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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 IFRSCompliance? Heres why: 1.
But it also comes with a unique set of challenges, particularly for CFOs tasked with ensuring compliance with international reporting standards. For example, while South African companies follow International Financial Reporting Standards (IFRS), the US requires compliance with its Generally Accepted Accounting Principles (GAAP).
The insurer has achieved a ninefold increase in policy issuance while reducing headcount by 20 per cent, through technology investments. CFO Gopal Balachandran outlines the companys focus on health insurance expansion, regulatory compliance, IFRS 17 preparedness, and its approach to profitability and risk management.
Compliance and Risk Reduction The regulatory landscape is ever evolving. Automation helps organizations comply with IFRS, GRAP, and local tax regulations by ensuring all reporting follows the latest legal frameworks. However, the long term savings far outweigh the investment. The result?
He adds that the accelerating implementation is fuelled not only by stakeholder expectations to make a positive impact on the environment but also through financing mechanisms to drive change such as sustainable investing and financing. The post Delivering value beyond compliance with ESG reporting appeared first on FutureCFO.
Maintaining accurate records across a diversified portfolio can be a considerable challenge in terms of compliance, transparency, and risk. Financial governance allows your organization to meet compliance requirements, such as IFRS and GAAP updates, by having the right financial controls in place.
Some of the driving forces behind this shift to hard data and carbon accountability are: Increased emphasis by investment funds and individuals in choosing companies that can demonstrate tangible programs and quantifiable results in their carbon mitigation efforts.
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 S2 sets out specific climate-related disclosures and is designed to be used with IFRS S1.
Globalization CFOs have long needed to assure compliance with two different standards-setting bodies. The other is the International Accounting Standards Board (IASB), whose rules for financial reporting are known as International Financial Reporting Standards (IFRS). More details on climate issues below.)
Operational Accounting vs Compliance Accounting One useful way to sort out the accounting landscape is to consider the differences between "operational" and "compliance" accounting responsibilities. Compliance Accounting is more focused on areas such as revenue recognition, closing processes, disclosure reporting, ESG compliance, etc.
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.
As AI permeates finance, questions about its compliance with audits and financial governance will arise. Companies like Google and Amazon are investing heavily in AI R&D to customize models for their needs. Fine-tuned AI models could assist with complex regulatory requirements, such as those from IFRS, FINRA, and the SEC.
As they assist in compliance audits and the monitoring of internal controls to ensure that everyone within the company does their job correctly, they are also expected to thrive and flourish amid the challenges along the way for the benefit of the organisation. “A
Regulatory Compliance and Taxation Challenge: The regulatory environment in Africa is complex and can change quickly. Following local tax laws, international financial reporting standards (IFRS), and other rules is essential but challenging. CFOs must balance short-term financial stability with long-term growth goals.
For CFOs, ensuring that financial data is accurate, secure, and easily accessible is essential to driving sound decision-making and maintaining regulatory compliance. CFOs should invest in systems that can grow with the business and adapt to new reporting requirements. Prioritise security and compliance to protect financial data.
The Steward must ensure company compliance with financial reporting and control requirements. Investment and credit risk knowledge. Accounting knowledge (IFRS and taxation). Treasury and investment management. Information quality and control rationalisation are top-of-mind issues for the Steward. Project management.
As AI permeates finance, questions about its compliance with audits and financial governance will arise. Companies like Google and Amazon are investing heavily in AI R&D to customize models for their needs. Fine-tuned AI models could assist with complex regulatory requirements, such as those from IFRS, FINRA, and the SEC.
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.
Improving supply chain visibility can help strengthen the supply chain, increase the return on investment, and optimise all manufacturing and logistics activities. Technology should be able to unlock cash and working capital assets, uncover savings opportunities in procurement, and ensure hedging and compliance.
South Africa’s lag in investing in intangible assets compared to advanced economies. Challenges with Intangible Asset Investments: Limited investment in intellectual property, data, and patents in South Africa. The importance of a thriving tech sector, with data-driven businesses and investments in disruptive technologies.
When choosing the best financial reporting 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.
Daniel completed his BCom in investment management at the University of Pretoria and then he went on to specialize as a management accountant, becoming a member of CIMA, obtaining a project management professional certification and in 2016 completed an MBA at Hult International Business School in San Francisco.
So that’s climate change reporting, where it seems that the world’s investors would stop investing in your company, if you do not issue a progress report on how to get your company to net zero. I think very quickly you’re going to get compliance on this. The driver of that reporting will obviously be the CFO.
Key features — The top features each platform is known for or has invested in. Since Workday acquired Adaptive Planning, they’ve invested a lot in making the two systems work well together. Automated reporting also enforces compliance with GAAP and IFRS standards. Some clients have reported implementations of over a year.
In 2018, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) announced the release of new accounting standards, ASC 842 and IFRS 16, that redefined how organizations must account for leases.
It’s clear that African CFOs are highly focused on education and development, perhaps because there’s so much investment and growth happening in Africa. As CFO of the Public Service Pension Fund, he plays a crucial role in managing pensions for thousands of public servants and making key investment decisions.
From an enterprise perspective, the adoption of new Gen-AI applications has triggered a flood of new initiatives and investment. Consolidation will help companies to benefit from their investments they’ve already made in sustainability disclosures while reducing the ‘alphabet soup’ of sustainability disclosures." trillion to $4.4
Robust subscription management is always important however, depending on each telco's particular business model, they may need sophisticated processes for building and/or leasing infrastructure, bundling in mobile devices or other equipment, licensing third-party content, and compliance reporting for complex revenue sharing scenarios.
New regulations, technologies, and trends emerge, affecting businesses, investments, and financial decision-making. Staying informed also means making better financial decisions, whether its in budgeting, investing, or risk management.
A single SARS regulation change can turn a profitable business into a compliance nightmare. They guide investment decisions, pricing strategies, risk management, and even organisational design. Your executive team might not say it out loud, but they expect you to know more than just IFRS or VAT returns.
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