BUT the SPECIFIC data elements reported and consumed by the capital markets is not ASSURED by the auditor or the management accountant reporting this information to the CFO – the FULL paper report is ASSURED but not the specific DATA ELEMENT reported in the financial statement
Great article in CFO Magazine by Russ Banham on the quickly expanding role CFOs and their finance teams are now assuming beyond the management of financial information critical to the operation of the enterprise they pilot
The entity also should identify a senior D&I official to oversee and direct these efforts. Senior-level management should not only be involved in approving D&I hiring and procurement decisions but should be engaged in policy decisions affecting D&I
Interesting alarming report from the US GAO issued in January 2016 to Members of Congress on the need in the capital markets and more specifically -- public companies – to disclose in their reports and to the US SEC material risks related climate change so investors and the public can make better financial decisions. For example, risks related to the disrupting of supply chain of public companies that provides critical food, medicine, energy, and products that support the US economy can be of significant financial value to both investors and the public
The Increasing role of the Management Accountant This is where the management accountant can come into the picture. Management accountants can help the organization from an accounting and performance perspective help investors to better understand the connection to the company’s business case
The SEC’s interpretation and the Congressional “Corporate Diversity Bill” are the latest evidence that efforts over the past two years for enhanced board diversity are gaining considerable momentum. 1 The Human Capital Management Coalition —a group of institutional investors with $2.8 trillion in assets—is urging the US Securities and Exchange Commission to require issuers to “disclose information about their human capital management policies, practices and performance.” Management accountants work closely with the CFO on financial disclosures. The US SEC Chairman is urging public companies to disclose human capital in addition to financial data. Role of the Management Accountant: What role will management accountants play in this new area of corporate disclosure Can management accountants help companies provide this additional data to the capital markets?
Using manual tools like spreadsheets can’t work to monitor and track regulatory risks according InvestmentNews...Stay tuned for more updates on XBRL and how it adoption and use in the capital markets will help the management accountant
Together with the European Supervisory Agencies, the European Central Bank and the FSB, the European Commission will continue monitoring the developments in this subject area. Considering the risks associated with the digital assets transactions and the appropriateness of the regulatory framework, the European Commission will assess, by the fourth quarter of 2018, at what extend a regulatory action on an EU level is necessary. In this context, last month the European Supervisory Agencies – EBA, ESMA and EIOPA – issued a coordinated warning to the consumers about the high risk of investment in virtual currencies associated with uncertainty in the regulation and their extreme volatility.3 This notification followed the alerts issued in November 2017 by ESMA to investors concerning the high risk of investing in ICOs and on the rules applicable to firms involved in ICOs.4 Additional aspects to consider when analysing digital assets include the impact of the General Data Protection Regulation (GDPR) entering into force in May 2018,5 the eIDAS Regulation6 and the recent proposal to extend the scope of the Anti-Money Laundering Directive to virtual currency exchanges and wallet providers.7 Finally, a further step forward in the regulation of digital assets and ICOs was taken outside the EU with the publication of the ICO Guidelines by FINMA (the Swiss Financial Market Supervisory Authority) on February 16, 2018. The document complements the FINMA Guidance 04/2017 and provides further information and clarification on how the authority aims to employ the financial markets legislation by dealing with ICO organisers.8 Footnotes 1) FinTech Action Plan: For a more competitive and innovative European financial sector 2) Proposal for a Regulation of the European Parliament and of the Council on European Crowdfunding Service Providers (ECSP) for Business 3) ESMA, EBA and EIOPA warn consumers on the risks of Virtual Currencies 4) ESMA Highlights ICO Risks for Investors and Firms 5) Regulation (EU) No. 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) 6) Regulation (EU) No. 910/2014 of the European Parliament and of the Council of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC 7) Directive (EU) No. 2015/849 of the European Parliament and of the Council on the prevention of the use of the financial system for the purposes of money laundering and terrorist financing 8) FINMA publishes ICO guidelines Information about the use of XBRL for better access to financial and non-financial data for global investors: The European Financial Transparency Gateway, is a proof of concept index for financial reporting being developed by the European Commission’s DG FISMA