In the US last year, 290 companies had to restate their financial statements, in part because of mistakes in revenue recognition and measurement of complex financial instruments. Deloitte discusses the action steps CFOs can take.
If you asked CFOs to list the major uncertainties they’ve grappled with over the past couple of years, you might get consensus on risks such as the economy, regulation, commodity pricing, and consumer demand. Many businesses might also cite brand and reputational risk.
A talent agenda is consistently a top priority for incoming finance chiefs in our CFO Transition Lab sessions. As they assess the skills and influence required to implement their 180-day action plans, these new CFOs invariably realize that something – or someone – is missing.
It is one of a CFO’s worst nightmares. A possible acquisition is identified; initial due diligence is completed; a price is negotiated; an acquisition deal is signed; and then for some unforeseen reason, the deal falls apart. Why?
When two top executives – including the chief financial officer (CFO) – of a US company were found guilty of bribery charges in May 2011, it marked the first time that both a company and its employees had been convicted under the US Foreign Corrupt Practices Act (FCPA).