General business knowledge and IT expertise are the nonaccounting skills CFOs in the United States are seeking most from finance and accounting job candidates, according to a new survey. One-third of 2,100 CFOs surveyed by specialized staffing service Accountemps said general business knowledge is the attribute or area of expertise
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Management accounting
Time to recruit talent
Millions of Baby Boomers will leave their jobs in the next 10 to 12 years. This exodus of talent will place extraordinary pressure on every U.S. organization’s talent recruitment and retention efforts. Consider these strategies to help your organization compete in an unprecedented people cycle: Ensure your HR leadership
Analyzing liquidity using the cash conversion cycle
A good assessment of a company’s liquidity is important because a decline in liquidity leads to a greater risk of bankruptcy. FASB describes liquidity as reflecting “an asset’s or liability’s nearness to cash” (Statement of Financial Accounting Concepts No. 5, Recognition and Measurement in Financial Statements of Business Enterprises). Creditors
From CGMA Magazine: Delayed retirements slow career progression
Retirement seems like more of a distant goal for a significant number of CFOs—and that might be a problem for those who are looking to move up. According to a Robert Half Management Resources survey of more than 1,400 U.S. CFOs, 38% are more uncertain about when they’re going to
Integrated reporting takes a big step with international framework draft
The release of a highly anticipated proposed framework Tuesday heralded a new chapter in the evolution of corporate reporting. The International Integrated Reporting Council (IIRC) made public a framework consultation draft—a blueprint for how the group hopes businesses will communicate with stakeholders. Developed with input from business, investors, standard setters,
SEC describes how social media can be used to distribute company info
U.S. public companies can use social media to make company announcements as long as they inform investors of the channels they will use to distribute the information, according to a new pronouncement by the SEC. The SEC on Tuesday released a report that makes it clear that companies can use
From CGMA Magazine: Flexing the strategy muscles
Finance teams have long been tasked with gazing into the past. They were the ones with the answers about how the company has performed over time, how it did in the past month, and how it just did compared with how it used to do. But now finance professionals are
Conflict minerals rule poses compliance challenge
To get an idea of how complex and far-reaching the new “conflict minerals” rule is likely to be for manufacturers, consider Hewlett-Packard. HP estimates that about 1,000 suppliers in its chain ultimately provide a product to HP that may contain one of the conflict minerals, said Jay Celorie, who coordinates
CAQ educational guide describes internal control process
A new guide released Thursday by the Center for Audit Quality (CAQ) is designed to educate investors and the general public on a process that reinforces reliable financial reporting at U.S. public companies. The CAQ’s Guide to Internal Control Over Financial Reporting describes how companies enhance the reliability of their
Eagerly anticipated COSO framework set for May release
The wait for the eagerly anticipated update of a popular framework for internal control is almost over. The board of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) has approved its updated Internal Control—Integrated Framework and expects to issue it May 14, according to a news release distributed
Economic optimism still neutral, but rising
Business executives are upbeat about their revenue and expansion plans in the next 12 months. But optimism about the U.S. economy remains lukewarm, according to the first-quarter AICPA Business & Industry Economic Outlook Survey. The CPA Outlook Index (CPAOI) rose seven points to 66—the second-highest CPAOI reading in the five
From CGMA Magazine: Boards are hungry for CFO talent
The appetite for CFOs to participate on corporate boards is increasing—a demand that, if met, could help not only companies, but also the financial professionals who end up in board roles. They stand to gain a new perspective on running an organization, plus general management experience and exposure to other
Avoid audit deficiencies
Fair value measurements (FVMs) and asset impairment testing were among the most prevalent deficiencies found in audits in the wake of the economic crisis of 2008. Consulting firm Acuitas Inc. gives tips on how to mitigate some of the more common trouble spots: Examine projected financial information (PFI) assumptions. Assess
How to do business in India
India remains a market with rapid-growth potential despite the inflationary pressures and fallout from the euro-zone crisis that have slowed economic growth substantially since the end of 2011. The country, the world’s second-most populous, has an expanding middle class of consumers, an improving infrastructure, and a young, innovative workforce. Ernst
What’s your fraud IQ?
Recent scandals at Olympus, Barclays, and Wal-Mart, among others, illustrate the ongoing need for organizations to continually review and strengthen their corporate governance practices. CPAs play a key role in this process. Do you know the best practices for setting up a corporate governance system? Can you spot governance weaknesses
Eight principles designed to protect assets of securities firms’ clients
Events that contributed to the global financial crisis have led to careful examination of the way securities firms protect their clients’ assets. To help regulators improve supervision of such firms, the International Organization of Securities Commissions (IOSCO) last week published a consultation report, Recommendations Regarding the Protection of Client Assets.
Integrated reporting gains steam with IIRC, IASB agreement
The movement advocating integrated financial reporting appears to be gaining steam. The International Integrated Reporting Council (IIRC) and the International Accounting Standards Board (IASB) announced Thursday an agreement that will deepen their cooperation on the IIRC’s mission to develop an integrated corporate reporting framework. The heads of the two organizations
The talent drain: Good news for skilled workers, bad news for CFOs
CFOs are still concerned about talent, and that’s potentially good news for workers with specialized skills. Nearly 60% of U.S. CFOs consider it a challenge to find skilled financial professionals, according to a Robert Half International survey. Fifty-four percent said it was “somewhat challenging” to find skilled workers in finance,
Internal audit reporting line to CEO gains steam as Fed weighs in
The idea of having the internal audit function report administratively to the CEO may be gaining steam. The Federal Reserve has issued guidance to encourage U.S. banks with more than $10 billion in total assets to have their internal audit functions report to the chief executive—a move that could influence
How to do business abroad
Infragistics is a 21st-century pioneer. The midsize New Jersey software developer has built its business by expanding into emerging markets—wherever it could find sales potential and outstanding software development talent. “If there’s a strategic business opportunity, if it’s kosher, we’ll go there,” said Chris Rogers, CPA, CFO of Infragistics, which
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From The Tax Adviser
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