Because of its impact on the Office of Finance, I’ve written in the past about the proposed timeline and IT implications of the convergence of U.S. Generally Accepted Accounting Principles (U.S. GAAP) and the International Financial Reporting Standards (IFRS). While the bottom-line differences between U.S. GAAP and IFRS are likely to be minimal for most businesses, some aspects of the convergence promise to be significant and problematic. One important change is how companies account for...
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Topics:
GRC,
Office of Finance,
control,
error,
IFRS,
Governance, Risk & Compliance (GRC),
Business Performance Management (BPM),
CFO,
Financial Performance Management (FPM),
Financial Performance Management,
GAAP
Banking giant JP Morgan raised eyebrows in 2012 when it revealed that it had lost a substantial amount of money because of poorly conceived trades it had made for its own account. The losses raised questions about the adequacy of its internal controls, and broader questions about the need for regulations to reduce systemic risk to the banking system. At the heart of the matter were the transactions made by “the London Whale,” the name given to a JP Morgan’s trading operation in the City by its...
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Topics:
Sales,
GRC,
Office of Finance,
Operational Performance Management (OPM),
error,
Business Analytics,
Business Collaboration,
Business Intelligence,
Business Performance Management (BPM),
Data,
Financial Performance Management (FPM),
Information Management (IM),
Sales Performance Management (SPM),
controls
