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Archive for September 2012


CFO | The man behind Facebook’s IPO debacle

It is David Ebersman’s fault. There is just no way around it. Facebook’s well-liked, 41-year-old chief financial officer presided over the recent float of the technology darling’s stock.

CFO | Broad support for charity commission

Despite being rushed through with inadequate clarity on the reporting framework, most in the non-profit sector are still hoping Parliament will vote for the new charities commission.

CFO | Mobile Embrace hires Simon Allison

Mobile Embrace has hired Simon Allison as its new CFO, who will succeed finance chief Paul Jeronimo as the mobile site development and content company shifts to a new business model.

Consulting fee levels raise concern

Fees earned by accounting firms from non-audit work at some Australian companies are reaching levels higher than HIH Insurance and Enron before accounting fraud led to their demise, writes Agnes King in the Accounting section of the AFR.

CFO | Toohey leaves GE Capital

GE Capital Australia & New Zealand’s long-serving CFO, Mark Toohey, resigned last month after 13 years with the company. He has been CFO of the local business since the global financial crisis struck in 2008.

Greens hold out for advocacy and consultation provisions

Twenty years after the sector began calling for an independent regulator, and less than two years since the whirlwind process began, a Charities Commission will start on October 1. Important details are still under debate.

CFOs confused on card security

About 75 per cent of finance executives and directors don’t know about a compulsory merchant global credit card security standard even though it‘s been around for about a decade.

See change coming and adapt: Google

Google is among the most vulnerable to disruption by digital forces, its local CEO told a gathering of CFOs in Sydney on Monday.

Former Macquarie exec for Sydney Airport CFO

Macquarie-owned Sydney Airport has appointed Stephen Mentzines, a former head of Macquarie’s North American infrastructure and real assets business as its new CFO.

Hedge accounting rules ready in 90 days

Australian finance chiefs accessing foreign debt markets, hedging with options, or using cross-currency interest rate swaps on foreign borrowings will be closely reviewing the draft of IFRS 9, which was released this week.

US influence on accounting waning

The epicentre for setting global accounting standards is shifting to Asia, but the US is still going to be the most important to create truly global standards, the former chairman of the international accounting setter told Agnes King

Thrift comes home for finance chiefs

Corporate finance chiefs grappling with a stagnant economic outlook are following the banks’ lead in overhauling and making cuts to their finance teams, with more forced to choose offshoring.

Bond rates the wrong choice, say finance chiefs

CFO | A working group is developing proposals to change accounting standards to allow alternatives to be used to calculate the value of their liabilities.

Asciano finding it hard to secure new CFO

Asciano’s extended search to secure a replacement CFO for Angus McKay may be a sign of the risk-averse times, and the difficulty of finding the right fit.

Pros and cons of selling online

Online sellers have certain advantages and disadvantages compared with bricks-and-mortar competitors when it comes to managing cash flow.

Boards doubt charity plan

Eighty per cent of directors doubt the new federal regulator for the $40 billion non-profit industry will cut red tape, improve financial reporting or make it easier to recruit directors.

Size matters in charities’ governance stakes

A new report from the Institute of Company Directors has found that, at the economically significant end of the sector at least, non-profit boards have comparable governance standards to the business world.

Capital CFO Award winners

The Capital CFO Award winners come from across the financial services industry, but all have something in common – they are the best in their category.

Accounting for hedging has its critics

Many CFOs and treasurers are keen to see amendments to rules governing accounting for hedges that will reduce the volatility of profits, but not everyone is cheering.

ASIC sees capital in annual report overhaul

The corporate watchdog’s deputy chair, Belinda Gibson, wants annual reports to become so useful they can form the basis of capital-raising disclosures.

Infrastructure funding model back to front

Plenty of infrastructure projects have gone bust due to over-optimistic patronage forecasts, but a major fund says the root cause is picking private funding partners looking for quick returns.

Mid-October start for charities commission

UPDATED | The new non-profit regulator’s scheduled start date of October 1 will definitely be delayed, but the commission is likely to be operational from mid-October. Amendments have already been proposed to ban ‘gag clauses’.

Meet Tony Buffin, the fixer for Coles

CFO Interview | Tony Buffin has spent his career fixing and selling businesses. He was once a private equity partner at Permira and helped revive supermarket Asda in the early 1990s. He is now finance director at Coles.

Former Ten CFO John Kelly declines Fairfax

Fairfax Media approached former Ten Network chief financial officer John Kelly to be the trans-Tasman media group’s new finance head.

Time to question assumptions about ‘natural offsets’

CFO | Finance chiefs who in the past have relied on the Aussie moving with commodity prices are now reviewing their risk management strategies.

SMSF auditors risk missing deadline

Regulators are concerned that a late rush on registrations for self managed superannuation fund auditors will leave many practitioners non-compliant.

Evidence reveals companies are fit and healthy

Opinion | Many investment bankers are pessimistic of late given the negative news flow, but the Altman Z score shows local companies are, relatively speaking, in pretty good shape.

Managing the internal risk of bribery

Ignorance is risk not bliss. International law reforms mean finance directors can no longer turn a blind eye to what makes the wheels turn in offshore projects.

‘Trust me, I’m a banker’: Oath

Banking and finance industry leaders have developed a professional oath, one they hope will strengthen standards and promote trust among a public that is more cynical than ever before.

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