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08-14-2015 09:44 PM

Going beyond Regular Accounting, involves addressing ( apparently ) conflicting issues (when perceived apart , by converting them into complimentary mode .This is a great value add by a finance professional. An in-depth knowledge of the subject together with good interpretative skills is a prerequisite here. For instance , at times Going Concern Concept and/ Matching Concept may run counter to application of a Mandatory Accounting Standard. This can be a possible grey area. Taking an appropriate measure of Conservatism and putting it in practice with right quantum of Risk Analysis , sometimes , is a challenge. a professional needs to develop right metrics for the above parameters ,to fit into various industry specific scenarios for cross applications ,to wards making true and fair decisions.

Adding Value As a Finance Professional (compliance)

By Abraham Kulangara posted 11-15-2014 11:02 AM

  
Every accounting and finance professional has some compliance responsibilities and this is one of they key roles you play in your organization. The normal compliance activities that you would be involved in would be balance sheet reconciliations, journal entry reviews, tracing system activity and ensuring accuracy while closing the books. It is of utmost importance to companies to make sure you take this responsibility very seriously. To use a football analogy, this is the "blocking and tackling" that you have to do.
As a finance professional, you need to have a high level of integrity and if you see violations from a compliance standpoint you must have the managerial courage to raise the red flag to your immediate management. Beyond that, if you do not get a response that you believe is reasonable, you will need to be able and willing to raise the issue further. Remember that your personal integrity professional reputation will follow you in your career and keep that in mind every day in your interactions with business partners.
If you are unsure about what to do when there is a grey area in compliance, ask your supervisor or ask other knowledgable finance professionals. If you have an ethical dilemma that you are struggling with, you can also take advantage of the IMA's ethic resources see the link below: http://www.imanet.org/PDFs/Public/Research/IMA_Ethics_resources.pdf
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