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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.
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.
One important side effect of the ongoing trend toward globalization is the need to comply with a range of different accounting principles as well as with disparate reporting and compliance mandates. Treasury and RiskManagement (TRM). Asset Accounting (FI-AA). Controlling (CO). Inventory Accounting (MM and ML).
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.
CFO Gopal Balachandran outlines the companys focus on health insurance expansion, regulatory compliance, IFRS 17 preparedness, and its approach to profitability and riskmanagement. The insurer has achieved a ninefold increase in policy issuance while reducing headcount by 20 per cent, through technology investments.
From the beginning of any project, we believe that compliance should never be addressed by using ad hoc or limited scope approaches because such short-term thinking invariably results in process inefficiencies, manual offline workarounds, and a lack of forward migration capabilities. Overview of Comply, Optimize, Transform.
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.
AI driven automation is expected to extend to more complex tasks such as, audits, riskmanagement, and financial planning and analysis. Training, like CFO.University’s Introduction to RiskManagement , and awareness programs will also become crucial to help employees understand how to use these AI tools responsibly and effectively.
This important issue was previously explored last year in Are You Ready for "Carbon Accounting" Compliance? Climate-related risks and their actual or likely material impacts on the registrant’s business, strategy, and outlook; ? The registrant’s governance of climate-related risks and relevant riskmanagement processes; ?
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.
Instead, the Comply, Optimize, Transform approach inherently keeps the future in mind by emphasizing integration of compliance solutions within the overall business operations, while also laying the groundwork for future transformation.
Steward Role & Competencies: Accounting, control, riskmanagement and asset preservation are the proficiencies of the Steward. The Steward must ensure company compliance with financial reporting and control requirements. Competencies include: Working knowledge of riskmanagement, budget, and forecasting tools.
Data-driven carbon agenda: Data should not be siloed but should be connected and integrated into riskmanagement and used to drive carbon reduction. Agriculture, however, falls behind, with 47% of those surveyed in that sector disclosing any form of transition plan.
AI driven automation is expected to extend to more complex tasks such as, audits, riskmanagement, and financial planning and analysis. Training, like CFO.University’s Introduction to RiskManagement , and awareness programs will also become crucial to help employees understand how to use these AI tools responsibly and effectively.
Financial leadership includes strong grip over technical accounting including IAS/IFRS, riskmanagement and compliance, mergers and acquisitions, financial management, financial planning, budgeting & forecasting and integrated financial reporting.
IFRS 9 is changing hedge accounting forever. Companies in the European Union have only begun to kick off their IFRS 9 initiatives since the European Commission endorsed the standard in November 2016. IFRS 9 Advantages in a Nutshell. Finance professionals had to hedge for all risks, rather than for just the aluminum component.
“Depending on an organisation’s environmental/social footprint, an ESG team or dedicated senior member is generally appointed to ensure that the organisation’s enterprise riskmanagement adapts to the regulatory landscape,” he continues. This will improve consistency and comparability amongst organisations.
ESG is not just about compliance; it’s a framework for long-term business viability and resilience. RiskManagement: Identifying and mitigating ESG-related risks, which are increasingly recognized as indicators of potential business vulnerabilities.
They need to determine how to capitalize intangible assets and ensure compliance with local and international accounting standards (e.g., IFRS, US GAAP). Regulatory and Compliance Considerations: CFOs must navigate regulatory landscapes and ensure compliance with laws such as South Africa’s POPI Act.
Staying informed also means making better financial decisions, whether its in budgeting, investing, or riskmanagement. Stay on Top of Regulatory & Compliance Changes Keeping up with regulatory and compliance changes is crucial in finance.
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