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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.
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.
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.
18 released its final recommendations on nature-related riskmanagement and disclosure, aligned with existing Global Reporting Initiative (GRI) and International Financial Reporting Standards (IFRS) and Kunming-Montreal Biodiversity Framework requirements. The Taskforce on Nature-related Financial Disclosures on Sept.
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.
From IAS Plus : The IFRS Foundation has released a climate-related disclosures prototype that is the proposal of the Technical Readiness Working Group (TRWG) for the first thematic standard of the ISSB. Risk- management. The TRWG was created in March 2021 to facilitate a running start of the ISSB. Governance. Read more here.
“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.
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.
With our years of experience in helping clients achieve compliance with new mandates such as revenue recognition (ASC 606 and IFRS 15), lease accounting (ASC 842 and IFRS 16) and optimizing Office of the CFO processes for treasury, cash flow, riskmanagement and more, Bramasol has long advocated a comprehensive, integrated approach - as exemplified (..)
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.
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.
These include the Companies Act, the Tax Administration Act, the Financial Sector Regulation Act, and the International Financial Reporting Standards (IFRS), among others. Understanding the Regulatory Framework South Africa’s regulatory environment is governed by a myriad of laws and standards that mandate specific reporting obligations.
ACCA's guide seeks to help all organisations irrespective of size, industry or sector, focusing on preparing for sustainability reporting in accordance with the IFRS Sustainability Disclosure Standards (or the ‘ISSB Standards’).
Ernst & Young 's Climate Risk Disclosure Barometer, which seeks to identify the trends, opportunities, and key issues facing businesses in relation to climate change, dives deep into the key elements impacting climate-related reports in the coming years.
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.
It’s also the riskmanagement part of the role that keeps the role exciting, crucial, and a continuous growth area,” Ramon adds. Regulatory hurdles Geronimo concedes that the most challenging part of the controller role in 2023 was the changing regulatory guidelines that were impacting financials.
Steward Role & Competencies: Accounting, control, riskmanagement and asset preservation are the proficiencies of the Steward. Competencies include: Working knowledge of riskmanagement, budget, and forecasting tools. Competencies include: Working knowledge of riskmanagement, budget, and forecasting tools.
Leveraging RISE with SAP to Comply, Optimize, and Transform your Business With Bramasol's years of experience in helping clients achieve compliance with new mandates such as revenue recognition (ASC 606 and IFRS 15), lease accounting (ASC 842 and IFRS 16) and optimizing Office of the CFO processes for Order-to-Cash-to-Compliance, treasury, cash flow, (..)
Lease Accounting: The Bramasol team has deployed SAP solutions such as Contract Lease Management (CLM) to optimize both operational and compliance accounting processes a cross diverse application requirements, including equipment leases, real estate leases and even bundling subscriptions with leased equipment.
Key Highlights Dr. Suresh Kana’s Session : Dr. Kana discussed new developments around IFRS S1 and S2, focusing on sustainability-related disclosures. Looking Ahead The 7th Annual CFO Africa highlighted the expanding roles of CFOs and the need for skills in financial competence, strategic decision-making, and riskmanagement.
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, US GAAP). RiskManagement: Intangible assets come with regulatory risks , such as compliance with data protection laws, which CFOs must manage to avoid legal complications. Is there a significant difference between US GAAP and IFRS , or are we just being a bit too conservative here in South Africa?
RiskManagement: Identifying and mitigating ESG-related risks, which are increasingly recognized as indicators of potential business vulnerabilities. I once did a analysis of the IFRS Foundation’s budget. And then you can see the all the countries that contribute. And then Africa is not really featuring.
They guide investment decisions, pricing strategies, riskmanagement, 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. If youre in commerce, it means advising your exec team on how to pivot before the market forces your hand.
Staying informed also means making better financial decisions, whether its in budgeting, investing, or riskmanagement. Regularly reviewing IFRS updates, tax laws, and business regulations ensures compliance and minimises risk.
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