The CFO's Agenda for 2013

The CFO’s Agenda for 2013

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These variables have become certainties for CFOs this year.


Agenda Item

1#

3


Address and Mitigate Healthcare Costs & Concerns

Agenda item #1

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% of CFOs cite healthcare costs as a key company financial concern for the third consecutive year.

Source: Bank of America. 2013 CFO Outlook – Annual Survey of U.S. Senior Financial Executives. United States: 2013. https://corp.bankofamerica.com/documents/16303/307298/CFO_Outlook_2013_Report.pdf

Agenda item #1

https://corp.bankofamerica.com/documents/16303/307298/CFO_Outlook_2013_Report.pdf


CFOs are familiar with the‘pay or play’ decision they must make. It may seem obvious but…

Agenda item #1

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The costs of healthcare insurance are much higher than the penalty figure.

Agenda item #1


Potentially reevaluating employees total compensation packages

Penalty fee is subject to a nondeductible excise tax by the IRS

Business is less marketable to attractive talent

Okay. But dropping healthcare coverage means:

Agenda item #1

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or

CFOs must decide...

Pay play?


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Agenda item #1


Now what?

? ? ? ??

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????

?

? ?10


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Determine company’s healthcare reform strategy

Align with HR & medical executives

Prepare for the January 1st, 2014 ‘pay or play’ implementation date

Evaluate ‘pay or ‘play’ costs and benefits

Action Items:

Agenda item #1


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Agenda Item

2#

Better Industry Regulation & Legislation Monitoring


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Agenda item #2


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More than 50%of CFOs say that industry regulation & legislation are in their top three concerns.

#1 #2#3

Source: The Wall Street Journal. Health Care Cost Management: Ways CFOs Can Get Ahead of the Curve. New York: 2012. http://deloitte.wsj.com/cfo/2012/11/16/health-care-cost-management-ways-cfos-can-get-ahead-of-the-curve/

Agenda item #2

http://deloitte.wsj.com/cfo/2012/11/16/health-care-cost-management-ways-cfos-can-get-ahead-of-the-curve/


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With the ever-evolving nature of regulations and legislation, it’s no surprise that CFOs cite government policies as a top priority and concern.

Agenda item #2

Sarbanes-Oxley Act

Dodd-Frank Act

JOBS Act

There’s:


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Agenda item #2

And then there’s:

XBRL IFRSIFRS


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Agenda item #2


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Scouring the SEC, IASB and FASB websites regularly requires unnecessary resources, particularly with the inception of automation.

Agenda item #2

So what’s next?

? ? ? ??

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????

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Agenda item #2


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Automate manual procedures for staying on top of regulation and legislation changes

Determine which technology / labor resources are needed to ensure proper legislation monitoring

Evaluate which regulations require substantial monitoring

Action Items:

Agenda item #2


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Agenda Item

3#

Significant Technology Investments


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Agenda item #3


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CFOs say their companies will increase spending in technology by nearly 8% this year.

$ $8%

Agenda item #3

Source: PWC. CFO Optimism Blooms. New York: 2013. http://www.pwc.com/us/en/cfodirect/issues/strategyoperations/other-sources/cfo-cfo-optimism-blooms.jhtml?display=/us/en/cfodirect/issues/strategy-operations

http://www.pwc.com/us/en/cfodirect/issues/strategyoperations/other-sources/cfo-cfo-optimism-blooms.jhtml?display=/us/en/cfodirect/issues/strategy-operations

http://www.pwc.com/us/en/cfodirect/issues/strategyoperations/other-sources/cfo-cfo-optimism-blooms.jhtml?display=/us/en/cfodirect/issues/strategy-operations


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Manual processes will not su!ce when it comes to complying with new legislation, keeping pace and ultimately di"erentiating the business from competitors.

Agenda item #3


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Automate data mining and analysis

Continue R&D initiatives

CFOs will invest in technology to:

To do this, CFOs must take note of…


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Agenda item #3


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Research and compare di!erent SaaS solutions

Purchase and implement solutions

Determine where workflow would benefit from automation

Determine budget figure for technology spend

Action Items:

Agenda item #3


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Agenda Item

4#


Hiring in Finance

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Agenda item #4


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of CFOs anticipate more hiring in 2013.

Agenda item #4

Source: Bank of America. 2013 CFO Outlook – Annual Survey of U.S. Senior Financial Executives. United States: 2013. https://corp.bankofamerica.com/documents/16303/307298/CFO_Outlook_2013_Report.pdf

https://corp.bankofamerica.com/documents/16303/307298/CFO_Outlook_2013_Report.pdf


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Why are CFOs hiring in finance?

Agenda item #4


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Because they need resources for…

Agenda item #4


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Reporting adjustments for ongoing compliance...

Agenda item #4


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...and leveraging implemented software for better financial reporting.

Agenda item #4

How will CFOs achieve this?


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Agenda item #4


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Hire: Compliance Manager, Government & Regulatory A!airs O"cer, Chief Risk O"cer, Asset Management Professional, Wealth Management Professional, Emerging Payments O"cer and Payments Executive

Ensure budget’s flexibility for new hires

Action Items:

Agenda item #4


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ResourcesPrint this: Use a SEC filings Calendar to keep on top of deadlines

Read this: Understand the truths about XBRL tagging

Know this: A Guide to Common Filing Errors and How to Avoid Them

http://go.disclosurenet.com/2013-SEC-Filing-Calendar.html

http://go.disclosurenet.com/Top-4-Common-XBRL-Myths-Debunked.html

http://go.disclosurenet.com/A-Guide-to-Common-Filing-Errors-and-How-to-Avoid-Them.html


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Would you like to learn more about how to automate your regulation monitoring process to keep your disclosures on the leading edge of financial reporting?

Contact us.

DisclosureNet™330 Bay Street, Suite 200Toronto, ON M5H2S8T: 866.974.3638F: 416.913.0446

General InquiriesT: 866.974.3638 [email protected]

SolutionsT: 866.974.3638 [email protected]

Date post:	06-May-2015
Category:	Economy & Finance
Upload:	disclosurenet
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The CFO's Agenda for 2013

Economy & Finance