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

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

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

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

ACT Annual Dinner 2018 – Thank you for supporting us

A huge thank you to all those who came to the ACT Annual Dinner yesterday at the Grosvenor House Hotel, London – it was a huge success and we hope that you all enjoyed the night! The Dinner provided a fantastic opportunity to network with treasury and finance peers whilst enjoying a superb 3-course meal, fine wine and entertainment in one of the most prestigious venues in London. As the night evolved guests welcomed the after dinner speaker, Sandi Toksvig, who received a fantastic reception. With 1500+ guests, the event raised over £60,000 for the Hand in Hand international charity,