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BUILDING LEADERSHIP Skills to Take Your Career to the Next Level Lease Accounting Software Purpose Built for the Lease Accounting Transition Driving innovation in management accounting | April 2020 BUILDING LEADERSHIP Skills to take your career to the next level Lease Accounting Software Purpose Built for the Lease Accounting Transition FULLY COMPLIANT WITH ASC 842 IFRS 16 GASB 87 See why we're rated #1 by CPAs. Schedule a demo and get $500 off your purchase. LEASEQUERY.COM/DISCOUNT 1-800-880-7270 CONTENTS 32 STEPS TO ETHICAL 8 20 LEADERSHIP Building an ethical organisation starts at the top. Experts offer advice on how to be an ethical leader. 34 NAVIGATING CHANGE One finance leader offers lessons for change management through his experience with IFRS adoption in Nigeria. 36 LEADERSHIP AT THE NEGOTIATING TABLE A former Deloitte CEO is leading change as the commissioner of the US 20 AVOID THESE Women’s National Basketball 5 LEADING THROUGH 14 ROOTING OUT FORCED DIVERSITY AND Association. DISRUPTION LABOUR FROM SUPPLY INCLUSION MISTAKES CIMA President Amal CHAINS Companies have spent billions 38 LEADING Ratnayake, FCMA, CGMA, says CFOs and finance departments on diversity and inclusion MEANINGFUL CHANGE leaders have to empower and have a significant role to play training, but studies suggest it’s Technology implementations, inspire teams to embrace in preventing and detecting not easy to get it right. Here are diversity and inclusion change. forced labour in their supply five tips to avoid common initiatives, and volunteer chains. mistakes. service can all succeed when 6 3 TRAITS OF passion is combined with SUCCESSFUL FINANCE 24 HELPING DIRECTORS sound business tactics. LEADERS 14 STAY AHEAD OF THE Andrew Harding, FCMA, GAME 40 BUILDING CGMA, chief executive– Corporate boards can follow LEADERSHIP SKILLS Management Accounting at the these five tactics to help THROUGH STRATEGIC Association of International businesses flourish in the face VOLUNTEERING Certified Professional of rapid technological By asking the right questions Accountants, sets out three advances, global competition, before taking a volunteer role, fundamental leadership and fluctuating markets. management accountants can qualities. maximise their contribution 27 DEVELOPING THE and the leadership skills they 8 RIDING THE SUPPLY FINANCE PROFESSION IN gain. AND DEMAND CURVES THAILAND The company behind a new Chakkrit Parapuntakul, the brand of inland surf parks has president of the Thailand global plans that match the Federation of Accounting sport’s rising popularity. Professions, discusses inspiring confidence as a 12 THE TROUBLE WITH leader. TYRES Scrap tyres contain valuable 28 A CHAMPIONSHIP materials that can be CFO’s DATA-DRIVEN extracted for new uses. But LEADERSHIP there’s also demand to turn Evaluating talent and meeting them into cheap fuel through customer preferences are a process that can have among the chief demands of the 40 harmful effects. Super Bowl champions’ CFO. TUNART/ISTOCK; BY PHOTO RIGHT: TOP FROM COUNTERCLOCKWISE PAGE: THIS ON AKINBOSTANCI/ISTOCK; BY IMAGE COVER: THE ON IMAGES WILCOX/AP DALE BY PHOTO JAMESBREY/ISTOCK; BY PHOTO IMAGES; HANSON/AP FIONA BY PHOTO FM-MAGAZINE.COM April 2020 I FM MAGAZINE I 3 46 USING XBRL AND 52 CONVERTING DATES Print issue changes BIG DATA TO IMPROVE TO AND FROM US FM is now shipped DECISION-MAKING FORMAT IN EXCEL 44 whenever possible without A subsidiary of the China Date format differences plastic wrapping in an National Petroleum Corporation between countries can cause effort to reduce waste. put its data to work through a real problems in spreadsheets, The paper used in FM is familiar platform and made big especially with deadlines. Fix made from wood grown improvements to its budgeting the problem with this Excel in Forest Stewardship and risk management. demonstration. Council-certified forests, recycled material, or 56 INSTITUTE NEWS controlled wood, and the 46 ink is environmentally Get updates on issues affecting responsible. the profession and your membership. 44 YOU DIDN’T GET 58 TEEMING WITH THE PROMOTION. TOURISTS WHAT NOW? Too many tourists can Missing out on new roles and sometimes have a negative responsibilities can be painful, effect. but you can take several steps to improve your chances of getting the next promotion. CIMA HONORARY OFFICERS United Kingdom The Helicon, One South Place. London EC2M 2RB Amal Ratnayake, FCMA, CGMA Nick Jackson, FCMA, CGMA Tel.: +44 (0)20 8849 2251 President, CIMA Deputy President, CIMA Chair, Association board United States Paul Ash, FCMA, CGMA 220 Leigh Farm Road, Durham, NC 27707-8110 Steven Swientozielskyj, FCMA, CGMA Vice-President, CIMA Tel.: +1 919-402-4500 Immediate Past President, CIMA www.aicpa-cima.com www.fm-magazine.com Publisher: Kim Nilsen Associate Publisher: Karin DeMarco ([email protected]) CONTACT US Associate Director, Business Development: Shreyas Managing Editor: Rocky S. Rosen Mecheri Editorial inquiries: Assistant Managing Editor: Jeffrey Gilman Advertising Representative: Barbara Kates [email protected] Editorial Director: Ken Tysiac Lead Manager, Magazine Production: Eric Olson +1 919-402-4449 Creative Director: Michael Schad Johnstone Digital Advertising Production Manager: Jason Reese Advertising inquiries: Associate Director: Chris Baysden Digital Marketing Projects Specialist: Colby [email protected] Senior Editors: Drew Adamek, Neil Amato, Jeff Drew, VanVolkenburgh +1 919-490-4324 Megan Julich, Amelia Rasmus, Oliver Rowe, Manager, Ad Sales Marketing: Geoff Jones Delivery inquiries (CIMA members): Courtney Vien, Sabine Vollmer Integrated Content Planning: Dana Spector [email protected] Associate Editor: Alexis See Tho +44 (0)20 8849 2251 Copy Editors: Stacy Chandler, Todd Conard, Pamela Nelson, Melissa Turner Subscriptions: Annual subscription rates for nonmembers: ©2020 Association of International Certified Professional Accountants. All rights £45 (UK), £54 (Europe), £72 (rest of world). reserved. The contents of this publication are subject to worldwide copyright protection, To subscribe, contact: and reproduction in whole or in part, whether mechanical or electronic, is expressly forbidden without the prior written consent of the Association of International Certified [email protected] Professional Accountants. For permission to reprint FM magazine, email FROM IMAGE LEFT: ANDREW BY BAKER/IKON IMAGES; IMAGE GRUNDINI/IKON BY IMAGES +44 01580 883844 [email protected]. 4 I FM MAGAZINE I April 2020 THE VIEW FROM THE PRESIDENT AMAL RATNAYAKE, FCMA, CGMA e live in disruptive their goals, success, and prosperity Wtimes, and the constant — as much, if not more, than our state of change is own. It is our responsibility as impacting the finance function. leaders to give back and inspire As the pace of change accelerates, those who come after us. it’s transforming not only our CIMA, through the Association organisations, but also what we do of International Certified and how we do it. Professional Accountants, focuses At CIMA, we believe finance on enabling our global network of professionals must take charge members and students to achieve during this uncertainty. Rather new heights. We have resources, than enduring the turbulence, we learning, and research that finance must stay in the driver’s seat, professionals like you can use to guiding our organisations, become well-rounded leaders. businesses, and communities These include CPD courses on through change. After all, being at Leading through technologies like cryptocurrency the heart of business, we are best and data analytics, human positioned to do so. But to succeed intelligence skills, and other as leaders, we must reimagine the disruption career development essentials. If possibilities for ourselves, our you have the heart, the passion, organisations, and our teams. ‘Leading through disruption isn’t and the drive to lead, we can give Regardless of our level within you the tools to succeed. Because an organisation — whether we’re a easy because change itself at its heart, CIMA is made up of CFO or in an entry-level position is uncomfortable. However, people like you, driven by passion — as part of the finance function, and dedicated to your success. we are leaders and stewards. we have to empower and In my travels as CIMA president Through our skills and adherence inspire our teams to embrace — and even before, as I worked in to ethics, we power trust, countries around the world — I influence decision-making, and it courageously.’ have seen firsthand how CIMA enable organisations to seek and members like you are embracing grasp new opportunities. change and your leadership roles. You are visionaries, Leading through disruption isn’t easy because leading with a boundless passion that drives change itself is uncomfortable. However, we have to everything you do. And it drives my work, too. empower and inspire our teams to embrace it My position with CIMA is powered by passion — for courageously. Sitting back, resting on our laurels, and the work, the profession, and, most importantly, simply hoping we are doing enough will not drive members and students. Helping you succeed has been success in the long run. my focus throughout my presidential year, and it will Of course, this ambition comes with risks, but continue to be central to all I do going forward. gambles are necessary if we want to evolve. Without Soon, I will step down as CIMA president, but this taking calculated risks, we box ourselves into what is doesn’t mean I will back away from my commitment to known and familiar. By stepping out of that box — and the profession. I will continue on my mission to out of our comfort zones — we can achieve what we empower and inspire those around me to take bold never thought was possible. steps into our new and bright shared future. Being a leader is about more than fulfilling our own KEEP IN TOUCH Confronting disruption can feel intimidating, but ambitions, however. It’s much bigger than that. To be Follow me no one is more prepared to address these changes than effective, we have to go beyond ourselves. This means on Twitter: you. Determine how you can take the lead in your PHOTO BY FIONA HANSON/AP IMAGES HANSON/AP FIONA BY PHOTO looking for ways to raise those around us, focusing on @CIMA_President organisation and move ahead.
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