The Financial Executives Research Foundation (FERF) surveyed nearly 200 senior-level financial executives about automating Internal Controls Over Financial Reporting (IFCR).
Big Companies Plan to Automate ICFR While Smaller Companies On The Technology Sidelines.
While I haven’t been an accountant for as long as some seasoned financial professionals, I have been in the game for long enough to see trends come and go. I have witnessed the tail end of the subprime mortgage crisis and have heard stories from veterans about the dot-com bubble in the late 90s. One thing that has remained the same throughout all these experiences, based on my experiences and the experiences of my peers, is the core value of all these assets. Whether it’s a web domain, a property, a rare earth mineral or a fossil fuel, all forms of capital that I have worked with track their gains and losses based on a dollar value.
ESG (Environmental, Social, & Governance) is one of the fastest growing issues on the minds of institutional investors; however, studies show that the concern for ESG isn’t always shared by today’s corporate directors. Not only can sustainability be hard to measure, but boards have historically struggled to understand how it ties to the bottom line.
The regulators say an operational disruption such as one caused by a cyber-attack, failed outsourcing or technological change could impact financial stability by posing a risk to the supply of vital services on which the real economy depends, threaten the viability of individual firms and FMIs, and cause harm to consumers and other market participants in the financial system.
We’re only weeks into the GDPR, and already companies all over the country have misinterpreted and misunderstood the legislation, or just simply buried their head in the sand when it comes to getting compliant.
The Financial Executives Research Foundation (FERF)’s Olivia Berkman spoke with Paul McDonald, senior executive director at Robert Half, about the critical business focuses that emerged this year, according to the recent Benchmarking Accounting and Finance Functions: 2018 report.
The OECD has released new guidance on the application of the approach to hard-to-value intangibles and the transactional profit split method, which were both developed as part of its base erosion and profit shifting (BEPS) action plan.
Blockchain technology is not going away, and preparers need to consider its potential disruptive impact, but its growth in corporate reporting is likely to be gradual and restricted to certain use-cases, according to a report from the Financial Reporting Council’s (FRC’s) Financial Reporting Lab.
The governance, risk, and control mindset is really one of the top items that we’ve seen as a lesson learned from our clients when standing up a robotics or digital labor program. We have seen clients that have not had an effective governance, risk and control program in place that they very frequently can’t scale. They stay in a pilot or proof of concept mode. They don’t feel confidence in that they are identifying the right opportunities, that they’re prioritizing the right way, and that they’re doing it with an appropriate risk-managed process.
Compliance has always ranked top of mind for accounting firms and remains a major concern today, but things are changing fast. Just as paper and pencil gave way to desktops and laptops — and now automation and machine learning — the profession stands ready to leap from a compliance emphasis to one of insight and strategy.
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