Your CFO Might Be Clueless about How IFRS Will Affect Your Company

accountant.jpgIn some very comforting news, CFO’s in a recent poll said they’re unsure about how at transition to IFRS would affect their company.
More scary stats include 8% of those surveyed said that they are “very familiar” with how their company will be affected and 43% said they were not familiar at all. So what does all of this IFRS ignorance mean?
Check out the list after the jump


A) Lots of CFO’s don’t give a rat crap
2) Lots of CFO’s don’t really believe IFRS will come to the States
D) Lots of CFO’s need to work on their qualifications
The obtuseness may work out though. At the pace the conversion debate is going, by the time the conversion gets done we’ll all be dead.
Survey: CFOs unsure how international rules will affect U.S. business [DBJ]

Making CFO/Partner: A Guide

corp_ladder.jpgCFO.com has an article on “What to Do on the Way to CFO“. This encouraged us to come up with our own suggestions but we thought we’d expand our list to include you public accountants as well, so here’s a short list of our key suggestions on “What to Do on the Way to Making CFO/Partner”:
Develop a personality disorder – Whether it’s OCD, schizophrenia, or histrionic personality disorder, few bean counters make it to the highest levels without a screw coming loose.
Master the art of small talk – As a CFO or Partner you will likely have to engage with several “little people” in your organization that you are unacquainted with. Small talk is essential to avoid awkwardness in these interactions. Weather, weekend plans, sports are standard topics that will help you avoid the dreaded silence.
Maybe the most important thing is after the jump


&bull Get really passionate about accounting and finance Remember those Grant Thornton commercials that used to run on CNBC? That’s exactly the kind of passion that we’re talking about. If you find it difficult to talk to your spouse, friends, children, and especially co-workers about anything other than financing options for acquisition, key shortcuts in Excel, or how the general public doesn’t seem to appreciate the proposed changes to fair value accounting, then you probably don’t have what it takes to be a partner or CFO.
We realize that this is not an all-inclusive list and welcome your input on what other traits and skills are imperative to achieving the lofty and glamarous heights of a partner or CFO.

Stanford CFO Enters Not Guilty Plea, To Plead Guilty Soon Enough

As expected, James Davis, Stanford Financial’s Chief Number-Maker-Upper has entered his not guilty plea but his counsel has stated that his client will plead guilty to all the charges against him as early as next week. The initial plea has been made in order to finalize the plea agreement with Davis prior to his pleading guilty
This is all occurring while Stan the Man’s attorneys are in New Orleans appealing a Houston judge’s ruling that he has to pump iron in prison throughout his trial. Stan’s attorneys continue to maintain that their client is NOT a flight risk, which is kinda like saying that Bernie Madoff is NOT in jail.
Ex-Stanford CFO to plead guilty within 2 weeks: lawyer [Reuters]