Archive for April 2012

Medcraft backs integrated reporting

ASIC chairman Greg Medcraft has come out in support of integrated reporting saying it provides the type of information that would be of use to many investors.

AFR: Deloitte farewells executive pay

In today’s Financial Review Deloitte Australia chief executive Giam Swiegers tells Agnes King the firm has exited the executive compensation business because it creates too many conflicts in comparison to the business it brings in.

Integrated reporting on ASIC’s radar

Integrated reporting has been on ASIC’s screen, chairman Greg Medcraft says, in response to a question from L’Estrange Counsel and Advisors’ chairman,Tim L’Estrange at the Financial Review legal conference in Sydney on Friday.

‘Soft’ skills still scarce in finance

Updated | CFOs are still finding it hard to get the right talent for their finance teams, despite there being no shortage of accounting and finance candidates in Sydney and Melbourne, according to a recruiter.

EFIC minds the funding gap for exporters

Few CFOs will admit to keeping “two sets of books”, but that’s how EFIC’s Stuart Neilson explains his role overseeing the national interest and commercial accounts of Australia’s export credit agency.

Korte to ramp up finance at Roy Hill

After 2-½ years of growth and cost-cutting at Paladin Energy, CFO Garry Korte is heading to Hancock Prospecting’s iron ore mine Roy Hill Holdings.

Robin Payne appointed CFO at NBN Co

Updated | NBN Co, the company building Australia’s National Broadband Network, today announced the appointment of Robin Payne as Chief Financial Officer.

Centro’s ex-CFO offers liabilities explanation

Centro’s former finance chief, Romano Nenna, told the Federal Court this week that the misstatement of current liabilities as non-current in 2007 wasn’t viewed as “material” at the time as it was expected expiring debt would be covered by new commercial mortgage-backed securities.

Export finance agencies provide funding alternative

A senior debt adviser reminds CFOs not to forget the role export finance agencies – both local and foreign – can play in their funding portfolio.

New voice for corporate treasurers

The peak group for corporate treasurers has appointed David Michell as a permanent part-time CEO to promote the organisation and give a greater voice to treasurers on issues that directly affect them.

BRW: Mid-tier muscle

In this week’s BRW Nassim Khadem speaks to BDO national chairman Tony Schiffmann about what the recent expulsion of the NSW/Victoria branch of the practice from the national brand means for the rest of the practice.

COAG wants directors’ voices in reforms

When Council of Australian Governments Reform Council chairman Paul McClintock addressed a luncheon crowd of Australian Institute of Company Director members on Monday he appealed to them “not as directors, but as citizens with the understanding that being a director brings”.

Energy play gets set for M&A; action

Energy management services and consultancy company Energy Action has appointed Nathan Francis as its new chief financial officer and company secretary.

Slow burn lending hots up bank tech race

Local and global banks are rushing to spend on their technology platforms to roll out new services for business customers as the battleground shifts further to transactional services as lending growth stays stubbornly low.

COAG determined to soldier on

Paul McClintock, chair of the Council of Australian Governments Reform Council, says even when there’s strong support at the federal government level, it’ a challenge to get all the work done.

Suncorp Bank names Bryant new CFO

Updated | Suncorp Bank’s newly appointed chief financial officer Greg Bryant says it has always been one of his ambitions to fill that role.

Video | CFO: Cyril Peupion

Cyril Peupion, author of Work Smarter: Live Better, shares his time management tips to help CFOs who are drowning in their inbox.

Growing in the image of bigger clients

Diversifying the geographical base of the business and establishing some recurring earnings are the top priorities for Decmil CFO Justine Campbell.

BRW | Shopping for an accountant

The BRW list this week is accountants and auditors. It includes the top five questions to ask an accountant before engaging them and a run down of those firms outside the big four and what they specialise in.

Aditya Birla’s Goel moves to Hancock Coal

Copper miner Aditya Birla Minerals’ chief financial officer Umesh Goel has resigned effective at the end of April. Goel is leaving to take on the role of group CFO at Hancock Coal.

Planning for life after the mining boom

It is often said that there’s a risk Western Australia’s mining boom will one day leave a string of ghost towns in its wake.

The new world of export finance

The reduced lending capacity of local banks is forcing exporters to EFIC to fill the funding gap, but the government agency is finding fund-raising conditions challenging.

US tax changes hit Australian banks

From 2013, the US Foreign Account Tax Compliance Act (FATCA) will require banks around the world to hand over details of US customers to the internal Revenue Service (IRS), or face a 30 per cent withholding tax on their own US-earned revenue.

New hands on finance reins at Ruralco

Andrew Ferguson began in his new role of chief financial officer at Tasmanian-based rural and property services company Ruralco on Monday after the previous finance chief, Fergus Leicester, resigned on Thursday last week, said managing director John Maher in a statement.

Beacon Hill’s springboard in Mozambique

Beacon Hill Resources listed on the Australian Stock Exchange on April 5. Now that’s done, chief financial officer Neil McKenzie has turned his attention to putting together the $150 million in project financing the company needs to redevelop its first acquisition in Mozambique.

Asset financiers weigh up PPSR

Asset financiers see further client delays under new personal properties securities rules; they also anticipate time-saving benefits in years to come.

Accounting evolution

Integrated reporting is a hot topic and its widespread adoption is likely to present a growth opportunity for the audit industry.

Cancer Council NSW wins reporting gong

The winners at the fifth PwC Transparency Awards announced in Sydney last night shared common traits: a consideration of who is the main stakeholder and sorting out the best information.

For the love of gold

The immediate task for Focus Minerals’ new CFO, Paul Fromson, is to set a three- year plan to integrate a company that has grown from one to four mines in 12 months.

Better signs for equities, but risks remain

Genworth may be the latest in a long line of cancelled or delayed IPOs and equities may be subdued, but UBS says there are signs the local market will improve before the year’s out.

Spark finance leaders step up

Spark Infrastructure’s new CEO, who has just appointed a new CFO, says although it is off the agenda for now, he is looking forward to more privatisations of electricity networks in Queensland and NSW.

Offshoring to ebb away over next decade

Just as more Australian companies consider outsourcing in response to rising costs and flat revenue, a global consulting firm predicts that offshore vendors will run out of roles to outsource from the US and Europe within a decade.

Tough task for Grant Thornton-BDO merger

The merger of Grant Thornton and BDO’s Victorian and NSW practices last week will double the size of Grant Thornton’s audit practice and more than double income from privately held business clients, but there’s a tough task ahead to make it work, writes Agnes King in today’s AFR accounting section

Auckland Airport CFO to act as CEO

Auckland Airport CFO Simon Robertson will become acting CEO in July following the resignation of chief executive Simon Moutter announced on Monday.

Surprise over PwC liability claim

Arguments put by lawyers for PwC in the Federal Court class action against Centro and its former auditor that the partner in charge of the audit of Centro in 2007 should be held liable rather than the firm have surprised the audit community,

Change of pace for ComOps CFO

Christopher Brooke will take over as CFO of business software company ComOps on April 30 following present finance chief Stuart Clark’s move into consulting an interim CFO work.

Integrated reports not on investors’ minds

Around the world the presentation of non-financial results and targets in the annual report is very much the domain of sustainability and communication managers rather than CFOs and their finance teams.

Optimism up, but CFOs hedge their bets

CFO sentiment is on the rise again after plunging at the end of last year, according to the latest Deloitte quarterly survey, but whether the positive mood leads to real activity is yet to be seen.

I-Med CFO jumps to GWA

After a short stint at recently rescued I-Med Networks, Ian Brannan will take on the finance chief job at manufacturer GWA Group in August following the retirement of Warren Saxelby.

Second crack at ‘in Australia’ popular

Last year Treasury released proposed reforms to change the “in Australia” test that governs how local charities conduct themselves overseas. It was met with much concern by the sector.

Centro’s Teperson moves to reduce debt costs

Centro Retail Australia’s chief financial officer of two weeks, Marlon Teperson, says it is the “challenge and opportunities” that Centro now faces that brought him back to the CFO role after seven years as a consultant.

XBRL needs more work: IASB chief

The chief of the international accounting standard setter says more needs to be done to embed the financial reporting software tagging system XBRL into standard setting and ensure investors are embracing it.

Many paths to finance gender balance

Since the outcry that followed reports of a decline in women in senior board and executive positions two years ago, a mix of strategies has arisen to encourage more to rise through finance ranks.

Banks recognise value of indigenous dollar

“Indigenous Australia desperately needs to increase its connectivity with corporate Australia” says National Australia Bank Indigenous community finance and development manager Glen Brennan. “It’s really important to have more indigenous people in the finance industry and it makes good business sense too” he says.

Hooper puts his energy into productivity boost

Efficiency and better productivity in his finance team and business have become major areas of emphasis for the chief financial officer of Ergon Energy.

BDO backflips and fury

Grant Thornton is reverting to a partnership after four years as an unlisted public company to ensure former NSW and Victorian partners of BDO can join the merged firms without triggering capital gains tax liabilities, writes Agnes King in the Accounting section of the AFR today

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Archive for April 2012

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