BUILDING LEADERSHIP Skills to Take Your Career to the Next Level Lease Accounting Software Purpose Built for the Lease Accounting Transition
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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 6 3 TRAITS OF 14 ROOTING OUT FORCED DIVERSITY AND Association. SUCCESSFUL FINANCE LABOUR FROM SUPPLY INCLUSION MISTAKES LEADERS CHAINS Companies have spent billions 38 LEADING Andrew Harding, FCMA, CFOs and finance departments on diversity and inclusion MEANINGFUL CHANGE CGMA, chief executive– have a significant role to play training, but studies suggest it’s Technology implementations, Management Accounting at the in preventing and detecting not easy to get it right. Here are diversity and inclusion Association of International forced labour in their supply five tips to avoid common initiatives, and volunteer Certified Professional chains. mistakes. service can all succeed when Accountants, sets out three passion is combined with fundamental leadership 24 HELPING DIRECTORS sound business tactics. qualities. 14 STAY AHEAD OF THE GAME 40 BUILDING 8 RIDING THE SUPPLY Corporate boards can follow LEADERSHIP SKILLS AND DEMAND CURVES these five tactics to help THROUGH STRATEGIC The company behind a new businesses flourish in the face VOLUNTEERING brand of inland surf parks has of rapid technological By asking the right questions global plans that match the advances, global competition, before taking a volunteer role, sport’s rising popularity. and fluctuating markets. management accountants can maximise their contribution 12 THE TROUBLE WITH 27 DEVELOPING THE and the leadership skills they TYRES FINANCE PROFESSION gain. Scrap tyres contain valuable IN THAILAND materials that can be extracted Chakkrit Parapuntakul, the for new uses. But there’s also president of the Thailand demand to turn them into Federation of Accounting cheap fuel through a process Professions, discusses that can have harmful effects. inspiring confidence as a leader. 12 28 A CHAMPIONSHIP CFO’s DATA-DRIVEN LEADERSHIP Evaluating talent and meeting customer preferences are among the chief demands of the 40 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 REUTERS; BY IMAGE IMAGES; HANSON/AP FIONA BY PHOTO FM-MAGAZINE.COM April 2020 I FM MAGAZINE I 3 46 USING XBRL AND 52 CONVERTING DATES BIG DATA TO IMPROVE TO AND FROM US Print issue changes 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 5 8 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. United Kingdom AMERICAN INSTITUTE OF CPAs (AICPA) VOLUNTEER LEADERSHIP The Helicon, One South Place. London EC2M 2RB Tel.: +44 (0)20 8849 2251 William (Bill) Reeb, CPA/CITP, CGMA Eric L. Hansen, CPA, CGMA Chair, AICPA Immediate past chair, AICPA United States 220 Leigh Farm Road, Durham, NC 27707-8110 Tracey Golden, CPA, CGMA Tel.: +1 919-402-4500 Vice chairman, AICPA www.aicpa-cima.com Publisher: Kim Nilsen Associate Publisher: Karin DeMarco www.fm-magazine.com ([email protected]) Associate Director, Business Development: Shreyas Managing Editor: Rocky S. 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Journal Of Accountancy 11/28 Financial Management Magazine 12/03 Media Type: MAGAZINE MECHANICAL SPECS: COLORS: CD: None Publication: Jrnl_Acc_FinancialMgmtMag Scale: 100% Cyan, Magenta, Yellow, Black AD: None 120 Wall St, 11th Fl, Due Date: 10/23 Bleed: 8.25" x 10.75" AM: Anthony Gavranic New York, NY 10005 Insertion Date: 11/28, 12/3 Trim: 8" x 10.5" NOTES: CW: None + 1 917 237 8888 Color Profi le: SWOP 3 Safety: 7.625" x 10.125" None PM : None Viewing: 8" x 10.5" DtP: Abraham Nowels Client: Chase Small Business FILE NAME: CHA0185_Nitropod_MNI_JournalOfAccountancy_FMM_8x10_5_V1R.indd FONTS: IMAGE SELECTS: Campaign: Nitropod Resize FILE PATH: ChaseStudio:Studio:Projects:2019:...rnalOfAccountancy_FMM_8x10_5_V1R.indd Open Sans (Light, Bold, Regular, None Semibold, Italic) LINK NAME: Color Mode: PPI: Job Number: Trade Gothic (Bold) CHA0185 CHA1911_HAWK_Nitropod_Dragons_Breath_Interior_6303_V9_SW3.tif ChaseStudio:Studio:Proj- Round: ects:2019:...agons_Breath_Interior_6303_V9_SW3.tif CMYK 597 ppi 1R CHA1911_05686_card_BB0001-CMYK.psd ChaseStudio:Studio:Proj- Page: 1of 1 ects:2019:...ts:CHA1911_05686_card_BB0001-CMYK.psd CMYK 475 ppi Creative Director Art Director Art Producer Copy Writer Copy Editing CHA_FB_MM_CMYK_POS_VERT_R_ENG.ai ChaseStudio:Studio:_Brand Studio Artist: Donald Ong Materia...h:AI:CHA_FB_MM_CMYK_POS_VERT_R_ENG.ai Date Created: 12-10-2018 1:10 PM Account Manager Project Manager Print Producer Studio Artist Quality Control Time Printed: 10-22-2019 2:51 PM Print Scale: None 3 traits of successful finance leaders By Andrew Harding, FCMA, CGMA n recent years, the view of what data and gather insights. We have a Third and finally, my view is that makes a good leader has broadened unique view of where the money goes leaders should be allowed to feel — the general leading an army is — or does not go. We know what happens emotions, too — controversial, I know. Inow one of a whole portfolio of when it is added or removed. It helps us For that, resilience is fundamental. It is a leadership styles. It means that top see where businesses can be improved, skill which, if you keep practising it, will jobs can accommodate a variety of which is what leaders are meant to do. serve you well when you reach the top. personalities and personal qualities. Career-wise, you are in a great position to The image of the leader impervious to And leadership is better for that diversity make the move to the C-suite. setbacks or criticism is unrealistic. It is a of approach. This skill means we are well placed to recipe for poor mental health and sets the What are the qualities you value in make a success of Integrated Reporting wrong example. Resilience means being leaders? Determination? Certainty of (IR). This is something we at the able to recover when things go wrong, purpose? Vision? Association have embraced fully because learn lessons, and move on positively. For me, three qualities stand out in a we strongly believe that being able to Then repeat. Anything else lacks good leader.