{"id":1047,"date":"2020-04-27T06:47:15","date_gmt":"2020-04-27T06:47:15","guid":{"rendered":"http:\/\/international.binus.ac.id\/finance\/?p=1047"},"modified":"2020-05-19T10:55:08","modified_gmt":"2020-05-19T10:55:08","slug":"the-future-finance-function-are-we-ready","status":"publish","type":"post","link":"https:\/\/international.binus.ac.id\/finance\/2020\/04\/27\/the-future-finance-function-are-we-ready\/","title":{"rendered":"THE FUTURE FINANCE FUNCTION: ARE WE READY?"},"content":{"rendered":"<p style=\"text-align: justify\">It is probably safe to say that finance function has evolved overtime. The role of CFOs is expanding beyond traditional finance function to encompass other areas such as strategy, enterprise risk management, performance management, and communication (Dancey 2019). The International Federation of Accountants (IFAC, 2019) identified six essential deliverables of future finance function:<\/p>\n<ol>\n<li style=\"text-align: justify\">Actionable insights \u2013 creating and protecting value<\/li>\n<li style=\"text-align: justify\">Performance analysis \u2013 aligning between strategy, planning, delivery<\/li>\n<li style=\"text-align: justify\">Enterprise risk management \u2013 addressing significant challenges in external environment<\/li>\n<li style=\"text-align: justify\">Effective communication and storytelling \u2013 communicating compelling narratives for external audiences<\/li>\n<li style=\"text-align: justify\">Trust and confidence \u2013 managing governance, data, process, systems and reporting<\/li>\n<li style=\"text-align: justify\">Integrity and professionalism \u2013 adhering to code of ethics<\/li>\n<\/ol>\n<p style=\"text-align: justify\">As a means of providing a guideline, IFAC (2019) has developed a tool for organizations to self-evaluate the current state of their finance functions. This tool consists of 16 statements in which organizations need to rate their level of agreements on a scale of 1-5 for each statement. This checklist can serve as a preliminary assessment of the organization\u2019s finance function and how it can be developed and transformed into future finance function. The assessment tool can be accessed <a href=\"http:\/\/international.binus.ac.id\/finance\/files\/2020\/04\/Evaluating-finance-function-IFAC.pdf\">here<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p>Sources:<\/p>\n<p>Dancey, K. 2019. <em>6 Essential Deliverables for the Finance Function of the Future<\/em>. IFAC Knowledge Getaway<\/p>\n<p>IFAC. 2019. <em>Evaluating the Finance Function: An Assessment Tool to Guide Finance Function Transformation<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>(AL)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It is probably safe to say that finance function has evolved overtime. The role of CFOs is expanding beyond traditional finance function to encompass other areas such as strategy, enterprise risk management, performance management, and communication (Dancey 2019). The International Federation of Accountants (IFAC, 2019) identified six essential deliverables of future finance function: Actionable insights [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":1050,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14,5,6],"tags":[],"class_list":["post-1047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-news","category-slideshow"],"featured":{"small":"https:\/\/international.binus.ac.id\/finance\/files\/2020\/04\/fig-5-480x320.jpeg"},"_links":{"self":[{"href":"https:\/\/international.binus.ac.id\/finance\/wp-json\/wp\/v2\/posts\/1047"}],"collection":[{"href":"https:\/\/international.binus.ac.id\/finance\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/international.binus.ac.id\/finance\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/international.binus.ac.id\/finance\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/international.binus.ac.id\/finance\/wp-json\/wp\/v2\/comments?post=1047"}],"version-history":[{"count":2,"href":"https:\/\/international.binus.ac.id\/finance\/wp-json\/wp\/v2\/posts\/1047\/revisions"}],"predecessor-version":[{"id":1051,"href":"https:\/\/international.binus.ac.id\/finance\/wp-json\/wp\/v2\/posts\/1047\/revisions\/1051"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/international.binus.ac.id\/finance\/wp-json\/wp\/v2\/media\/1050"}],"wp:attachment":[{"href":"https:\/\/international.binus.ac.id\/finance\/wp-json\/wp\/v2\/media?parent=1047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/international.binus.ac.id\/finance\/wp-json\/wp\/v2\/categories?post=1047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/international.binus.ac.id\/finance\/wp-json\/wp\/v2\/tags?post=1047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}