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IFRS Technical Update
Weekly Catch-Up 22nd March
What does the future hold for CFOs?
This great podcast with Ankur Agrawal, a partner in McKinsey & Co.’s New York office covers:
- How the CFO role is evolving and expanding.
- How future CFOs should be preparing.
- What technology is doing to the efficacy of finance.
High number of unfilled accounting positions in the US
Despite low unemployment in the US, a substantial amount of accounting and finance positions remain unfilled.
The survey undertaken reported that most unfilled positions were in the corporate accounting area. There was a need stated for financial analysts, tax and general accountants and internal auditors.
Of interest was that 29% of HR professionals plan to increase their hiring in accounting over the next year.
South African retailer Steinhoff involved in $7.4 billion accounting fraud
The CEO and seven others have been involved in a 6.5 billion euro accounting fraud. Profits have been overstated for several years with PwC carrying out the independent investigation.
The executives have now been named and it’s being stated that profits and asset values have been inflated over several years.
£94m black hole in Patisserie Valerie Accounts
The black hole in the accounts of Patisserie Valerie are now being estimated as twice previous estimates according to KPMG. The accounts have been overstated by up to £94m. It’s looking like the case position had been overstated by £54m and the debts overstated by £17m and a £23m discrepancy in the way it had valued its assets.
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