The role of a typical CFO has shifted, with a stronger emphasis on managing change, driving growth, and informing investment decisions.
However, there is still a need to master the complexity of financial reporting and compliance in today’s continuously changing regulatory environment. Finance chiefs can’t afford to give compliance efforts short shrift, or they run the real risk of stiff fines and penalties, financial restatements, and serious damage to their corporate (and personal) reputations.
Best Compliance Advice: Start Early
Typically, there is ample time to prepare when a new regulation or change to an existing regulation is announced. Smart finance executives don’t squander the opportunity to review their systems and processes, with a view toward not only revenue recognition and lease accounting changes only scratch the surface of the compliance issues facing cfos.
Create a Culture of Compliance
To borrow a phrase from the world of sports, the best ofense is a good defense when it comes to managing compliance issues. Delaying the inevitable changes to business processes and technology necessary for regulatory compliance is not a winning strategy. It is much more efective to be proactive and take advantage of the opportunity to not only revamp systems and processes to meet new standards, but also to improve performance and visibility.
It is difcult to keep up with so many sweeping changes to compliance issues, as they impact systems and functions throughout the organization. While compliance has primarily been viewed as a finance function, CFOs need to communicate and collaborate with internal experts who will be impacted by changes such as lease accounting and revenue recognition.
This eBook about compliance will explore:
- What CFOs need to know about upcoming changes in regulations and how the nance team can prepare
- Best practices for managing compliance in your organization
- The risks of non-compliance with upcoming changes regarding lease accounting, revenue recognition, and SEC requirements