iafei e journal
  April 2015
2015 Pilot Issue no. 3
 
 
Message from the Chairman

luis ortiz-hidalgo

This third pilot issue of the IAFEI e-journal features contributions from two of the IAFEI Working Committees, the International Tax and International Treasury Committees. We appreciate their commitment and effort. This issue also features articles of interest to the CFO's whose role has to adopt to the shifting global landscape amidst the challenges.

The IAFEI Executive Committee will be meeting on 27 April 2015 to discuss significant IAFEI concerns lined up. The meeting will be hosted by the Russian Institute, the All-Russian Public Organization Russian Club of Financial Directors (RCFD), in St. Petersburg, Russia. All will be apprised of important items to be taken up.

Best regards,
Luis Ortiz-Hidalgo
Chairman, IAFEI

UPCOMING EVENTS

SAVE THE DATE: 14-16 October 2015

45th IAFEI World Congress

45TH IAFEI WORLD CONGRESS
Palazzo Mezzanotte, Milan, Italy

Note: Delegates who may require letters of invitation for visa purposes are encouraged to inform their respective institutes or the IAFEI Secretariat.

The IAFEI Executive Committee will hold its face-to-face meeting in St. Petersburg, Russia on 27 April 2015. The meeting will be hosted by the Russian Institute, the All-Russian Public Organization Russian Club of Financial Directors (RCFD).
IAFEI Past Chairman Hiroshi Yaguchi and Area President for Asia Hiroaki Endo will visit the Philippines on April 23-24, 2015. Mr. Yaguchi will address the 43rd Annual Conference of the Philippine Association of Collegiate Schools in Business (PACSB) in Tagaytay City.
FROM THE IAFEI WORKING COMMITTEES

The Italian Approach to Intercompany Loans

From the International Tax Committee
Chairman: Piergiorgio Valente

The Italian Tax Authorities have been intensifying their focus on transfer prices involving financial intercompany transactions, such as loans.

Multinational corporations frequently resort to such kinds of transactions in order to optimize and rationalize the financial management of the entire group, as a whole. In certain cases, the said optimization tools pertaining to intercompany financial resources may become authentic tax planning instruments.

read more}

The Liquidity of Banking and Business System

From the International Treasury Committee
Contributor: Dominique Chesneau

After dealing with an aspect of the liquidity of companies through the prism of their Working Capital, it comes to evoke the liquidity of banks, and its links with the growth of the economy and companies.

Liquidity is generally regarded as “the ability to meet its obligations of cash depending on their maturity” and is defined in three ways:

Banking literature first retained a narrow definition called "funding liquidity.” This concept covers the liquidity (i.e. cash or assets that can be quickly converted to cash and held therefore) necessary to meet the demands of withdrawals of funds in the short-term from counterparties or to cover their operations. read more}

ARTICLES

The Accounting Profession and Public Interest

by Dr. Conchita L. Manabat
17 March 2015, Business Mirror

A hallmark of the accountancy profession is its obligation to act in the public interest. The International Federation of Accountants the Public Interest Oversight Board (PIOB) conducted the Public Interest Workshop held in New York on September 11, 2014, with some 43 participants, consisting of chairmen and members of the consultative advisory groups of international standards setting bodies of the accounting profession, members of the PIOB, the key officers of the International Federation of Accountants and the key officers of international financial regulators.

Among the topics taken up included what the accounting profession is doing to serve public interest, and how to improve on it. read more}

Integrated Reporting Needs a US Strategy

by Jeffrey C. Thomson, CMA, CAE, IMA President and CEO
24 March 2015, IFAC Global Knowledge Gateway

With the release of the International Integrated Reporting Council (IIRC)’s Framework in December 2013, many global organizations are realizing the value of integrated reporting. Yet, many corporations in the US are hesitant to adopt it without a clear value strategy for internal users, investors, and other market constituents.

Of the 100 companies that joined the IIRC’s Pilot Programme, only eight are headquartered in the US: Cliffs Natural Resources, Edelman, Jones Lang LaSalle Incorporated, Microsoft Corporation, PepsiCo Inc., Prudential Financial, Inc., The Clorox Company, and The Coca-Cola Company. read more}

Reporting Guidance on the 10th Principle against Corruption

Source: UN Global Compact website
https://www.unglobalcompact.org/docs/issues_doc/Anti-Corruption/UNGC_AntiCorruptionReporting.pdf

The integration of a clear anti-corruption commitment into the corporate citizenship agenda sends a strong signal that the private sector shares responsibility for countering corruption. Yet,
this remains one of the most challenging topics for organizations to report on, not only because of its complex and hidden nature, but partly owing to the lack of a practical reporting guidance.

The difficulty of reporting has been confirmed by Global Compact implementation surveys that have found that too few Global Compact business participants report comprehensively on anticorruption policies and implementation mechanisms.

In this context, the Global Compact Working Group on the 10th Principle appointed the Taskforce to create a Reporting Guidance on the 10th Principle as a tool to give practical guidance to small, medium and large companies as they report on their efforts. read more}

The Future of the CFO

Association of Chartered Certified Accountants (ACCA)
13 April 2015, IFAC Communications

New research conducted by ACCA (the Association of Chartered Certified Accountants) and IMA (the Institute of Management Accountants) identifies five key influences shaping the future role of finance leadership and the destiny of the CFO read more}

FEE shows that European countries increasingly move towards International Standards on Auditing (ISAs)

20 April 2015, FEE News

FEE has issued a new publication “Overview of the ISA adoption in the EU”, which demonstrates to what extent the 28 European Union Member States have chosen to apply ISAs for all audits. Based on information gathered from FEE Member Bodies, FEE noted that significantly more countries voluntarily adopted ISAs than when we last asked in 2013. Currently, only three Member States have not yet adopted these global standards. read more}

Book of Jargon® – US Corporate and Bank Finance

An Online Glossary of Corporate and Bank Finance Slang and Terminology

Book of Jargon

Latham & Watkins’ newest edition of the Book of Jargon® – US Corporate and Bank Finance provides an introduction to corporate and bank finance slang and terminology. Our latest version reflects terms from the post-economic crisis world in a comprehensive online library of Wall Street jargon from A to Z. The terms included herein raise complex legal issues on which specific legal advice will be required. The terms are also subject to change as applicable laws and customary practice evolve. As a general matter, the Book of Jargon® is drafted from a US practice perspective.

Available as an App

The Book of Jargon®: US Corporate and Finance is also available as a free app in the iTunes App Store and Google Play.

Available as an e-book

Or download a version that you can browse using an e-book reader.

 
 
 
  What's in this Issue  
 

UPCOMING EVENTS:

  • 45th IAFEI World Congress in Milan, Italy
  • IAFEI Executive Committee meeting on 27 April 2015
  • Visit of IAFEI Past Chairman Hiroshi Yaguchi and Area President for Asia Hiroaki Endo to the Philippines

FROM THE IAFEI WORKING COMMITTEES:

  • The Italian Approach to Intercompany Loans
  • The Liquidity of Banking and Business System

ARTICLES:

  • The Accounting Profession and Public Interest
  • Integrated Reporting Needs a US Strategy
  • Reporting Guidance on the 10th Principle against Corruption
  • The Future of the CFO
  • FEE shows that European countries increasingly move towards International Standards on Auditing (ISAs)
  • Book of
  • Jargon® – US Corporate and Bank Finance
 
     
 
 
  International Events of Interest  
   

marcusevans

mena hr in financial services

12th Annual Back Office Forum

Financial Forecasting & Planning

CFO Zone 2015

Africa Banking Forum 2015

13th Annual Retail Banking

For more details about these events, contact Armand Angeli at email address: armand.angeli@orange.fr or telephone no.:
+33 (0)6 0984 39 69

 
 
 
 
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