Archive for July 2012

OnQ former CFO gets a suspended sentence

The former CFO of the parent company of collapsed electronic payments provider Bill Express has been fined $10,000 and received a suspended sentence of 21 months jail.

Vesture hires CFO from biscuit maker

Former Byron Bay Cookie Company CFO Chin Khoo has begun a new job as finance chief of property management company Vesture.

Investment cycle slows reporting automation

Small businesses have taken to automated financial reporting, but big businesses say they are waiting for the next upgrade before adopting it

Mt Gibson Iron hires Bannerman’s Kerr

Peter Kerr will take over as CFO at Mount Gibson Iron in September, following the departure of Alan Rule this month for Paladin Resources and the appointment of a new CEO in May.

Cochlear CFO joins Osprey board

Cochlear finance chief, Neville Mitchell, has become an independent director of US-based Osprey Medical as well as chair of its audit committee.

Wood to take reins at WorleyParsons

WorleyParsons CFO Andrew Wood will succeed chief executive officer of more than 40 years John Grill after the company’s annual general meeting on October 23.

Resources CFOs get shuffled

Resource explorers Endocoal and Doray Minerals have hired new finance chiefs this week.

Streamline of retail bonds edges closer

The government says it is weeks away from receiving Treasury proposals on how to make issuing bonds to retail investors easier, with consultations now being conducted with selected industry groups and experts.

Bankwest CFO mulls costs of growth

Profile | CFO Jason Clifton steered Bankwest through its turnaround under CBA. Now he is determined to ensure his finance team is focused on the most valuable investments, and matching funding with growth.

Artificial heart maker gets new finance head

After the departure of its Australian CFO, US-based, ASX listed biotechnology company Heartware has hired Peter McAree has its new finance boss.

Mining states top accountant wages, CFO growth slows

The top paid CFOs and accountants are now in Perth and Brisbane, but the increase in supply of finance chiefs heading for WA and Queensland is moderating salary growth for finance managers, writes Agnes King in the AFR accounting section

Tax change to raise cost of travelling staff

Moves to scrap the tax concessions on living away from home have been delayed, but accountants say it will make it harder to attract skilled people from overseas and increase the cost of for employers with staff that need to travel, writes Nassim Khadem in BRW

Rio Tinto CFO to retire after three decades

Rio Tinto’s finance chief, Guy Elliott, will retire at the end of 2013 after 32 years with the company and a decade as finance chief and board member, reports Jamie Freed in the AFR

Gloom is back: CFOs

Finance chiefs’ taste for risk is at a three year low, as is their readiness to spend capital internally and externally, according to a survey of CFOs.

IFRS not supported by US markets: SEC

The move to a global set of accounting rules has suffered a further setback after the US Securities and Exchange Commission released a report that said most domestic companies do not support moving to international accounting standards.

ATO opens new tax avoidance front

The tax office has opened up another front in its bid to uncover hidden tax avoidance, warning it will be scrutinising so called dividend access share arrangements that allow companies to issue shares to associates of shareholders.

Grant Thornton deal a boost says global CEO

Grant Thornton’s international CEO, Ed Nausbaum, says he is comfortable with any risk taken on with the purchase of the NSW and Victorian practices of BDO, which made Australia the fourth largest practice in their global network

Capital CFO award finalists announced

After months of sounding the market and several weeks of analysing submissions, the finalists for 21 awards have been chosen for the 2012 Capital CFO Awards.

ASIC readies rules for public bond trading

ASIC today proposed market rule changes to deal with trading of commonwealth government bonds, which are due to begin trading publicly by the end of this year.

Webjet lands new CFO

Online travel company Webjet has appointed Robert Turner as its new CFO following the resignation of former finance director and executive director, Richard Noon last week.

Euro crisis shows ratings agencies are a problem

Opinion | If every crisis requires a hero and a villain then it is time to consider how ratings agencies have performed during the rollout of Europe’s sovereign debt disaster, says Susan Schroeder.

Tussle in the big four revenue ranks

PwC looks like retaining its top spot as the largest revenue earner of the big four accounting firms for 2012, but growth has been slow. While Ernst & Young has grown revenue faster, the smallest of the big four, Deloitte, may upset the rankings.

Volatility salve not a cure all

Changes to hedge accounting rules that will reduce the effect of volatility on profits will be welcomed by many treasurers, but many believe the cure is now being applied too liberally.

S&P; responds to ratings agency criticism

Standard & Poor’s Australia managing director, John Bailey, says to criticise rating agencies for deepening Europe’s problems is to confuse symptoms with causes.

Short stint for Callabonna CFO

Uranium explorer Callabonna’s CFO and company secretary, Peter Thiessen, has resigned two months after he was appointed in May.

Jury out on stall in business credit interest

Growth in business credit applications fell in the June quarter following strong growth in the previous two quarters, but the fall may be due to one-off factors, according to a credit check agency.

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