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ACT Annual Conference 2019 Our arrival in Manchester this week has seen the City (geddit?) lay on an open-top bus parade. For the ACT’s 40th birthday? Well, not exactly for the ACT but there’s definitely some glamour in the air! On the ground though we’re getting ready for a conference which I think has more focus on technology and business disruption than any I can remember. Someone clever (not me) once said that uncertainty is the frontier between risk and reward. As treasurers, it’s our job to help our organisations cross over from one side to the other. The conference
The ACT treasury network (South West England) met in Cirencester in May and I was invited to attend and share what the Policy and Technical team have been working on. It was my first meeting with the group and I found it a highly informative session. There were members from a range of organisations – including US inbound businesses, manufacturing and retailers, with teams as large as 8 and as low as 1! A number of topics were discussed at the meeting and it was great to see members sharing their experiences to help others and offer support with materials
Helping emerging economies strengthen as they grow internationally begins with providing high-standard education and training. The ACT fully recognises this responsibility which is why, through the ACT Educational Trust Bursary Scheme, we offer bursaries for treasury qualifications to students from lower-income economies (as denoted by the World Bank). This is a positive step towards bridging the skill gaps between all communities across the globe and bringing countries closer together. Part of the problem hindering international development is that gaining globally recognised qualifications, whilst being a real step to success, can be a financial challenge. In some cases, developed economy prices
The Future Leaders group in the Middle East hosted a breakfast addressing conflict on 23 April. It was great to see such a diverse group of people in attendance, with 8 different nationalities represented and an equal split of genders. In addition to having a guest speaker there was an opportunity to network amongst attendees, and having such a wide range of experiences and backgrounds in the room, this really helped the discussion and responses to questions posed by our speaker. Inspirational and thought-provoking We were delighted to have Dawn Metcalfe come in and speak to us. Dealing with conflict
This article was written by Yon Valtchev, Markets Specialist at Bloomberg. Determining the appropriate discount rate under ASC 842 and IFRS 16 has proven to be more challenging than originally thought. While conceptually the accounting guidelines are straightforward, once market participants begin to search for data to substantiate the analysis, it quickly becomes evident that the data is not readily available and, in some cases, is missing altogether. The evolution of the accounting standards In moving towards global accounting standards, the Financial Accounting Standards Board (FASB) in the U.S. and the International Accounting Standards Board (IASB) have been working together
I was asked recently by PwC to present to an audience of insurers and asset managers on Brexit. To prepare for the talk I reached out across my network and am grateful for comments from RSA, Shroders, Aberdeen Standard, Chubb and Aspen amongst others. Below are key messages. What has the market been working on? There seems to be an acceptance that existing passporting rights for financial services firms will cease once the UK leaves the EU (with or without a deal). As a result, firms have been setting up companies within the EU27 to enable them to continue to
In March I had the pleasure to take a field visit with Mona Lockett, Treasurer of Webcor, to see the ACT-sponsored charity Hand in Hand International’s work on the ground in Kenya. Our own ‘sponsored village’ is just in start-up mode and a four-hour journey from Nairobi where I was hosting our conference, so it was great to see similar programmes but much closer to where we were staying. First of all, we met Teresiah in Kiambu town, who has been part of the programme since last year. Teresiah ran a tailoring business in her rural homestead, but after training identified a
The latest in the ACT’s Brexit series was our breakfast briefing, hosted by the Falcon Group on 4 April, which looked at the key issues facing treasurers at this time of great uncertainty. With the situation ever-changing and a no-deal Brexit too likely for comfort, which was highlighted by the keynote speaker, Sanjay Raja, although the threat of this has somewhat dissipated through the passing of the Cooper-Letwin amendment requiring the Government to avoid a no-deal by forcing a long extension to be sought. Raja, UK Economist at Deutsche Bank, opened with the appropriately titled presentation ‘A Long Goodbye’, highlighting
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