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Great article from the Chartered Financial Analyst (CFA Institute ) on the benefits of using structured data (like XBRL) to make disclosed information by companies to regulators and to the capital markets machine-readable for instant analysis and how structured data can be used inside an organization as well to review critical data driving the accounting and auditing functions. Their key observations from the CFA Institute include: Bringing structured data initiatives in-house instead of using outside vendors to prepare their regulatory filings Implementing Inline XBRL (iXBRL) — a form of XBRL that is both human and machine readable ...
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Great article in Accounting Today by Daniel Hood (Editor) today about the accounting profession and its relationship to technology… From Accounting Today: T homson Reuters’ Jon Baron … roughly a third of them (accountants) are dooming themselves to extinction by not embracing change and technological transformation. In a keynote address to the 1,700 attendees of the company’s annual user conference, Synergy 2017, the managing director of the professional segment for Thomson Reuters’ Tax & Accounting business broke the profession down into three segments: “Roughly 30 to 35 percent of firms don’t want to change, and they’ll probably disappear. ...
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Attached is a press release issued at the global Data Amplified Conference earlier this week in Paris, France. The IMA was both an ASSOCIATION PARTNER and through STRATEGIC FINANCE MAGAZINE a MEDIA SPONSOR of the global conference.  XBRL, or eXtensible Business Reporting Language, is an XML standard for tagging business and financial reports to increase the transparency and accessibility of business information by using a uniform format.  IMA is one of the founding members of the XBRL data standard and the XBRL consortium which was created used by accountants, companies, regulators, governments, stock exchanges, banks and data analysts for effective ...
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The Riyadh Chamber of Commerce conduct a workshop in cooperation with the Institute of Management Accountants - Middle East (IMA Riyadh Chapter) presented a lecture on the application of VAT and its impact on the development of the business structure. The lecture was given by Mr. Shadi Abu Shakra - Tax Director of PricewaterhouseCoopers House of Representatives (PwC) - where he provided a detailed explanation of the extent of the application of the VAT starting from the main challenges facing the application in companies to the implications in corporate accounts. The lecture included many questions from specialists in the field.   At the end of the workshop, ...
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قدمت غرفة تجارة الرياض بالتعاون مع معهد المحاسبين الإداريين الأمريكي - منطقة الشرق الأوسط فرع الرياض (IMA Riyadh) محاضرة حول تطبيق قيمة الضريبة المضافة (VAT) وأثرها على تطوير هيكل الأعمال ، وقدم المحاضرة الأستاذ شادي أبو شقره - مدير تنفيذي بشركة التدقيق والاستشارات العالمية برايس ووتر هاوس كوبرز (PwC)- حيث قدم شرح مفصل عن مدى تطبيق الضريبة ابتداء من التحديات الأساسية التي تواجه تطبيقها في الشركات إلى الاثار المترتبة عليها في حسابات الشركات. تخلل المحاضرة طرح الكثير من الأسئلة من المختصين في المجال. في نهاية الورشة قدم الأستاذ/ حسن آل باحص، رئيس مجلس معهد المحاسبين الإداريين الأمريكي بالرياض شكره للمحاضر ولشركة برايس ووتر هاوس كوبرز، وقدم له درع تذكاري على ...
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Recently Robotic Process automation (RPA) has increasingly played a role in redefining finance tasks in many organization. As in the below article, https://www.wsj.com/articles/companies-leave-bean-counting-to-the-robots-1508407203   companies look towards RPA to: Cut costs (Labor and outsourcing costs can be reduced by upto 35%) Liberate workers from time consuming tasks and repetitive tasks Reduce human error RPA can be implemented in a variety of areas across many industries. The dynamos (finance tasks) soon to fall are as below: Industry Services liable to be Automated Financial Services ...
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ATTENTION: IMA MEMBERS -- Its not too late to register for the DATA AMPLIFIED GLOBAL CONFERENCE IN PARIS The IMA is an ASSOCIATION PARTNER and Strategic Finance Magazine is a Media Partner for the Conference   15% DISCOUNT IS AVAILABLE FOR IMA MEMBERS AROUND THE WORLD USING IMA15 DISCOUNT CODE WHEN REGISTERING FOR THE CONFERENCE European Securities & Markets Authority (ESMA), European Central Bank (EBA) and other European Regulators will be discussing mandates requiring the use of XBRL for business reporting data format including updates related to the US Securities & Exchange Commission (US SEC) regarding the mandate using Inline XBRL and the ...
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How to crack CMA exam? Live information in Riyadh [26-Oct-16] CMA How-to-series How to crack the CMA exam? PwC’s Academy upcoming Certified Management Accountant (CMA) How-to-series is your opportunity to get CMA exam ready. A special collaboration between IMA and PwC’s Academy, this session is the perfect opportunity for you to meet a Wiley representative, our global provider of content for professional education, and learn about their quality CMA material. Also interact with our CMA experts and gain insights about the qualification, its benefits and learn the best practices to ace the CMA exam. In our experience, many participants start this journey without ...
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Registration is open for the Exam preparation Program for “The Certified Management Accountant (CMA) part 2” – Starting 28 February, 2017 Click here to register at Al-Faisal Univeristy website. “Completing CMA Part I is not required for enrolling in CMA Part II” For more information please contact Alfaisal University Executive: Education Office Website : cob.alfaisal.edu/programs/executive_education Tell : 0112157796 and 0112157627 On behalf of Executive Education & Development Office Al-Faisal University
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IMA Riyadh Chapter (IMA Riyadh) successfully held the CPE event titled “Effective Business Communication” on April 04, 2017 in Prince Sultan University in Riyadh. The world is experiencing new shifts; be it politics, technology or economy, business environment is facing challenges to business models requiring business professionals to communicate differently and redefine their communication strategies and leadership styles to lead and succeed. The event theme, “Effective Business Communication” was completely in line with this changing paradigm. Qualified CMA’s, renowned industry experts, business leaders, university students and CMA ...
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Financial Innovation by Mr. Jeff Thomson Held in Riyadh Playing our role as a specialized institution, Riyadh chapter of the Institute of Management Accountants, organized CPD event by Mr. Jeff Thomson at Riyadh Chamber of Commerce and Industry, Riyadh on 16th May 2017. The topic of event was “Financial Innovation.” The Chief Guest on the occasion was Mr. Jeff Thomson, CEO Institute of Management Accountants, USA. Other guests included President IMA Riyadh chapter and High officials from Riyadh Chamber of Commerce and Industry. Presenting on the event, the presenter unfolded various aspects of innovation and its relevance with the Saudi Vision 2030 since ...
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According to a recent  article in Accounting Today  -- The XBRL data standard continues to expand globally around the world as a important tool to reduce regulatory reporting by public companies using a standard data format that can be shared across regulators in one common report. Representatives of both the Netherlands and Australian Governments testified before the US Congress and US Government officials to discuss the benefits of Standard Business Reporting using the XBRL data format created by the accounting profession – supported by both the IMA and the AICPA to reduce the manual keying of data by accountants over and over into recreated spreadsheets ...
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Great article in Accounting Today about the status of XBRL adoption worldwide and its use to reduce business and regulatory reporting burdens (using Standard Business Reporting) and enhance analytics because tagged data is in a machine-readable structured format as discussed by John Turner, CEO of XBRL International. IMA is one of the original founders of the XBRL global data standard ( Ms. Liv Watson , IMA member and Mother of XBRL) for structured data used by the accounting profession for public disclosure, business and financial reporting so data can be in a machine-readable format. Because XBRL tagged data is structured – data tagged in XBRL is ...
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Great article from the European Securities Market Authority on what EU public companies must do using the new Inline XBRL Global Data Standard for Better Transparency & Accountability by putting financial and non-financial financial statement info in a machine-readable format. The USA Securities & Exchange Commission is following the same procedure and is now allowing foreign filers to the EDGAR System to submit IFRS if those companies are using Inline XBRL. Using XBRL in the USA and EU will allow better comparability to manage risk and protect the capital markets creating investment and jobs to support our economy. IMA supports the use of XBRL to ...
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Current Accounting: Double Entry Bookkeeping has been the gold standard for accounting since the 14 th century. It allowed management to trust books since every transaction would require an entry in one account (like Debits) and the reason in another account (like Credits). But to authenticate company’s financial statements for investors/shareholders, external auditors were required to verify these account entries. Since many of these account entries relate to a company’s interaction with other companies-suppliers, distributors, clients, banks etc, verifying them can be a complex and time consuming process. External Audits also leads to other questions. ...
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In my March 22, 2017 IMA blog -- I mentioned that new legislation was introduced by Conservative Republican Congressman Darrell Issa of California that would continue the build-out of the global XBRL data standard for better financial transparency for government reporting across all federal government departments for financial reporting. Unfortunately, on May 4, 2017 the US House Banking Committee passed legislation in the Dodd-Frank Roll-Back (Choice Act) to take the same XBRL data format -- now proposed for better financial government reporting transparency and remove XBRL for public company financial transparency that the US SEC uses for more than ...
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A collaboration between the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) issued IFRS 15 and ASC 606, Revenue From Contracts With Customers. IFRS 15 and ASC 606 are the same with only minor differences. This collaboration was created because multiple accounting revenue-recognition standards existed, so inconsistencies arose when accounting for contract revenues, and the other reason is to attain high-quality accounting standards globally which is the ultimate goal of ISAB. The standard was issued in May 2014 and it should be implemented beginning in early 2018. Three important differences between IFRS ...
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Great article in Sustainable Brands and the significance of non-financial reporting disclosure  by companies and its direct relationship to investor behavior… According to a recent Ernst & Young survey : Investors are increasingly   using non-financial performance to draw conclusions on value   and to better inform their decisions, since it’s often a sign of operational excellence if a company shows they are handling environmental, social and governance (ESG) issues well. Over the long term, 92% of respondents believe that   ESG issues   — ranging from climate change to diversity to board effectiveness — have real and quantifiable impact. 81% ...
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The European Parliament has voted in favor of new rules that will strengthen shareholder rights and facilitate cross-border voting under the Shareholders Rights Directive as the new Trump Presidential administration moves in the complete opposite direction related to enhanced corporate governance. Under the new changes in the EU Shareholders Rights Directive -- it will make it easier for shareholders residing in another European Union country to the location of the company in which it invests to participate in the general meetings of those companies and to vote on shareholder issues. The new rules require institutional investors and money management ...
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Interesting article Largest democratic country in the world (India) is pushing the largest capital markets country in the world (USA) to have public companies disclose not only financial information but non-financial information to better serve both investors and the public. Including both financial and non-financial information is known as "integrated reporting" by public companies. Currently the US Securities & Exchange Commission isnt even allowing voluntary filing of non-financial data to be included with financial reports by public companies. US GAAP does not include non-financial accounting metrics. Key question in the United States: will ...
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