Preparing For Financial Compliance Curveballs

CFOs can't foresee every challenge when entering a new market but they can set themselves up to face them head-on.

Global accounting and tax regulators have been making moves towards uniformity and harmonisation. Transparency initiatives such as the OECD's international exchange of Country-by-Country Reports (CbCR) are in place in over 77 jurisdictions. And approximately 90 countries have fully conformed with International Financial Reporting Standards (IFRS). However, unpredictability reigns for a chief financial officer looking to establish operations in a new market.

Countless operational differences exist in cross-border business and rigid local requirements, frequently-changing local laws and the adoption of digital reporting can throw curveballs.