TRG Blog

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, CFOs, 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: Financial consolidation, planning and reporting

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: Financial consolidation, planning and reporting

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: Financial consolidation, planning and reporting

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

CFOs and finance professionals: Time to change the way you work

Posted by Cuong Nguyen on

“It’s an increasingly complex world” (Accenture, 2012)

Today, economic turmoil and volatility are dominant and the roles of CFOs and senior finance managers are changing. Thus, it’s critical that CFOs are able to:

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Topics: Planning and Budgeting, CFOs, Financial consolidation, planning and reporting, Financial Accounting Management Software

How technology can help you with IFRS adoption

Posted by Rick Yvanovich on

In our view, companies are best served when they take an integrated approach to build an IFRS framework. Toward that end, they need a fully integrated solution ideal for supporting the IFRS adoption. A key element is the ability of enterprise applications to work in conjunction with financial management ones to meet a wide range of accounting requirements and processes mandated by the International Financial Reporting Standards. 

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

Actions to Improve Business Performance for Organisations

Posted by Rick Yvanovich on

When Aberdeen Group conducted a study in 2011, they identified three classes of performance in corporate financial planning, budgeting and forecasting: Best-in-class, industry average and laggard. The research group outlined steps to help companies improve their performance, regardless of their current class.

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Topics: CFOs, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM), Financial Accounting Management Software

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 Rick Yvanovich
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