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Managing a company pension fund - Article
Treasurers and other members of the finance function are often asked either to act as a trustee themselves or to provide professional support to appointed trustees. The challenge is to ensure that the pension fund is managed professionally. Demonstrating good governance is good practice and also provides reassurance to members of the fund. This article provides a guide for companies when managi... |
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IFRS3 & IFRS 4 - Article
All EU companies, listed on a regulated market, will have to prepare consolidated accounts in accordance with International Accounting Standards (IAS) and their successors, International Financial Reporting Standards (IFRS), for accounting periods starting on or after 1st January 2005 at the latest. Companies should be preparing for transition now. Most companies will use comparative figures fro... |
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IFRS 5 - Article
All EU companies, listed on a regulated market, will have to prepare consolidated accounts in accordance with International Accounting Standards (IAS) and their successors, International Financial Reporting Standards (IFRS), for accounting periods starting on or after 1st January 2005 at the latest. Companies should be preparing for transition now. Most companies will use comparative figures fro... |
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Treasury training - Article
All treasury personnel need to continuously update their skills in the face of changing regulations and improvements to technology and products. We look at why a group treasurer should oversee departmental training, why individuals want it and where training is available.... |
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Treasury qualifications - Article
One of the core indicators of the development of treasury as a profession is the increased availability of formal qualifications. This article identifies the range of qualifications available and assesses their benefits to both employees and employers.... |
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Transfer pricing - Article
One of the biggest obstacles to efficient cash management is the various local regulations which apply in every country. Transfer pricing is an issue which arises whenever group entities trade with each other and whenever a cross-border cash pool is established. This article explains transfer pricing and identifies the key issues which need to be addressed in order to satisfy domestic tax author... |
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Withholding tax - Article
Understanding how tax affects cash flow is an important part of the treasurer’s role. As companies take more advantage of the opportunity to centralise cash, treasuries need to be aware of the risk that withholding tax poses to the efficiency of a cash management structure. This article identifies the areas in which treasurers need to be aware of the potential impact of withholding tax. It also... |
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The purpose of accounts - Article
All companies need to prepare accounts for both external and internal audiences. This article highlights their range of uses and describes their principal users. Whether accounts are prepared for internal or external use, the underlying process of data collection, recording and analysis is the same.... |
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Financial accounting - Article
In this article we look at the content of financial statements. We outline which entities determine the level of reporting required and describe the main components of a financial statement.... |
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Management accounting - Article
Over the last few years, the role of a central treasury department has significantly increased as treasury has got more involved in operational aspects of the company. This has imposed a greater challenge on the corporate treasurer who has to exercise control over the treasury at the centre and understand what is going on within the operating companies. At the same time, boards have become ever ... |
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Reporting II - Article
Treasury reports are an important part of the treasury control and management framework. In this article, we examine different types of treasury reports, their formats, features and frequency of distribution.... |
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The role of negotiation in treasury - Article
In order to manage treasury successfully, it is vital to have good communication with other departments and your operating companies. Without this, it is unlikely the company's operations will be coordinated and inefficiencies will result, making the company less profitable. Skilled negotiation is paramount to successful communications and therefore central to a treasurer's role. In this articl... |
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Treasury centre location - Article
We review what factors are important when selecting a country in which to locate your treasury centre. We consider operational and employment issues abd examine the cost implications of locating your treasury centre in a specific country. We also review the regulatory, cultural and political factors. Finally, we look at one increasingly popular location in detail - Hungary. ... |
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The evolving role of the corporate treasurer - Article
The role of the corporate treasurer has changed dramatically in recent years. Changes in regulations, the move towards treasury centralisation and technological advancements are just some of the many factots which have affected treasuries. Treasury is now a key driver of change within many companies and the role of the corporate treasurer has evolved to reflect this. We examine, in detail, the ... |
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Segregation of treasury duties - Article
One of the key strategies used to reduce the risk of error or fraud is the segregation of duties. However, smaller treasuries often struggle to apply this in practice. We discuss the key stages that should be followed in order to segregate treasury duties, the obstacles that many treasuries encounter and the measures that can be taken to overcome them.... |
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Shared Service Centres - Article
As a low cost location with high availability of skilled staff, China is becoming an attractive location for companies wishing to set up a Shared Service Centre in Asia. Shared Service Centres can play an important role in improving internal efficiency within a large group of companies. In this article, we discuss the benefits and challenges of Shared Service Centres and provide an introduction ... |
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Interim treasury staff - Article
Appointing an interim treasurer can be a good way of filling in the gaps when a member of your treasury team leaves or is away for an extended period. Interim staff can also be invaluable when setting up new processes or establishing a brand new treasury. This month we look at the different types of interim treasury staff, the reasons for recruiting them and the pros and cons of this approach.... |
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Internal controls - Article
The importance, value and complexity of many treasury operations exposes companies to significant risk. Losses and mistakes within treasury (whether deliberate or accidental) can seriously affect a company’s financial health. In this article we discuss how a rigorous set of internal controls can be used to create a secure treasury environment.... |
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The role of negotiation in treasury - Article
Good treasury management relies on the treasurer being able to juggle a number of different roles while working with external parties and different departments within the company. Negotiating is an essential part of this, so the development of strong negotiating skills is important to the corporate treasurer. In this article, we explore the fundamentals of formal negotiation and look at some com... |
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Treasury policy - Article
The treasury policy is a key component of the treasury’s internal controls, providing the framework within which the treasury should operate. However, the treasury policy is, all too often, an outdated and overlooked document with little relation to the way in which the treasury actually operates. In this article, we look at why having an up-to-date treasury policy is important and how to ensure... |
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Treasury Management - Article
With fears of a recession looming, treasurers are increasingly looking at how to improve efficiency and drive down costs. Benchmarking is a key tool in determining and implementing best practice for treasury. This month we consider some of the techniques that can be employed in the benchmarking process.... |
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SSCs: the multi-function approach - Article
As Shared Service Centres enter the next stage of development, new locations are being sourced, new structures are being used and interest is increasingly being shown in what is being described as the multi-function approach. In this article we examine how the latest evolutionary changes in SSCs have redefined the functionality of the first centres seen 20 years ago. ... |
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Treasury training - Article
As demands on the modern treasurer continue to increase, training and personal development can be used to keep skills and knowledge at the required levels. But with the treasurer’s role incorporating so many areas, identifying what training needs to be undertaken and when can be as demanding as the training itself. In this article, we look at the reasons why regular training is an industry requi... |
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Adding value to the organisation - Article
In times of financial turmoil, it is more important than ever for companies to ensure that all departments exceed their capabilities and add value to the organisation as a whole. As such, treasury departments are continuing to explore new opportunities that will allow them to bring more to their companies. We take a look at the challenges facing treasurers and consider a number of ways in which t... |
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Degrees of Centralisation - Article
Many group treasuries are restructuring the ways in which their subsidiary companies conduct treasury activities. Typically, centralised business units are designed to help establish uniformity, visibility and greater control of treasury across the organisation. In this article, we discuss centralisation and consider the main components required to set up an effective centralised framework for m... |
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Detecting fraud - Article
Historically some of the greatest financial scandals have come to light during times of economic recession, with the most recent example being the alleged $50 billion fraud at Madoff Securities. When times are difficult, the temptation to commit fraud increases, as does the likelihood of unearthing it: company accounts are scrutinised, and questions are asked. We take a look at the impact that e... |
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Winning the war for talent - Article
The treasury recruitment market has gone global and despite the downturn, the search for talent remains competitive. We look at the challenges facing treasurers in recruiting, developing and retaining high calibre staff and consider how these issues can be addressed.
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Treasury and tax - Article
Tax payments represent a major expenditure for multinational corporations, so it is not surprising that identifying, managing and reporting tax liabilities has moved up the agenda as companies look to reduce costs. In this article, we provide an overview of some of the different types of taxation arising as a result of treasury activities.... |
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Setting up a subsidiary in China - Article
Companies looking to set up operations in China can choose between several different legal structures. In this article we discuss the attributes of such structures in China, exploring their advantages and drawbacks. We also focus on the popular solution of establishing a regional headquarters (RHQ) in China.... |
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