Finance teams at large multinational companies can expect more and increasingly sophisticated tasks to come their way. The majority of those teams will have to perform those tasks with the same or fewer resources. Companies are focusing more on reducing overhead costs and improving operating margins, cash flow, and customer
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Management accounting
How critical access hospitals might choose to recognize revenue from meaningful-use incentive payments
In the absence of authoritative GAAP on the subject, a diversity in practice has been observed with respect to how critical access hospitals (CAHs) recognize revenue from meaningful-use incentive payments. Various viewpoints exist on how to account for the economic substance of these arrangements. This article describes three of them—although
From CGMA Magazine: Finance’s role in fostering innovation
The finance function is rarely expected to be the originator of a breakthrough product or technology. But it has an important role in ensuring that great ideas are spotted, encouraged, financed, and delivered efficiently to the market. “A finance function needs to be able to understand the business well enough
Internal audit oversight
One of an audit committee’s most important responsibilities is to oversee the organization’s internal audit function. Here are 10 steps audit committees can take to facilitate proper oversight and direction of internal audit: Evaluate the current and projected scope of internal audit coverage of risk management and governance. Internal
A breach of client data: Risks to CPA firms
You walk into your office on a Saturday morning during tax season to find a staff member waiting for you with sweaty palms and a look of terror on her face. She takes a while to get the words out, but you soon learn that she backed up some client
Applying business provisions of the American Taxpayer Relief Act
While the comprehensive corporate tax reform desired by the business community remains highly elusive, businesses did receive a number of concessions via the American Taxpayer Relief Act of 2012 (ATRA), P.L. 112-240, which was signed into law Jan. 2, 2013. The act extends through 2013 an assortment of expired or
Leases: What should companies do now?
When important new accounting standards are under development, forward-thinking companies often look ahead to anticipate possible changes and work ahead so they don’t have to scramble when the standard takes effect. Some companies already are doing some of that work with leases, experts say. But the lease accounting proposal—a joint
Court upholds SEC’s conflict minerals rule
A federal judge on Tuesday ruled against business groups’ court challenge to new conflict mineral rules, which require U.S. issuers to monitor their supply chains in an effort to curtail human rights abuses in Africa where the raw materials are mined. Judge Robert Wilkins of the U.S. District Court for
Three reasons finance should focus more on business intelligence
Many organizations recognize the value in harvesting data, whether the information is about customers’ buying habits or workers’ performance measures. But some of those companies haven’t been able to tap into the full potential of business intelligence, i.e., getting the right information from the data to make better business decisions.
Embrace uncertainty to develop more business acumen
A mere accounting professional is not the same as a full-fledged finance professional. At least that’s how consultant David Axson sees it. The more evolved finance professional, Axson says, considers the business environment, embracing its volatility, and then adapting to it. “Being comfortable with uncertainty is, to me, the difference
Can you succeed in finance without international experience?
As commerce increasingly transcends borders, international experience is becoming a valuable asset for accounting and finance professionals. Almost seven in 10 (69%) of more than 2,100 CFOs in large U.S. metropolitan areas said international experience will be at least somewhat necessary for accounting and finance staff five years from now,
Increased cooperation builds momentum for integrated reporting
An agreement between the International Integrated Reporting Council (IIRC) and two organizations devoted to corporate environmental impact disclosures is the latest advancement in the growing momentum for integrated reporting worldwide. The IIRC on Thursday announced that it has reached a Memorandum of Understanding (MoU) for cooperation with CDP, an international
New duties on horizon for internal auditors
Even as assurance and compliance responsibilities are expanding for internal auditors, a significant shift in their strategic duties is on the horizon, according to a new survey. More than half (54%) of respondents expect that in the next two years, internal audit’s primary mandate will be providing stakeholders with business
Bill prohibiting mandatory audit firm rotation passes U.S. House
The U.S. House of Representatives on Monday approved a bipartisan bill that would prohibit the PCAOB from requiring mandatory audit firm rotation for public companies. The bill, sponsored by Reps. Robert Hurt, R-Va., and Gregory Meeks, D-N.Y., was introduced on April 15. It would amend the Sarbanes-Oxley Act of 2002
Put COSO update to work
Here is how organizations can implement the newly updated, principles-based internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), which was released May 14 (visit ic.coso.org). The original 1992 framework has been sharpened and refreshed to reflect the current business environment. Create a team and
Five skills that distinguish innovators
In today’s hyper-competitive global marketplace, the ability to consistently generate valuable products separates top performers from mere observers. At the heart of every growth strategy, people play a key role in crafting a company’s capacity to develop and implement disruptive ideas. Too often, however, finance executives are sidelined in conversations
North American CFOs feeling good, but not about hiring
CFO optimism is on the rise overall, but finance chiefs remain skeptical about hiring, according to a quarterly Deloitte survey. Meanwhile, expectations for earnings and sales growth are moderating. Nearly 60% of North American CFOs expressed rising economic optimism in the second-quarter CFO Signals survey, compared with 13% expressing a
How not-for-profits can combat fraud
The nature of not-for-profit organizations can make them vulnerable to fraud. Not-for-profits often have religious affiliations, and their missions often are to do good for less fortunate people. This do-good culture can make not-for-profits susceptible to placing a greater trust in their employees than for-profit businesses. “Trust is not an
CFO pay rises, but subjective bonuses rankle finance chiefs
CFO pay is rising steadily, but some finance chiefs are not happy with how their bonuses are determined. Median CFO compensation in 2012 increased 6% relative to 2010, according to the 2013 CFO Compensation Survey, which was released by the AICPA and Arizona State University on Monday. The largest compensation
How have CPAs responded to regulatory overload?
Andrew Barbe, CPA, CGMA, wishes he had more time to devote to strategic planning and development as vice president for accounting and senior controller of NorTex Midstream Partners LLC, a natural gas midstream service company. But as the senior manager in charge of finance, accounting, treasury, tax, human resources, information
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Making the right choice when no one is watching
The true test of one’s character is the decision made when no one is looking over your shoulder. Learn how CPAs can uphold ethical standards and take actions that help limit liability risk.
From The Tax Adviser
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Current developments in taxation of individuals: Part 2
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