The accounting for financial instruments is changing.
In July 2014, the International Accounting Standards Board issued the completed version of IFRS 9 Financial Instruments which will replace IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 (2014) provides revised guidance on the classification and measurement of financial assets, an expected credit loss model for calculating impairment and the general hedge accounting requirements.
In Singapore, the Accounting Standards Council is expected to adopt the final version of IFRS 9 without modification effective from 1 January 2018.
In this issue, we offer our thoughts on the impact and implications of the finalised standard to financial institutions.
How has the role of the CFO evolved in the past decade?
As the role of finance functions is being redefined, CFOs are challenged to change their traditional finance processes and operational support models in an effort to deliver faster, more accurate and insightful analysis and reporting – while at the same time managing risks and reducing costs.
A recent KPMG survey found that Singapore based CFOs in the Financial Services sector seem to be moving at a slower pace in gearing their finance function towards a greater strategic role, compared to their peers in Europe and the US. This may be due to how they tend to regard their finance department more as an operational back-office function rather than a strategic value-driver.
The intelligent finance organisation of today and indeed the future must go beyond its business-as-usual financial operations, reporting and control roles to become a value-adding provider of intelligence that the Board and business units can depend on to make strategic business decisions.
Many think that cyber attacks will never happen to their organisation.
Truth is there are almost daily occurrences of cyber attacks from individual, opportunistic hackers, to professional and organised groups with strategies to systematically steal intellectual property and disrupting businesses. The risk posed by cyber attacks is ever present, compounded by the fact that dealing with cyber threats is a complex challenge.
Read on to find out why large global organisations should move from a reactive to proactive operating mode in dealing with cyber threats. This calls for transformative change.
With the emergence and positioning of Singapore as a global financial hub, its financial services industry has experienced rapid changes to the way it conducts business and manages systems & operations.
To ensure sound technology risk management and information security practices, the Monetary Authority of Singapore (MAS) has recently issued an updated guidance to financial institutions to address existing and emerging technology risks within the financial services industry.