Accounting Best Practices with Steve Bragg ABP #373 - Accounting Training for the CFO
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Feb 20, 2025 What accounting training is essential for a CFO? New CFOs transitioning from finance must grasp foundational concepts to interpret financial statements effectively. Key responsibilities include ensuring financial accuracy, implementing controls, and mastering industry-specific accounting details. For CFOs in public companies, mastering financial statements and managing investor inquiries is crucial. The episode stresses the importance of continuous education and utilizing relevant resources to navigate the changing accounting landscape.
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CFO Accounting Knowledge
- You don't need detailed accounting knowledge to be a CFO; focus on high-level concepts.
- Get an accounting for managers book to grasp financial statements and reporting.
Risk Management and Controls
- CFOs are responsible for risk management, especially accounting control failures.
- Delegate control assessment to internal audit or external firms, but understand control environments.
Risk-Based Accounting Knowledge
- Understand accounting areas with high failure risk, like revenue recognition for complex sales.
- Prioritize based on company specifics; lawn supply CFOs needn't deeply understand revenue recognition.
