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TRG Blog

Planning and budgeting: Solutions to common problems

Posted by Vy Huynh on

Jack Welch, former Chairman at GE once said: “The budgeting process…sucks the energy, time, fun, and big dream out of an organization”. Yes, everyone hates it! If there is an effective way to do it without trying too hard will you take its advantages to grow? What you need are just a good planning and budgeting process and the right technology!

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Topics: Planning and Budgeting, Financial consolidation, planning and reporting, Technology trends

How companies can improve their corporate financial report

Posted by Rick Yvanovich on

In two previous posts, we have discussed some issues with annual reports and financial reviews of companies in Vietnam. What can be done to improve them? Preparing a financial report is an art that requires authenticity rather than a motive to polish a company’s image.

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Topics: Financial consolidation, planning and reporting, Financial Accounting Management Software

Getting rid of Excel in financial planning and budgeting: modern trend for CFOs

Posted by Rick Yvanovich on

Recent research by Anaplan, an expert on modelling and planning finance, sales and operations platforms, states that currently, Asia Pacific’s CFOs are still experiencing difficulties with spreadsheet usages in financial planning and budgeting. In addition, there was a relatively low satisfaction level with the accuracy, timeliness and ease of Excel use for planning and budgeting.

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Topics: Planning and Budgeting, Financial consolidation, planning and reporting

Points of caution when analysing annual financial review in Vietnam

Posted by Rick Yvanovich on

In the previous post, we have touched upon the current issues with annual reports in Vietnam. The financial review in an annual report, including financial statements and footnotes, is of particular interest to investors. Nonetheless, there are differences between the way this section is approached in Vietnam and in Western countries such as the US and UK due to legal, social, cultural and political dissimilarities.

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Topics: Financial consolidation, planning and reporting

Rethinking the real value of annual financial reports in Vietnam

Posted by Rick Yvanovich on

Annual report – As sad as it may seem, the concept of preparing/using the document is still a grey area in Vietnam. According to the Ministry of Finance, to date there are 1,690 public companies in Vietnam, 704 of which are listed in 2 stock markets. However, in 2011, only 21 out of 695 listed companies sufficiently met mandatory regulations regarding information disclosure.

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Topics: Financial consolidation, planning and reporting, Financial Accounting Management Software

Technology for financial consolidation

Posted by Thuy Tien Tran on

The financial consolidation  process in a corporation usually begins with capturing business transactions and events and closing sub ledgers into general ledgers. It often involves reconciliations of financial statements from different subsidiaries as well as dealing with minority interest and intercompany transactions . As companies grow, so does the number of entities needing to be consolidated. The consolidation process can be complicated for corporations with multiple subsidiaries and associates, especially when their consolidation system is manual, or not integrated.

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Topics: Consolidated financial statement, Financial consolidation, planning and reporting, Parent companies and subsidiaries

Financial consolidation: Dealing with intercompany transactions

Posted by Rick Yvanovich on

Tracking intercompany transactions is perceived as one of the most common problems with financial consolidation Intercompany transactions are transactions that happen between two entities of the same company. Not adjusting intercompany transactions results in consolidated financial statements that do not offer a true and fair view of the group’s financial situation.

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Topics: Consolidated financial statement, Financial consolidation, planning and reporting, Intercompany transactions, Financial management solutions, Financial strategies

Getting started with financial consolidation

Posted by Rick Yvanovich on

Before we discuss financial consolidation, it’s important to note the following definitions (IAS 27):

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Topics: Consolidated financial statement, Financial consolidation, planning and reporting, Parent companies and subsidiaries

Time to revamp corporate financial planning: 8 points to remember

Posted by Thai Pham on

As the world is heading towards a slow recovery, businesses can expect some unexpected events along the way. Therefore, agility needs to be embedded in every business process, including corporate financial planning.

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Topics: Planning and Budgeting, Corporate Performance Management CPM, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM)

Adapting to economic globalisation: From VAS to IFRS accounting

Posted by Thuy Tien Tran on

Globalisation has made the transition from VAS accounting to IFRS accounting a pressing issue for many organisations. It does not only apply to global companies operating in Vietnam but also to Vietnamese companies with foreign capital investment, which helps increase mutual understanding and trust for foreign investors, who do not have an insider’s knowledge of VAS.

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Topics: Financial consolidation, planning and reporting, IFRS

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 Rick Yvanovich
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With TRG International Blogs, it is our mission to be your preferred partner providing solutions that work and we will make sure to guide your business to greatness every day.

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