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Perspectives

Controllership Insights

Center for Controllership™

Providing perspectives on the latest developments facing controllers, chief accounting officers, finance leaders, and others in the controllership function.

Controllership

Upcoming webcast: Demystifying blockchain for controllers: Is a revolution coming?

As blockchain becomes more widespread within finance organizations, controllers might find themselves challenged to make sense of unfamiliar territory. Now is a good time to learn about blockchain, but what should controllers and finance professionals know?

Join us on May 22, 2019, for a CPE-eligible webcast exploring blockchain technology, including a blockchain 101 primer, and insights into how blockchain controllers might apply blockchain within their organizations. Host Beth Kaplan, managing director, Deloitte & Touche LLP, and special guests will also discuss how controllers can plan ahead for this new technology and the importance of preparing for blockchain sooner rather than later.

For more information and to sign up for the webcast go to: Demystifying blockchain for controllers: Is a revolution coming?

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Talent feature: A Deloitte Touche Tohmatsu Limited and Forbes Insights survey exploring keys to successful technology implementations

What determines an organization’s successful technology implementations from those that are less effective?

Deloitte Touche Tohmatsu Limited’s technology adoption survey, Implementing smart: A Deloitte and Forbes Insights survey, conducted jointly with Forbes Insights, looks at the challenges of emerging technology adoption with input from more than 500 senior executives who had recently undergone a successful technology implementation.

The survey investigates characteristics of implementation "masters" and the practices they use as well as benefits and challenges of emerging technology implementations—including digital, mobile, SaaS, and cloud.

Explore the survey here: Discover the keys to a successful technology implementation.

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The opportunity of enterprise automation series: Moving into the fast lane

March 15, 2019

To help navigate the complexity of risks with disruptive technologies, The opportunity of enterprise automation series: Moving into the fast lane, explores how the organizational and operational readiness aspects of an enterprise automation roadmap can drive speed, scale, and success.

Articles in the series include topics such as “Going the distance: Measuring the ROI of automation,” “At the intersection of control, speed, and agility: How to optimize enterprise automation at scale with a center of excellence,” and “Building for performance: Leveraging design thinking in automation strategy.” These guides can help leaders with practical steps to accelerate automation beyond pilots, create true automation scale, and ultimately achieve transformational results.

Explore the series here: The opportunity of enterprise automation series: Moving into the fast lane.

Deloitte authors featured in CFO magazine’s Best Articles of 2018

February 22, 2019

CFO magazine, a popular publication for finance executives, recently highlighted their 11 Best Accounting Articles of 2018, which offered accolades to the accounting articles that stood out to CFO editors over the year. Deloitte not only appeared in but authored, two of the top accounting articles.

Ready for the New Lease Accounting Standard?, co-authored by Jeanne McGovern, Audit & Assurance Partner, Deloitte & Touche LLP, and Sean Torr, Advisory Managing Director, Deloitte & Touche LLP, discussed critical matters that US public and private companies needed to address before the new lease accounting standard went into effect.

The article, Justifying Judgment When Recognizing Revenue, written by Eric Knachel, Audit & Assurance Partner, Deloitte & Touche LLP, gave insights into addressing challenges when applying the Financial Accounting Standards Board new principles-based model for revenue recognition.

Both articles offer valuable insights to the finance executive community and emphasize our experience in the lease accounting and revenue recognition spaces. We’re proud to see our Deloitte team members featured as authors on CFO magazine editors’ short list, and we are looking forward to featuring more articles in the year ahead.

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New Lease Accounting Standard (ASC 842) for public companies

December 19, 2018

In Deloitte’s October Dbriefs webcast, Public company lease accounting: time for the final sprint, panelists discussed ongoing challenges companies face in preparing for ASC842 as well as considerations on ways to overcome implementation challenges before it goes into effect.

While more than 65 percent of the webcast’s participants stated that they are somewhat, very to extremely prepared for the new standard, many companies are down to the wire and cutting it close as they still have a lot of work to do before the first external fiscal reporting deadline at the end of the first quarter, in 2019. With the deadline looming, some specific steps and considerations can help companies and professionals make sure they have prepared for takeoff in this critical time crunch.

Continue reading "New Lease Accounting Standard (ASC 842) for public companies" to learn more.

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Impact of corporate treasury transformation on controllership

December 7, 2018

Digital transformation, shifting talent demographics, and world events such as tax cuts and geopolitical volatility are disrupting the treasury function and will likely reshape the function as we know it today.

This battleground of disruption and transformation is evolving the expectations of treasury, even as core challenges remain constant. However, with these challenges come opportunities—for treasury, controllership, and the possibilities for a more strategic partnership between both functions.

Continue reading "Impact of corporate treasury transformation on controllership" to learn more.

ASU 2018-12: Long-Duration Insurance Contracts

September 27, 2018

The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) 2018-12, which amends the accounting model under the US Generally Accepted Accounting Principles (GAAP) for certain long-duration insurance contracts and requires insurers to provide additional disclosures in annual and interim reporting periods.

Continue reading "ASU 2018-12: Long-Duration Insurance Contracts" to learn more.

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Controllership and the workforce of the future

August 28, 2018

The future of work will look different, from how an organization is structured to the components that make up the technology and accounting profession and controllership workforce. The advent of digital finance is causing a disruption in the controllership function and finance industry, leading to changes in almost every dimension of business. New technology, automation, and generational shifts are impacting the work being done, the workforce used, and where the work gets done. Understanding the impact of technology on accounting and the digital transformation on talent can provide insights into a workforce strategy that can continue to add value in the future of work.

Continue reading “Controllership and the workforce of the future” to learn more.

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CECL and Finance: Managing interdependencies will be crucial to effective implementation

August 9, 2018

Many times, accounting standard implementation is an effort specific to finance, but the new Current Expected Credit Loss (CECL) standard is quite the opposite. It has many interdependencies across controllership, governance, modeling, credit analysis, production, and financial reporting. These interdependencies, combined with the fact that CECL is a principles-based standard, sets the stage for one of the most challenging accounting changes organizations have faced in recent times. How organizations manage these interdependencies can have a large impact on the effectiveness and efficiency of their CECL implementation programs.

Managing CECL interdependencies starts with defining the “targeted operating model,” or TOM. Defining the TOM early can provide a framework for institutions to effectively implement CECL.

CECL implementation efforts can be grouped into four major buckets:

  • Governance and oversight
  • Models and data
  • Technology and production
  • Controls, accounting, and reporting

To dive deeper into how your organization can manage CECL interdependencies and develop a framework based on these four major buckets, see our article: Managing interdependencies in CECL implementations.

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IFRS 17 “Insurance Contracts”: Harnessing compliance risks to drive strategic opportunities

July 30, 2018

The scale of IFRS 17 changes will require a multi-year effort by insurers to meet compliance timelines. Insurers should act now to carefully understand the impacts, assess strategic options, and make well-informed decisions to determine appropriate controls and next steps on the path forward. The required changes will disrupt traditional operating models, involve functional and business areas enterprise-wide, and require significant effort and associated cost. Leading insurers are seeking synergetic, opportunistic, and strategic benefits to drive value from the anticipated costs of compliance in order to enhance the target operating model. By understanding and anticipating disruptive forces driven by IFRS 17, leading insurers can take proactive steps to innovate their strategies, embrace complexity, and accelerate performance.

Continue reading IFRS 17 “Insurance Contracts”: Harnessing compliance risks to drive strategic opportunities to learn more.

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Creating a digital risk framework and center of excellence

July 13, 2018

Building bots and managing risk is only a start to driving real value from an automation program; there is a need for governance and management of robotic process automation (RPA) processes on an ongoing basis. Creating a digital governance center of excellence can assist finance professionals and controllers in defining ownership of activities across the digital landscape and its associated risk management space. This can help structure the governance of digital technologies, increase the benefits of digital transformation, and empower a risk-controlled environment for complex technologies such as robotics, analytics, and cloud computing.

Continue reading Creating a digital risk framework and center of excellence to learn more.

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New lease accounting standard and effective date

June 26, 2018

In our January Dbriefs webcast, Lease accounting: Implementation enters the final stretch, panelists discussed the new guidance and provisions to the new accounting rules, implementation challenges companies may face, and other operational considerations as the new lease accounting rule's effective date of January 1, 2019 approaches.

Featuring special guests Todd Sears, vice president and assistant corporate controller, Walmart; James Barker, partner, Deloitte & Touche LLP; and Sean Torr, managing director, Deloitte & Touche LLP, participants heard insights into how companies can manage the implementation process, how the new guidance can simplify implementation, and tips to address challenges that many are facing or will face in the year ahead.

Continue reading New lease accounting standard and effective date: Facing challenges and managing the process to learn more.

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Stepping outside the box: Elevating the role of the controller

June 21, 2018

Controllers who venture outside the box of the traditional controllership roles are often well-positioned to unlock the strategic value that their companies demand. Finding the courage and time to step out of this box is a battle that many controllers struggle to prioritize over completing day-to-day tasks. To better understand this conflict, and to uncover what controllers can do to gain strategic clout at an executive level, the IMA® (Institute of Management Accountants) and Deloitte explored the factors impacting how controllers are currently spending their time as opposed to where they should or would like to spend it.

Read the full report to learn more: Stepping outside the box: Elevating the role of the controller.

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Digital risk management and controllership: The three pillars

June 8, 2018

A blog post by Julie Velayo, principal, Deloitte & Touche LLP

The inception of digital transformation has prompted organizations to ask specific risk-related questions about emerging technologies. How does this software change my financial reporting processes? How does this impact my controls? How will I know if I've impacted my compliance obligations? How will I manage a digital workforce in my controller's organization?

When shifting to digital, many organizations move to implement new technologies swiftly without giving full consideration to the various risks involved or taking the time to ask the questions that arise with each new digital solution. Even as the introduction of new technology into organizational environments continues to bring new risks, controls to mitigate these risks should also continue to progress.

Continue reading Digital risk management and controllership: The three pillars to learn more.

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sea side wooden pillars

IFRS 17: Data management and process improvement

May 24, 2018

A blog post by Wallace Nuttycombe, principal, Deloitte & Touche LLP and Bryan Benjamin, senior manager, Deloitte & Touche LLP

Implementing International Financial Reporting Standards (IFRS) 17 will bring significant changes to an entity’s process and systems and will require significant coordination between many functions of the business–notably between finance and actuarial. These changes can also create a fundamental shift in the way data is collected, stored, and analyzed, and can significantly impact business operations, financial systems, and forecast methodologies as they adjust to the new standard...Continue reading.

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Accounting automation and the future of controllership

May 10, 2018

A blog post by Beth Kaplan, managing director, Deloitte & Touche LLP

Our December Dbriefs webcast focused on accounting automation technologies and featured insights into the spectrum of robotics and process automation capabilities that drive initiatives to push the controllership function into the future...Continue reading.

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IFRS 17, Insurance Contracts

January 23, 2018

A blog post by Wallace Nuttycombe, principal, Deloitte & Touche LLP and Bryan Benjamin, senior manager, Deloitte & Touche LLP

​It was 20 years in the making, but the new International Financial Reporting Standards (IFRS) insurance contracts accounting standard, IFRS 17, was published in 2017. This is a massive change for the insurance industry and one that we believe requires insurers to plan well in advance for implementation, and the clock is ticking...Continue reading.

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Implementing the new revenue recognition standard

November 20, 2017

A blog post by Bryan Anderson, partner, Deloitte & Touche LLP, Deloitte Risk and Financial Advisory*

Get the roadmap to implement the new revenue recognition standard and learn the speed bumps you may encounter along the way...Continue reading.

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Attracting talent in the digital age of controllership

November 3, 2017

A blog post by Beth Kaplan, managing director, Deloitte & Touche LLP*

The role of controllership is changing as it shifts into the modern era. Preparing for change by attracting the right professionals is essential to a smooth transition as companies adapt to a digital landscape and chart their controllership functions on a new course to success…Continue reading.

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rowing

Preparing for the new credit loss standard: Model behavior is not enough

August 23, 2017

A blog post by Jonathan Prejean, managing director, Deloitte & Touche LLP

Models will be crucial to how banks implement the new current expected credit loss (CECL) standard, but models are not enough...Continue reading.

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yacht in open waters

Beware of the never-ending contract

August 2, 2017

A blog post by Bryan Anderson, partner, Deloitte & Touche LLP

A number of complicating factors can come into play when automatically combining contracts and performing associated reallocations, resulting in the never-ending contract...Continue reading.

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Corporate tax reform and ASC 606: Implications of the new revenue recognition standard

July 19, 2017

A blog post by Wendy Friese, senior manager, Deloitte Tax LLP

Understand the tax opportunities companies should consider when analyzing their revenue recognition method... Continue reading.

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row boat sailing in open sea

Implementation of the new revenue recognition standard: The auditor’s role

July 5, 2017

A blog post by Amy Steele, Audit & Assurance partner, Deloitte & Touche LLP, National Office Audit & Assurance Services

The auditor’s role is important for effective implementation of new accounting standards, including the new revenue recognition standard...Continue reading.

New revenue recognition standard implementation strategy

June 21, 2017

A blog post by Amy Steele, Audit & Assurance partner, Deloitte & Touche LLP, National Office Audit & Assurance Services

Learn ways to help make audit a part of an effective implementation of the new revenue recognition standard...Continue reading.

Demand for transparent IT shared services costs: Opening the allocation black box

June 7, 2017

A blog post by Colleen Whitmore, principal, Deloitte & Touche LLP

The “black box” of allocated shared services costs can cause many issues within organizations. As a result, business units may consider looking for alternatives to using internal IT services, which can end up costing the company more in total. Continue reading.

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boats docked at the shore

Cleaning up the mess under the bed: Why intercompany accounting is increasing corporate risk

May 12, 2017

A blog post by Kyle Cheney, partner, Deloitte & Touche LLP

When I was a teenager, I wasn’t exactly the neatest person on the planet. My father had a military background and this often surfaced in his parenting style, especially when he asked me to clean my room. I had an active sports and social life that left me with limited time for such a mundane task, so my strategy was to shove all my stuff under the bed before the weekly inspection and hope no one noticed. It worked for a while—until it didn’t…Continue reading.

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Are you ready to administer the new lease accounting standards? (Video)

May 4, 2017

The FASB and IASB’s joint lease accounting standards, which were announced in 2016, have fundamentally changed the rules that govern accounting for substantially all leases. It’s expected that the standard will have far-reaching implications in accounting, finance and reporting, real estate, tax, technology, and other areas.

Is your organization overwhelmed by these changes? Are you struggling with where to begin? If so, you’re not alone.

View our video to learn how Deloitte can help your organization implement a lease accounting process that’s streamlined and efficient—and that can lead to significant transparency and insights.

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World-class controllership: Charting your course to success

April 18, 2017

To become world-class—and to meet the CFO’s evolving expectations—controllership must become more proficient, effective, and insightful. Where to begin?

Step 1: Evaluate your ability to deliver core responsibilities.

Step 2: Understand how to expand controllership’s scope to provide greater value to the CFO and the business.

To help support the CFO’s transition from the head of finance to a business leader, the controllership will need to shift from more traditional roles (stewards and operators) to catalysts and strategists. Read our report to learn more about the Four Faces of Controllership and Deloitte Risk and Financial Advisory’s proprietary Controllership Navigator framework.

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Implementing the new revenue standard (ASC 606 or IFRS 15)

April 4, 2017

A blog post by Mark Horn, principal, Deloitte Consulting LLP, and David Pierce, managing director, Deloitte Consulting LLP

In our conversations with clients about complying with the new revenue reporting standard, we’ve seen that many organizations tend to fall into three broad buckets… Continue reading.

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Adopting the new revenue standard (a.k.a. the death of comparability)

March 24, 2017

A blog post by Bryan Anderson, partner, Deloitte Risk and Financial Advisory, Deloitte & Touche LLP

As they work through the adoption of the new revenue standard, more and more companies are seriously considering—or begrudgingly moving toward—a “modified retrospective” adoption decision... Continue reading.

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