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

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

Tackling the complexity of KYC

This article was written by Lisa Roitman, regulatory compliance workflow specialist and business strategist in Bloomberg’s Enterprise Data department. Evolving regulation and geopolitical conditions have changed operational dynamics and dramatically increased Know Your Customer (KYC) burdens on market players. Financial Services firms face increased pressure to conduct ongoing KYC, draining treasury operations resources. It’s estimated that treasury teams at multi-national corporations spend upwards of 25-hours-a-week tackling KYC requests, often on repetitive and administrative tasks, according to a NeuGroup study. Increasingly, corporate treasurers highlight KYC as one of their most significant pain points, frustrated by the consumption of time, human capital

The inherent value in finding the right treasury management system

This article was written by Mark Lewis, Corporate Treasury Markets Specialist at Bloomberg. In increasingly complex markets, corporate treasurers need to manage their time more strategically by simplifying processes and using more efficient and automated solutions. Treasury management systems (TMS) are valuable tools for treasurers to achieve such results, providing significant cash visibility and financial controls in order to mitigate risk. Aggregated vendor solutions, patchwork integrations and cost inefficiencies are all major concerns when it comes to procuring a new system. It’s a big investment in time and resources, and the wrong choice may cause treasury workflows to be even

Tackling cyber risks in treasury

On 14 January 2019, the Association of Corporate Treasurers (ACT) alongside the European Association of Corporate Treasurers Cyber Security Working Group hosted an event at Barclays’ head office to discuss current trends in the cyber security space and ways of mitigating cyber risks. The event featured a panel session with a line-up of speakers from companies including the City of London Police, Standard Chartered, Global Cyber Alliance, Steelcase and Barclays.   The source of many headaches As companies continue to evolve digitally, they also become increasingly more vulnerable to cybercriminals deploying more sophisticated attack methods. Daniel Piper, Detective Inspector from

…..when there’s so much to do

The Middle East Treasury Summit, October 16 2018, Day 2 Lots more to talk about? Tick. Lots more old friends to greet? Tick. More new friends to make? Tick. More to discuss, to share and to learn? Absolutely tick. Day two at the Summit offered delegates all this and plenty more featuring much on transformation, on the journeys that individuals, treasury teams, and the profession have made in the region in the past 10 years and where the direction of travel will take treasury in the next 10, 20 or 30 years. In particular two short, but key, presentations given

Winds of Change

The Asia Treasury Leaders’ Forum, 19 September 2018 As Typhoon Manghut blew through East Asia causing all kinds of disruption and damage, the ACT events team flew into Hong Kong for our 10th year of events. More than 220 treasury professionals turned up on a lovely, sunny and very warm day to debate the future of treasury excellence. The format this year was dominated by shorter, punchy sessions on all the issues that a contemporary treasurer has to contend with. The US$ 500bn question that dominates the region currently is the game being played out between China and the US

ACT Middle East Treasury Summit: conference speaker Q&A

This year’s ACT Middle East Treasury Summit, 16-17 October in Dubai, will be your definitive technical update showcasing real treasury transformation case studies from senior leaders who have positioned their team as valuable, influential partners to the business. Here’s the latest Q&A with three of our conference speakers! Gary Slawther, Treasury Director, Arabtec Holding How do you think treasury has evolved over the previous 10 years? It has undoubtedly become a more strategic role, being seen as a key member of the CFO’s senior team and often presenting directly to the Board. This has been driven by two things: i. the