedging and compliance.
Key Topics Discussed: Intangible Assets and Economic Growth: The significance of intangible assets such as software, data, intellectual property, and brand value in boosting productivity worldwide. The impact of intangible assets on long-term productivity and economic growth in South Africa. IFRS, US GAAP).
Jochen Heßler, Senior Director, Product Management, Jedox Environmental, social, and governance (ESG) has emerged as an important initiative for organizations worldwide as they strive to implement sustainable practices, achieve compliance, and demonstrate substantive value to customers, employees, and investors.
So that you will eventually have the CFO focusing on three reporting areas, the traditional IFRS, then secondly, business efficiencies, and then because of the difficult economic circumstances we are in, the only way that you can still maintain the bottom line is through better efficiencies. The last one is then climate change.
ESG is not just about compliance; it’s a framework for long-term business viability and resilience. CFOs must address sustainability challenges while fostering economic development in their contexts. Regulatory Compliance: Staying abreast of rapidly evolving ESG regulations demands continuous monitoring and adaptation.
A big part of our work is ensuring compliance with International Financial Reporting Standards (IFRS). My background in audit has really helped me marry internal audit skills with compliance, ensuring that everything we do aligns with country-specific regulations like taxation laws. Nicolaas van Wyk: That’s fascinating!
End-to-End Quote-to-Cash-to-Compliance Processes for DSE When Bramasol first coined the term Digital Solutions Economy (DSE) in May 2021 , we already knew that the challenges of managing new recuring revenue streams involved much more than just focusing on subscriptions at the customer-facing front-end.
Stay on Top of Regulatory & Compliance Changes Keeping up with regulatory and compliance changes is crucial in finance. Regularly reviewing IFRS updates, tax laws, and business regulations ensures compliance and minimises risk. Curiosity and openness to new ideas drive continuous growth.
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