10 January 2002
Ten chief financial officers from leading companies throughout the world speak out on issues impacting businesses and the role of the CFO in The Chief Financial Officer in the Year 2010, in a new publication released by the International Federation of Accountants (IFAC). The publication features interviews conducted by Robert Bruce, accountancy editor of The Times, London, with CFOs from North and South America, Europe, and Asia. The CFOs represent diverse fields, including telecommunications, electronics, retail, financial services, industrial gases, and consumer products and provide candid comments on what lies ahead for their profession and the businesses they serve.
"The CFOs consistently cited the interpretation and delivery of complex information as the greatest challenges facing them and their employers both today and in the future and see these challenges as shaping the future role of the CFO," points out Bill Connell, director of Risk Management for the BOC Group and chairman of IFAC's Financial and Management Accounting Committee (FMAC).
"As a result of the demands placed on companies by shareholders, regulators and the public at large for increasing financial information, the CFO's role is shifting dramatically from one of transaction manager to communicator and strategist," adds Mr Connell. Other areas in which the CFOs see their roles expanding include the following:
The interviewees also stressed that as the stewards of corporate financial information, CFOs will increasingly become the "guardians of the corporate conscience."
In order to assume these new roles, Robert Bruce points out that CFOs of the future will need to possess strong communications skills, the ability to interpret complex financial data, and broad knowledge of global economic markets and cultural issues.
Charles Tilley, CEO of CIMA, said the report provides a fascinating insight into the complex challenges faced by the CFO of the future.
"We at CIMA will be studying the report with great interest to understand how we can best ensure that both current and potential future finance professionals are well prepared to meet such challenges," Mr Tilley said.
The Chief Financial Officer in the Year 2010 will be of interest to CEOs, members of boards of directors, company management and others who work with or rely on information provided by the CFO, current and aspiring CFOs, academics, and students interested in pursuing an accounting or finance career.
The book may be downloaded at no charge from IFAC's web site at www.ifac.org/store. Hard copies may be purchased for $25 plus shipping through IFAC's online bookstore or by calling IFAC's publications department at +1-212-286-9344, ext. 103.
If you would like more information please contact Chantal Masters
Phone: +44 (0)20 8849 2427
Email: chantal.masters@cimaglobal.com
