Last week I read an article in the FT about how the CFO will face turbulent times in the near future, and how important cash flow forecasting and cash management have become in the credit crisis. Although this was a very insightful article, there was one fundamental issue that troubled me.
When it comes to apportioning blame for the credit crisis, credit default swaps (CDS) are one of the targets. Fingers have been pointed in other directions, including Fair Value Accounting, but few would argue that CDSs have become something of a scapegoat.
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The International Accounting Standards Board (IASB) has just released a new guide to fair value accounting in inactive markets. This is a reaction to the criticism that has blamed the banking crisis on fair value accounting.
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A new report from Gartner predicts that revenue generated from enterprise applications delivered through software as a service (SaaS) will grow by 27 percent in 2008. This of course also covers treasury applications.
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With the synchronised rate from western central banks cut some weeks ago, and trillions of dollars pledged in rescue packages for the world’s biggest banks, one would hope that the worst of the credit crisis is over. In reality, this remains to be seen.
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Once again the US has been placed highest in the World Economic Forum’s latest Global Competitiveness Report in front of Switzerland and my native country Denmark. The UK has this year slipped down to 12th place from 9th in 2007 and 2nd in 2006.
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In the treasury world, autumn seems to be the season for conferences and user group meetings. I have spent much of my time over the past few weeks on the road attending different conferences.
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Working on the boundaries of the financial world as I do, one sits on the line where accounting meets real life. This provides a unique vantage point for seeing where cash flows are collected, managed, predicted, hedged, raised, invested and centralised before the cash is finally paid out again into the wider world.
The Edge by Richard Northedge
Insider by Michael Pawley
Eco-Finance by Peter Wognum
