CFOs struggle under compliance burden
Chief financial officers (CFOs) are struggling to keep pace with the many demands of their roles, burdened in particular by compliance issues, according to new research.
Sponsored by accounting firm RSM Bird Cameron, the study sought to reveal the chief issues facing CFOs today, which includes compliance, measurement of value, gearing, private equity and taxation.
RSM Bird Cameron national chairman Kim Hutchinson said: “CFOs are facing an enormous compliance task, and this is adversely affecting their ability to think strategically about their businesses.”
According to the research, 94 per cent of CFOs surveyed reported that compliance requirements consumed on average up to 50 per cent of their time.
Increasing compliance burdens have adversely impacted the ability of CFOs to add value to their business, with 78 per cent reporting that it has affected their ability to function more strategically and develop the capabilities required by their organisations.
The tax regime is also becoming a concern as Australia’s tax laws increase in complexity. Only 25 per cent of CFOs thought they understood the tax regime very well, and 47 per cent reported using outside advisers to assist them with navigating the tax rules.
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
While efficiency remains a top priority for Australian advisers, State Street has revealed the profession is now juggling this desire with the need to maintain personalisation of its service offering.
A possible acquisition of data provider Iress is becoming a greater likelihood after the firm announced it is engaging with multiple interested parties.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
