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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 FinancialReporting 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.
The Taskforce on Nature-related Financial Disclosures on Sept. 18 released its final recommendations on nature-related riskmanagement and disclosure, aligned with existing Global Reporting Initiative (GRI) and International FinancialReporting Standards (IFRS) and Kunming-Montreal Biodiversity Framework requirements.
“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.
South Korea life insurance firm Kyobo Life has implemented a high-performance computing platform for IFRS 17 and K-ICS financialreporting compliance, said AON recently. The post IFRS 17: South Korean insurer implements a computing platform for compliance appeared first on FutureCFO.
Understanding the Regulatory Framework South Africa’s regulatory environment is governed by a myriad of laws and standards that mandate specific reporting obligations. These include the Companies Act, the Tax Administration Act, the Financial Sector Regulation Act, and the International FinancialReporting Standards (IFRS), among others.
AI driven automation is expected to extend to more complex tasks such as, audits, riskmanagement, and financial planning and analysis. For instance, could financial statements generated by ChatGPT withstand audit scrutiny? SEC filings, GAAP documentation, FASB accounting standards, IFRS standards, PCAOB, FINRA, etc.),
To deliver sustained profitable growth and meet new disclosure obligations CFOs will have to embed sustainability into business decisions by connecting material issues to value creation and riskmanagement. A common initial barrier is agreement on what is material in the context of sustainability reporting.
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; ? ISSB was established by the IFRS Foundation in response to the Glasgow COP 26 conference in November 2021.
As the person responsible for preparing an organisation’s financialreports, which include balance sheets and income statements, the role of a finance controller is anything but ordinary. It’s also the riskmanagement part of the role that keeps the role exciting, crucial, and a continuous growth area,” Ramon adds.
Steward Role & Competencies: Accounting, control, riskmanagement and asset preservation are the proficiencies of the Steward. The Steward must ensure company compliance with financialreporting and control requirements. Competencies include: Working knowledge of riskmanagement, budget, and forecasting tools.
RiskManagement: Identifying and mitigating ESG-related risks, which are increasingly recognized as indicators of potential business vulnerabilities. Transparent Reporting: Overseeing the development of robust ESG reporting mechanisms to ensure transparency and compliance with evolving regulatory frameworks.
AI driven automation is expected to extend to more complex tasks such as, audits, riskmanagement, and financial planning and analysis. For instance, could financial statements generated by ChatGPT withstand audit scrutiny? SEC filings, GAAP documentation, FASB accounting standards, IFRS standards, PCAOB, FINRA, etc.),
The path forward to action The report cites three critical actions that companies should consider taking to support the global climate agenda: Mindset shift from burden to action: In the best performing companies, disclosure data is used to drive action.
Activity-based costing can be used to calculate the cost of each activity for budgeting and financialreporting, so it will be easy for the FP&A function to measure the performance of each business function against these activities as this will help the organization to streamline their operations.
The conversation about the underinvestment in intangible assets in South Africa, and the challenges of accounting for these assets (due to subjective accounting treatments), directly impacts how CFOs approach financialreporting. IFRS, US GAAP). Why is this important for CFOs? I would love to hear your thoughts on this.
Financial laws and tax rules change often, and if youre not aware of updates, you could make errors that lead to fines or legal trouble. Staying informed also means making better financial decisions, whether its in budgeting, investing, or riskmanagement.
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