Future CFO

NOVEMBER 27, 2023

The Financial Reporting Council (FRC) calls for IFRS 17 disclosures improvements in its recently published IFRS 17 'Insurance Contracts' thematic review. The IFRS 17 disclosures improvements that FR C expects include the following. The post IFRS 17 disclosures improvements needed: FRC appeared first on FutureCFO.

IFRS 52

IFRS Accounting Standards Performance Measuring Reconciliations 52

Future CFO

FEBRUARY 7, 2023

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.

IFRS 52

IFRS Accounting Economics Financial Reporting 52

Future CFO

AUGUST 22, 2019

IFRS 16, published by the International Accounting Standards Board (IABS), came into effect on January 1, 2019. In an effort to boost transparency, IFRS 16 eliminates the distinction between finance leases, which were previously capitalized on corporate balance sheets, and operating leases, which were not.

IFRS 52

IFRS Accounting Standards Finance Treasury 52

Future CFO

JUNE 22, 2022

Insurers have reported that there is still a huge amount of work to complete in order to successfully deliver IFRS 17 ahead of the 2023 deadline, said WTW recently. According to WTW’s latest survey, entitled ‘IFRS 17: Will we make it?’, insurers report material progress has been made since WTW’s previous IFRS 17 poll in 2021.

IFRS 52

IFRS Accounting Standards Valuation Accounting 52

Future CFO

JUNE 14, 2021

The total IFRS cost faced by the global insurance sector to implement the standard is estimated to hit the range of US$15 billion - US$20 billion, said Willis Towers Watson recently. Estimated IFRS costs vary significantly by insurer size, according to a Willis Towers Watson study which polled 312 insurers from 50 countries.

IFRS 52

IFRS GAAP Auditing Planning 52

CFO Talks

DECEMBER 3, 2021

From IAS Plus : The IFRS Foundation has announced the creation of its new International Sustainability Standards Board (ISSB) that will develop a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors’ information needs. Read more here.

IFRS 50

IFRS CFO 50

Future CFO

DECEMBER 2, 2019

In the third of EY's Global IFRS video series on the implementation of IFRS 16, Emily Moll and Victor Chan discuss agenda decisions reached by the IFRS Interpretations committee about the application of IFRS 16. The post IFRS Interpretations Committee agenda decisions on IFRS 16 (I) appeared first on FutureCFO.

IFRS 40

IFRS Accounting Finance 40

CFO Talks

NOVEMBER 20, 2024

For example, while South African companies follow International Financial Reporting Standards (IFRS), the US requires compliance with its Generally Accepted Accounting Principles (GAAP). IFRS is principles-based and allows for some judgment in financial reporting, while GAAP is more rigid, rules-based, and less forgiving.

IFRS 87

IFRS GAAP Currencies CFO 87

Future CFO

AUGUST 15, 2021

Financial reporting specialist and lecturer Adam Deller explains the basic principles of IFRS 2, “Share-based Payment”, in this short video. The post The fundamentals of IFRS 2 appeared first on FutureCFO.

IFRS 40

IFRS Financial Reporting Accounting Finance 40

Future CFO

JANUARY 28, 2020

In this episode, EY Global covers the key reminders and considerations about the implementation of IFRS 16 Leases by lessees as calendar year-end entities finalise their annual financial statements. The post IFRS 16 Leases: Key issues and challenges appeared first on FutureCFO.

IFRS 40

IFRS Accounting Finance 40

Future CFO

JULY 12, 2020

After several months of re-deliberations, the International Accounting Standards Board (the Board) has published the final amendments to IFRS 17 Insurance Contracts. The post IFRS 17: Final amendments are out now appeared first on FutureCFO.

IFRS 40

IFRS Accounting Standards Accounting Finance 40

Future CFO

FEBRUARY 23, 2020

The post Global IFRS: IBOR transition discussions appeared first on FutureCFO. Tony Clifford and David Bradbery from EY talk through the tentative decisions taken in January 2020 by the IASB for their IBOR reform project.

IFRS 40

IFRS Accounting Finance 40

Future CFO

AUGUST 26, 2019

In the second of our Global IFRS video series on the implementation of IFRS 16, Emily Moll and Victor Chan discuss a recent survey on the disclosure of the expected impact of adopting IFRS 16 on the date of initial application by large entities.

IFRS 40

IFRS Accounting Finance 40

Future CFO

JANUARY 5, 2020

The survey was conducted to learn more about emerging presentation and disclosure practices, as well as the transition effect of IFRS 15 on entities in selected sectors. The post Overview of EY IFRS 15 presentation and disclosure survey appeared first on FutureCFO.

IFRS 40

IFRS Accounting Finance 40

Future CFO

JANUARY 2, 2022

The post IFRS Video: IBOR reform, year-end considerations appeared first on FutureCFO. This video considers the accounting for the latest IBOR reform developments, as entities transition their exposures to risk free rates.

IFRS 40

IFRS Accounting Finance 40

Future CFO

JANUARY 3, 2021

In this video Tony Clifford, Jane Hurworth and David Bradbery discuss some practical issues in applying the IFRS IBOR reform amendments, with some illustrative examples. The post Global IFRS video: Applying the IBOR reform amendments in practice appeared first on FutureCFO.

IFRS 40

IFRS Accounting Finance 40

Future CFO

FEBRUARY 11, 2020

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.

IFRS 40

IFRS Compliance Risk Management Economics 40

Future CFO

AUGUST 9, 2020

Brian O’Donovan from KPMG International Standards Group provides an update on plans to amend IFRS 16 Leases in response to the COVID-19 coronavirus pandemic. The post What changes are being made to IFRS 16 because of COVID-19? appeared first on FutureCFO.

IFRS 40

IFRS Planning Accounting Finance 40

Future CFO

MAY 3, 2020

The post Global IFRS: Management performance measures in the financial statements appeared first on FutureCFO. In this episode, experts from EY discuss the changes being proposed by the IASB in relation to management performance measures (MPMs) in its recent ED, General Presentation and Disclosures.

Performance Measuring 40

Performance Measuring IFRS Accounting Finance 40

Future CFO

SEPTEMBER 19, 2019

The CFO Forum and Insurance Europe—representing 23 of the continent’s largest insurers and 95% of premium income—call for a delay of the IFRS 17 implementation deadline to Jan 1, 2023. According to the letter, the organizations also asked for additional changes to IFRS 17.

IFRS 40

IFRS CFO Accounting Finance 40

Future CFO

JANUARY 21, 2020

At its October 2019 meeting, the IASB made progress in phase two of its project to amend IFRS in response to the financial reporting challenges posed by IBOR reform. The post Global IFRS IBOR reform: Phase 2 Classification and Measurement issues appeared first on FutureCFO.

IFRS 40

IFRS Financial Reporting Accounting Finance 40

Simply Treasury

JUNE 3, 2021

Many companies hedge on a budgetary basis and qualify hedges of future cash flows by applying the so-called "cash-flow hedge" method under IFRS 9 (ex-IAS 39). Any hiccup may require readjustment of the accounting of the transactions, as required by IFRS 9. "Cash-Flow Hedge (CFH) Method applied.

IFRS 130

IFRS Foreign Exchange Currencies Profit and Loss 130

Future CFO

NOVEMBER 17, 2019

The post Global IFRS: IBOR reform – phase 1 complete; phase 2 underway appeared first on FutureCFO. In this video on the IBOR reform project, Tony Clifford and David Bradbery provide an overview of the IASB’s work so far and the EY organization’s view of how we see it.

IFRS 40

IFRS Accounting Finance 40

Future CFO

MAY 23, 2021

The post Global IFRS video: Regulatory assets and regulatory liabilities appeared first on FutureCFO. This EY video addresses the IASB’s proposals for the recognition, measurement, presentation and disclosure of regulatory assets, regulatory liabilities, regulatory income and regulatory expense.

IFRS 40

IFRS Auditing Compliance 40

Bramasol

JULY 22, 2023

From a global perspective, the International Sustainability Standards Board (ISSB), which was established by the IFRS in November 2021 at COP26 in Glasgow, has issued its first two standards. IFRS S1 requires companies to communicate the sustainability risks and opportunities they face over the short, medium, and long term.

IFRS 82

IFRS Accounting SAP Compliance 82

Bramasol

SEPTEMBER 29, 2023

The other is the International Accounting Standards Board (IASB), whose rules for financial reporting are known as International Financial Reporting Standards (IFRS). IFRS S1 requires companies to communicate the sustainability risks and opportunities they face over the short, medium, and long term.

IFRS 90

IFRS Technology SAP Compliance 90

Bramasol

JANUARY 27, 2023

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.

Compliance 80

Compliance IFRS SAP Accounting Standards 80

Bramasol

JANUARY 16, 2022

Compliance with ASC 606 / IFRS 15 requires separate cumbersome processes. One of the key advantages of using this SAP-enabled holistic approach is the ability to streamline integration of revenue recognition compliance with ASC 606 / IFRS 15. Integrated compliance for ASC 606 / IFRS 15 disclosures and reporting.

Compliance 83

Compliance IFRS SAP Leverage 83

Bramasol

JUNE 10, 2022

For example, a company with branches doing business in the United States and the European Union will need to comply with both GAAP and IFRS accounting principles. The account-based approach uses account logic identifiers to assign accounting principles, such as using unique prefixes to determine which accounts use IFRS vs GAAP principles.

Accounting Principles 79

Accounting Principles IFRS Accounting SAP 79

CFO Talks

MARCH 14, 2023

Regardless of load shedding, CFOs can’t rely on IFRS alone Like many CFOs, Ehsaan made the leap from an auditing to commercial and operational role. “I However, as a modern CFO, you cannot only rely on your IFRS textbook or your technical abilities. I learnt a lot of the key skills I need in the auditing profession.

IFRS 89

IFRS Marketing Construction Auditing 89

CFO Talks

MAY 12, 2023

Why Maake believes Treasury was right A core point of Maake’s argument is that State Owned Companies (SOCs) like Eskom are expected to not only adhere to IFRS and the Companies Act, but also the PFMA. All these elements are covered under IFRS. How do you close it?

IFRS 76

IFRS Treasury Auditing CFO 76

https://trustedcfosolutions.com/feed/

FEBRUARY 18, 2022

Financial governance allows your organization to meet compliance requirements, such as IFRS and GAAP updates, by having the right financial controls in place. For single and multiple family offices, governance is key to financial success and is an important element of your organizational structure.

GAAP 116

GAAP IFRS Compliance Forecasting 116

Bramasol

JANUARY 9, 2023

Since the release of new lease accounting standards ASC 842 and IFRS 16 in 2018, companies have taken a variety of approaches to comply, but many are now aiming to optimize their lease accounting processes for efficiency and long-term manageability.

SAP 86

SAP Accounting IFRS Reconciliations 86

Simply Treasury

FEBRUARY 27, 2020

However, with a good counterparty risk the return is hardly better, and even often, still negative with, as a bonus on top, an intermediate volatility for those who report in IFRS (because of quarterly mark-to-market valuations). This interim volatility arises even if they keep the bonds until their redemption.

IFRS 130

IFRS CFO Auditing Valuation 130

https://trustedcfosolutions.com/feed/

JUNE 2, 2022

GAAP, IFRS, and cash base side by side for better visibility. Ability to implement user-access controls. Use dimension values to capture your business transactions, operational measures, and budgets in General Ledger. Ability to view performance on U.S. Report on tax, country, or industry-specific bases with ease. Define your own workflows.

Finance 104

Finance General Ledger IFRS GAAP 104

Bramasol

OCTOBER 26, 2021

Overview of Comply, Optimize, Transform.

SAP 81

SAP IFRS Compliance Treasury 81

PYMNTS

FEBRUARY 27, 2019

Meanwhile, the EC has extended the deadline to release its review of the effectiveness of the Interchange Fee Regulation (IFR), which came into effect in 2015. The issue at hand is the IFR’s focus on protecting individual cardholders, whereas corporations are the “consumer” in the case of the commercial card.

IFRS 70

IFRS Retail B2B Budgeting 70