Addressing conflict

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

The impact of incremental borrowing rates (IBR) on new lease accounting requirements

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

How treasurers have helped insurance and asset management businesses restructure

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
Hand in Hand Kenya

In the field with Hand in Hand

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 Impact of Brexit: A Treasurer’s Perspective

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

Meeting members in East Africa

A few weeks ago, I was at our annual East Africa Treasury Forum in Nairobi meeting our members and reinforcing the presence of the ACT and the role of the treasury function in the region. After my short welcome giving the audience an overview about the ACT and what we do, and some opening remarks from our very able chair, Sydney Wechuli of the Nairobi Securities Exchange, we had an exciting and informative opening keynote from Standard Chartered’s Africa Strategist, Eva Wanjiku Otieno, who talked about key economic factors worldwide from the changing strategy of the US Federal Reserve to

Tech innovation catch-up tops CFO to-do list in 2019

This article was written by Amanda Iacone from Bloomberg Tax. It appeared first on the Bloomberg Terminal. Innovations like data analytics and automation aren’t reaching corporate finance as quickly as CFOs and controllers would like, prompting them to make a big tech push in 2019. Just 13 percent of controllers and chief financial officers say their teams use robotics process automation. An even smaller group—10 percent—say they have the right skills on their teams to adopt and use emerging technologies, according to a recent joint survey by the Association of International Certified Professional Accountants and Oracle Corp. The Institute of

Future Leaders in Treasury – The importance of resilience

Resilience. What is it? The term resilience means so many different things to different people. Is it a perspective – rationalising what you are up against and working out how big a deal it really is? Is it adaptability – knowing when you can need to step up and when you can take it down a notch? Is it your ability to bounce back – how well do recover from difficulties and how quickly can you carry on? Resilience is not about being able to do huge amounts of things. It is not about taking on the highest pile of