如何成为XXXX年的CFO

1、IFACFinnanciaal andd Manaagemennt Acccountting CCommittteeJanuaryy 20022The Rolle of the CChief Financiial Offficerr in 22010Issued by thhe IntternattionallFederattion oof AcccountaantsThe misssion of thhe Intternattionall Fedeeratioon of Accouuntantts (IFFAC) iis thee worlldwidee deveelopmeent annd

2、 enhhancemment oof an accouuntanccy proofessiion wiith haarmoniized sstandaards, able to prrovidee servvices of coonsisttentlyy highh quallity iin thee publlic innteresst. This boooklett was prepaared bby thee Finaanciall Manaagemennt Acccountiing Coommitttee (FFMAC) of IFFAC. TThe miissionn of FFMA

3、C iis:To encoouragee, ampplify and ssuppleement progrrams tthat ffocus on thhe finnanciaal andd manaagemennt acccountaant, aas connducteed by IFAC Membeer Boddies tto:Providee for the ddeveloopmentt and suppoort off suchh proffessioonals; andBuild ppublicc awarrenesss, undderstaandingg and demannd f

4、orr theiir serrvicess;To provvide aan intternattionall foruum forr exchhange of innformaation regarrding curreent deeveloppment and eemergiing isssues that shapee the managgementt accoountinng proofessiion.The FMAAC wellcomess any commeents yyou haave onn thiss bookklet. Commeents sshouldd be ssent

5、tto:Techniccal DiirectoorInternaationaal Fedderatiion off Accoountannts535 Fiffth Avvenue, 26thh FlooorNew Yorrk, Neew Yorrk 100017-36610 USSAFax: +11 212-286-99570E-mail: HYPERLINK mailto:edcomments edcoommenttsgCopies of thhis paaper mmay bee downnloadeed freee of chargge froom thee IFACC webssite

6、 aat HYPERLINK .Copyrigght Januaary 20002 byy the Interrnatioonal FFederaation of Acccounttants. All rightts resservedd. No part of thhis puublicaation may bbe repproducced, sstoredd in aa retrrievall systtem, oor traansmittted iin anyy formm or bby anyy meanns, ellectroonic, mechaanicall, phootocop

7、pying, recoordingg, or otherrwise, withhout tthe prrior wwritteen perrmissiion off the Interrnatioonal FFederaation of Acccounttants.ISBN: 11-8874464-777-8ForeworrdThe Finnanciaal andd Manaagemennt Acccountiing Coommitttee (FFMAC) of thhe Intternattionall Fedeeratioon of Accouuntantts (IFFAC) eexplo

8、rres emmerginng treends aand seeeks tto reppresennt conntempoorary best practtice iin thee domaain off accoountinng worrk conncerneed witth thee manaagemennt of organnizatiions. This is doone prrimariily thhroughh a raange oof pubblicattions: annuual thheme bbookleets, aan annnual ccollecction of ar

9、rticlees of meritt, ressearchh studdies, Interrnatioonal MManageement Accouuntingg Pracctice Stateementss (IMAAPS) aand guuides for ppractiitioneers. TThese publiicatioons arre avaailablle thrrough the IIFAC wwebsitte at HYPERLINK www.iifac.oorg.Past thheme bbookleets haave cooveredd topiics liike M

10、aanagemment AAccounntancyy in tthe Yeear 20004 annd Thee Seniior Fiinanciial Offficerr in tthe Yeear 20005. SSuch hhas beeen thhe speeed off channge thhat thhese ddocumeents ddescriibe prracticce todday. A recennt stuudy (NNo. 111) exaaminedd A Prrofesssion TTransfforminng: Frrom Acccountting tto Ma

11、nnagemeent. TThis eexplorred emmerginng treends ffrom tthe viiew off 12 mmemberr bodiies off IFACC reprresentting ssix coountriies. FFour oof thee bodiies arre speecialiist asssociaationss lookking aat thee fielld of managgementt accoountinng; thhe remmaininng eigght arre proofessiional bodiees seee

12、king to bee moree respponsivve, annd morre reppresenntativve, off theiir memmbers workiing inn manaagemennt-rellated roless, in businness aand puublic practtice. The stuudy exxploreed thee 12 pprofesssionaal asssociattions in vaaryingg stagges annd staates oof traansitiion too the futurre andd eachh

13、 toldd theiir ownn storry to date. The insigghts aand chhangess theyy weree purssuing indivviduallly weere coollecttivelyy indiicativve of an unnderlyying oor immminentt trannsformmationn in tthe prrofesssion.This iss bestt summmarizeed by statiing thhat thhe finndingss idenntifieed thaat thee finaa

14、nce ffunctiion inn orgaanizattions was ttransfforminng iin terrms off a vaalue aadded managgeriall focuus, itts areea of organnizatiional invollvemennt, thhe cappabiliities expeccted ffrom iit andd its leadeershipp (thee Chieef Finnanciaal Offficer), thee conssolidaation, elimminatiion orr outssourc

15、iing off muchh of iits woork reesponssibiliities, and the rradicaal redductioon of its hheadcoount. It seemmed seensiblle, thherefoore, tto cannvas tthe viiews oof 10 leadiing chhief ffinanccial oofficeers too get them to teell thheir sstoriees. Thhis thheme bbookleet is the rresultt of tthat eexerc

16、iise. OOnce aagain, the membeers off FMACC idenntifieed leaaders in thheir ffield acrosss manny couuntriees, buusinessses aand puublic sectoors. TThey aagreedd thatt thiss storry wouuld bee bestt desccribedd throough tthe faacilittationn of aa leadding aauthorr, andd enroolled the hhelp oof Robbert

17、BBruce, Accoountanncy Edditor of Thhe Timmes.The Chiief Fiinanciial Offficerrs aree all from compaanies with easilly reccognizzable namess and with viewss fromm Nortth Ameerica and EEuropee, toggetherr withh counntriess likee Argeentinaa and Hong Kong. We tthank them for tthe tiime thhey gaave too t

18、he interrviewss, butt espeeciallly forr theiir canndid ccommennts annd forr sharring ttheir insigghts. It waas enccouragging, from an FMMAC viiewpoiint, tto notte thaat alll of tthem aaddresss thee rolee of tthe CFFO in the sstrateegic ddirecttion oof theeir coompaniies.Other nnotablle toppics ccove

19、reed inccludedd inveestor relattions, acquuisitiions aand thhe CFOO rolee in ccorporrate ggovernnance and rrisk mmanageement.This thheme bbookleet, Thhe Rolle of the CChief Finanncial Officcer inn 20100, tellls thhe stoory frrom thhe inddividuual viiewpoiints oof theese CFFOs whhich ccan bee seenn i

20、n tthe thhemes choseen: Developping aa Visiion for the FuutureManaginng thee Infoormatiion FllowMoving Away from TranssactioonsTreasurry Willl Takke PriiorityyBecominng thee Proccess OOwnerPart off the Team Butt AparrtChief PPlanniing OffficerrStrateggic Chhangess to tthe Fiinancee RoleeConcernn Abo

21、uut Gloobal MMarkettsThe Impportannce off CommmunicaationThis riich veein off insiights, togeether with our sstudy of a profeessionn trannsformming ffrom aaccounnting to maanagemment, will fuel the wwork oof FMAAC in the ccomingg yearrs. The strrategyy of FFMAC aaddressses:Thoughtt leaddershiip in e

22、xpannding the ffield of prracticce knoown ass manaagemennt acccountiing;Sharingg of bbest ppractiice inn thiss fielld glooballyy; anddAssistiing deevelopping ccountrries aas theey expplore the bbenefiits off manaagemennt acccountiing.Finallyy, my thankks to thosee membbers oof FMAAC whoo orgaanizedd

23、 thiss projject tto briing thhese lleadinng inttervieews too our attenntion. Thiss grouup connsisteed of:Bill Coonnelll, Dirrectorr of RRisk MManageement, BOC Groupp plc;Chris JJacksoon, Heead off the Facullty off Finaance aand Maanagemment, Instiitute of Chharterred Acccounttants in Ennglandd and W

24、aless;Gary Luuoma, Profeessor, Univversitty of Southh Caroolina;Richardd Malllett, Technnical Direcctor, Charttered Instiitute of Maanagemment AAccounntantss;Frank MMoers, Univversitty of Maasttrichtt; anddJohn Moorrow, Vicee Pressidentt, Thee New Finannce, AAmericcan Innstituute off Certtifiedd Pub

25、llic Acccounttants.BILL COONNELLLChairmaanMemberss of tthe Fiinanciial & Managgementt Commmitteee:Williamm Connnell, Chairr, Uniited KKingdoomSantiaggo C. Lazzaati, AArgenttinaDavid JJeffriies, AAustraaliaGerhardd Pracchner, AusttriaDr. Khaalid AA. Ateeeq, BBahraiinRaymondd G. DDarke, CanaadaPascal

26、Girauud, FrrancePeter AA.M. SSamperrs, NeetherllandsMuhammaad Asllam, PPakisttanMarco AAntoniio Zalldivarr, PerruZein Ell Abdiin El Boraiie Ahmmed, SSudanGary Luuoma, Uniteed Staates oof AmeericaContenttsINTRODUUCTIONNAn Overrview by Roobert Brucee, Acccountaancy EEditorr of TThe Tiimes.1INTERVIIEWS

27、The folllowinng inttervieews weere coonductted byy Robeert Brruce:Carlos Oliviieri:Devellopingg a Viision for tthe FuutureQuilmees Inddustriial, AArgenttina3John Scchmolll:Managging tthe Innformaation FlowColes Myer, Austtraliaa 7Angela Holthham:Movinng Awaay froom TraansacttionsNabiscco, Caanada 11

28、Heinz-JJoachiim Neuubrgeer:Treassury WWill TTake PPrioriitySiemenns, Geermanyy15Jan Hommmen:Becomming tthe Prrocesss OwneerPhilipps, Hoollandd19Norman Lyle:Part of thhe Teaam BBut AppartJardinne Matthesonn, Honng Konng 23Sten Foornelll:Chieff Plannning OfficcerEricssson, SSwedenn27Tony Issaac:Stratt

29、egic Changges too the Finannce RooleBOC Grroup, Uniteed Kinngdom31Iain Luumsdenn: Conceern Abbout GGloball MarkketsStandaard Liife, UUnitedd Kinggdom35John Coonnorss:The IImporttance of CoommuniicatioonMicrossoft, Uniteed Staates39The CFO and the Role of InformationOverview by Robert BruceA couplle

30、of insigghts ffrom ttwo off the Chieff Finaanciall Offiicers interrvieweed durring tthis pprojecct summ up tthe sccale oof thee channge thhey exxpect acrosss thee nextt decaade. JJohn CConnorrs is CFO oof Miccrosofft. “PPeoplee willl havee acceess too infoormatiion inn a waay thaat theey nevver haad

31、 in the ppast,” he saaid, “wwhich meanss the premiium onn commmunicaating finanncial inforrmatioon willl be enormmous.” Jan HHommenn is ggloball CFO of thhe eleectronnic giiant, Philiips. HHis meessagee was simpller buut no less apocaalyptiic. “TThe sppeed aat whiich yoou willl havve to do thhings w

32、ill be miind-boogglinng,” hhe saiid. The inttervieews wiith 100 of tthe grreatesst CFOOs of our eera arround the wworld coverred a wide rangee of iissuess. Butt it wwas allways inforrmatioon, itts usees andd poweer, whhich llay att the heartt of wwhat tthey wwere ssayingg. Theey alsso thoought that

33、the rrole oof thee CFO wouldd movee towaards oone whhere aactingg as gguardiian off thatt infoormatiion annd actting aas a sstewarrd andd comppliancce offficer was tthe ceentrall respponsibbilityy. Theey thoought that the ppositiion off the CFO aas a ppivotaal rolle witthin aa corpporatee struucture

34、e woulld conntinuee and the rrelatiionshiip witth thee CEO, whetther aas resstrainning iinflueence, guarddian oof thee corpporatee conssciencce, orr as tthe reeal sttrateggist bbehindd the boardds pllans, wouldd be aat thee hearrt of that.They feelt thhat thhe chaanges withiin thee rolee of tthe CFF

35、O wouuld reeflectt the way tthe fiinancee funcction wouldd becoome a proceess syystem, withh muchh of iit outtsourcced orr achiieved throuugh jooint vventurres. TThey ffelt tthat tthe fiinancee funcction had tto remmain tthe beedrockk but had tto beccome mmore sstrateegy-orrienteed. Thhis woould cch

36、angee the naturre of the ppeoplee who becamme CFOOs. Ouut wouuld goo the figurres-baased CCFO annd in wouldd comee leadders wwith sstrongg perssonaliities and aa widee undeerstannding of maarketss and cultuural iissuess. The esssence of thhe chaanges prediicted was tthat tthe roole off the CFO iin t

37、hee yearr 20100 woulld be shapeed by theirr posiition on a globaal corrporatte staage.Norman Lyle, Grouup Finnance Direcctor oof Jarrdine Matheeson iin Honng Konng, suummed up thhe wayy CFOss woulld chaange. “The CFO,” he saaid, “nneeds to guuard tthe innformaation. The CFO iis noww ofteen seeen as

38、the aautomaatic ddeputyy CEO and iis thee persson whho deaals wiith thhe outtside worldd. Joohn Scchmolll, CFOO of CColes Myer, Austtraliaas laargestt retaail grroup, thougght thhe CFOOs of the yyear 22010 “wwill hhave tto be experrts att inteerpretting tthe innformaation and ccommunnicatiing itt to

39、 tthe orrganizzationn.” Stten Foornelll, CFOO of ttelecoommuniicatioons giiant EEricssson, ssuggessted tthat, as allreadyy happpens iin tecchnoloogy coompaniies, “yyou arre preetty ddeep iin thee operrationnal siide annd youu dont worrk verry mucch witth purre finnance.”“In thee futuure,” said Tony

40、Isaacc, whoo proggresseed froom CFOO to CCEO att BOC, the indusstriall gasees giaant baased iin thee UK, “muchh of tthe CFFOs rrole wwill iincludde strrategiic plaanningg, finnanciaal plaanningg and risk managgementt.” Iaain Luumsdenn, currrentlly Finnance Direcctor oof Staandardd Lifee, thee giannt

41、 Ediinburggh-bassed fiinanciial seervicees grooup, iis anoother who iis aboout too becoome CEEO. Buut he proviides aa notee of sskeptiicism aboutt the growtth of inforrmatioon. “II haveent sseen aa corrresponnding increease iin useeful iinformmationn,” hee saidd. “Thhere hhas beeen a huge increease

42、iin useeless inforrmatioon.”But it is thhe gloobal wwhich dominnates. Angeela Hoolthamm, whoo receently steppped doown ass CFO of Naabiscoo in CCanadaa, wass cleaar on that. “It is alll goiing too be ggloball,” shhe saiid. “EEverytthing aboutt a buusinesss neeeds too be ggloball and less and lless s

43、speciffic too any givenn counntry.”These cchangees willl, inn theiir turrn, chhange the rresponnsibillitiess of tthe CFFO. “TThe CFFO willl neeed thee convvictioon andd courrage tto staand upp to ttheir businness ccolleaagues,” saiid Norrman LLyle. “For exampple, wwhen aa propposed acquiisitioon jus

44、st doeesnt make sensee, thee CFO will need to bee ablee to aarticuulate why tthis iis thee casee and hold his ccornerr.” Annd thaat willl meaan a vvery ddifferrent ttype oof perrson. “We aare loookingg for peoplle whoo are happyy not to woork inn the back room but hhappy to woork onn the frontt foot

45、t,” saaid Joohn Scchmolll. “Peeople who eenjoy commuunicatting aand woorkingg in tteams.” Andd thatt meanns thaat manny morre CFOOs in the yyear 22010 wwill hhave aarriveed at theirr rolee via line-managgementt respponsibbilitiies raather than the ttradittionall routte viaa the finannce fuunctioon.

46、“PPeoplee havee to uundersstand the bbusineess annd havve a sstrongg finaanciall backkgrounnd,” ssaid JJohn CConnorrs. “BBut CFFOs whho didd not servee in tthe fiinancee funcction will becomme mucch morre commmon.”The oveerall impreessionn giveen by thesee 10 CCFOs ffrom aaroundd the worldd is oone

47、off conffidencce. Thhe rolle of the CCFO iss a sttrong one aand itts groowth, as thhe preedictiions oof thee yearr 20100 makee cleaar, iss assuured. That growtth willl be basedd on ccompleex infformattion aand itts fasst delliveryy but also basedd firmmly onn the strenngthenning oof thee CFO as thhe

48、 pivvotal and iincreaasinglly powwerfull rolee withhin thhe corrporatte enttity oof thee futuure.Developing a Vision for the FutureAn interview with Carlos OlivieriCarlos Oliviieri iis Chiief Fiinanciial Offficerr of QQuilmees Inddustriial S.A. Inn addiition, he tteachees finnance at twwo Arggentinn

49、e uniiversiities and iis a vvisitiing prrofesssor att Michhigan Univeersityy, US. He iis forrmer CCFO off YPF (the largeest coompanyy in AArgenttina). Quillmes IIndusttrial is a largee beveerage compaany baased iin Bueenos AAires, withh a 600% shaare off the beer markeet in the ssoutheern coone. IIt

50、 hass beenn listted onn the New YYork SStock Exchaange ssince 1996.For a CCFO, LLatin Ameriica iss a veery diiffereent ennvironnment to thhat off Euroope. TThe shheer vvolatiility of thhe varrious econoomies makess CFOss lookk uponn Euroope ass a haaven oof commparattivelyy welll ordeered ffinancces

51、. AAnd itt alsoo meanns thaat thee workk of aa CFO is suubtly diffeerent. All this is exxempliified in thhe thooughtss of CCarloss Olivvieri, CFO of Quuilmess Induustriaal whiich, bbased in Buuenos Airess, is one oof thee larggest bbeer aand sooft drrinks compaanies in thhe reggion.“In emeergingg ma

52、rkkets,” he saaid, “tthe CFFO hass to ppay atttentiion too the econoomies of alll thee counntriess invoolved, likee Brazzil annd Arggentinna forr exammple.” With inflaation or innteresst rattes trraditiionallly runnning high and eerratiicallyy therre is a verry diffferennt foccus. “IIt is very diffe

53、erent to thhe US or Euurope,” saiid Oliivierii, “whhere yyou caan preedict changges inn the econoomy. HHere tthe chhangess are so drramatiic andd the impacct of thosee channges iis verry impportannt to us.” And aa CFO in thhis ennvironnment has tto ansswer vvery ddifferrent qquestiions ffrom aanalys

54、sts arround the wworld. “Thee anallysts are vvery iintereested in thhe connsequeences of goovernmment aactionn,” hee poinnts ouut.That iss the backggroundd to tthe woorld wwithinn whicch Oliivierii, as a CFOO, hass to ooperatte. Thhe natture oof thee comppany iis diffferennt, tooo. Quuilmess Induust

55、riaal is, in OOlivieeris wordss, “onne commpany with threee diffferentt parttners.” It is inn a ceertainn way a fammily-oowned compaany (tthe Beembergg famiily coontrolls thee comppany), its sharees aree tradding oon thee New York Stockk Exchhange and HHeinekken hoolds aa 15% stakee.So for Oliviieri

56、 tthere are tthree cruciial sttrandss to hhis roole ass CFO. First, theree is sstrateegy annd merrgers and aacquissitionn workk. “Inn the last few yyears the ccompanny hass moveed froom prooducinng onlly beeer,” hhe saiid. “WWe havve bouught sseveraal subbsidiaaries in coonnecttion wwith PPepsi-Cola

57、.” So from a commpany purelly deppendennt on havinng thee premmier bbrand of beeer inn the southhern ccone, it haas chaanged to allso haave a soft drinkks divvisionn and produuce miinerall wateer. “QQuilmees hass moveed froom beiing a familly-ownned coompanyy to bbeing a bigg new corpooratioon, ssai

58、d OOlivieeri. At thhe begginninng of the 11990s, its saless weree $2700 milllion,” he saaid. “NNow thhe figgure iis $1 billiion.”Informaation systeemsThe seccond aarea hhe seees as cruciial iss manaagemennt infformattion ssystemms. Haaving threee veryy diffferentt grouups off sharreholdders mmeans h

59、e haas to focuss his attenntion on thhe infformattion aall thhree rrequirre. Innformaation to thhe Bemmberg familly is produuced uunder Europpean rrules becauuse thhe commpanys leggal adddresss is iin Luxxembouurg. IInformmationn for the NNYSE hhas too be pproducced unnder UUS GAAAP. “AAttendding ii

60、nvesttor annd shaarehollder mmeetinngs iss veryy impoortantt,” saaid Ollivierri. Annd theen theere arre loccal acccountting pprinciiples for ccompannies wwithinn the groupp operratingg in oother counttries, likee Argeentinaa.The thiird moost immportaant sttrand to hiis CFOO rolee, whiich Ollivierri