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The Last Mile of Finance
For many CFOs, compressed deadlines, new accounting rules, and SOX compliance mandates have made getting to the "close" a brutal marathon run. The challenge is to produce accurate, complete, and timely statements. As a result, some companies are focusing on the integrated financial close in which financial controls and close tasks are linked directly to a company's financial statements, creating a system of record for both the financial close and financial compliance.
Scorecarding Goes Global
Raef Lawson, William Stratton, and Toby Hatch
The use of scorecards has spread to companies all over the world, according to this continuing online survey, with companies in South America reporting the most use and European companies reporting the lowest use. Companies that strongly agree they have realized significant benefits from their scorecarding system most often cite increased organizational alignment (95%), increased communication (86%), and increased ability to measure performance (81%) as benefits achieved.
IFRS and You
Eva K. Jermakowicz, CPA, and Sylwia Gornik-Tomaszewski, CMA, CFM
The goal of standardizing worldwide accounting and financial rules inched a little closer last year as 28 countries of the European Economic Area were required to follow International Financial Reporting Standards. The next step, converging IFRS and U.S. GAAP, will improve the quality and consistency of global financial reporting and enhance the ability of international companies to raise capital.
Working Hand in Hand: Balanced Scorecards and Enterprise Risk Management
Mark Beasley, CPA; Al Chen; Karen Nunez, CMA; and Lorraine Wright
Taking a total look at all the potential risks to a company, or enterprise risk management, is becoming the minimum standard today. To give this vital concern the prominence it deserves, financial executives are adding it to the balanced scorecard. Because it takes an enterprise-wide approach, the balanced scorecard provides an excellent platform that can easily be enhanced to focus on risk management as part of performance measurement evaluations.
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