reporting challenges for accounting and finance - january 2017
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© 2014 IBM Corporation
Reporting Challenges for Accounting and Finance
Presenter: Paul Young, CPA, CGA – Proven Practice Adviser – Risk Analytics, FOPM/FPM and Close, Consolidate and Reporting
Date: January 29, 2017
© 2012 IBM Corporation
Agenda
September 9, 2014
• Reporting Areas for Business• Big Data• Internal Audit• Reporting Trends• Accounting Standards
• FASB• ISAB• BEPS• Risk Management
© 2012 IBM Corporation
Author / Bio
September 9, 2014
• Paul Young, CPA, CGA• SME – Financial Performance Management (TM1, Cognos Controller
and Cognos Disclosure Management, OpenPages, Algorithmics, Cognos Integrated Server, Cognos Command Center and Datawatch)
• Industry Experience• 15+ years in Corporate Reporting, Budget & Forecasting,
Costing, Business Process Management, Internal Audit and Controls, Risk Management, Financial Analysis, Costing
• 8+ years teaching Advance Finance, Advance Accounting, Public Finance and Advance Management Information Systems
• Blogger in areas like Finance Analysis, Government policies, market segment
© 2012 IBM Corporation
Big Data
September 9, 2014
• What is Big Data?• Big data is a term that describes the large volume of data – both structured and
unstructured – that inundates a business on a day-to-day basis. But it’s not the amount of data that’s important. It’s what organizations do with the data that matters. Big data can be analyzed for insights that lead to better decisions and strategic business moves.
• Why is Big Data important? • As companies seek to become more data-driven, too much of the focus is being spent
on capturing data and not enough on uncovering insights. The brutal truth is your data may hold a ton of potential value for your business, but it is worthless if no one is able to extract useful, timely insights from it. If you’re struggling in this area like many other businesses, it’s just going to get harder as your data continues to expand over time. The noise will get louder and the signals will become fainter. Source: Forbes
© 2012 IBM Corporation
FASB
September 9, 2014
© 2012 IBM Corporation
FASB
September 9, 2014
© 2012 IBM Corporation
FASB
September 9, 2014
© 2012 IBM Corporation
IASB (International Accounting Standards Board)
September 9, 2014
• Key Standards
© 2012 IBM Corporation
IASB (International Accounting Standards Board)
September 9, 2014
• Completed Standards
© 2012 IBM Corporation
IASB (International Accounting Standards Board)
September 9, 2014
• Completed Standards
© 2012 IBM Corporation
BEPS
September 9, 2014
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• What is BEPS• Base erosion and profit shifting (BEPS) refers to tax avoidance strategies that exploit
gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations. Under the inclusive framework, over 100 countries and jurisdictions are collaborating to implement the BEPS measures and tackle BEPS.
• BEPS Requirement• Mandate to reporting profit by country – Source:
https://www.oecd.org/ctp/beps-action-13-guidance-implementation-tp-documentation-cbc-reporting.pdf
© 2012 IBM Corporation
Risk Management
September 9, 2014
• Risk Management• The total global expenditure on risk IT systems and services by financial institutions
(FIs) will be $70bn during 2016.
• The two biggest areas for investment are in the risk governance and integration field ($22.4bn), which is being driven by compliance demands, stress test reporting obligations and risk data aggregation requirements, and financial crime risk, which follows closely behind in terms of growth, as cyber and fraud risks multiply and converge.
• The Chartis 2016 Global Risk IT Expenditure report aggregates all of the firm’s 2015 research to derive a global risk IT spend. The market sizing exercise by Chartis is based on a comprehensive bottom up methodology driven by thousands of demand side data points. Furthermore, the analysis has been validated by top-down data from hundreds of technology vendors and consulting firms.The report provides an overview of the risk technology market and forecasts 2016 expenditure for specific risk categories, examining the regulatory, operational and reputational drivers for different sizes of financial institution (FI) and across different regions
© 2012 IBM CorporationSeptember 9, 2014
© 2012 IBM CorporationSeptember 9, 2014
© 2012 IBM CorporationSeptember 9, 2014
© 2012 IBM CorporationSeptember 9, 2014
• Contact information• Paul Young (email: [email protected])• IBM Close, Consolidating and Reporting, Risk and Planning
Analytics• http://www.ibm.com/analytics/us/en/business/financial-reporting/• http://www-03.ibm.com/software/products/en/planning-analytics• http://www.ibm.com/analytics/us/en/business/governance-risk-compliance/