CFO Central

The Power of Business Chemistry

Wed, 22 May 2013 13:24:11 GMT

Business Chemistry helps you recognize personality patterns in your colleagues.

It happens all the time. You walk into a meeting anticipating a clear resolution only to encounter someone who asks to bring others into the equation; or someone who insists on crunching more data; or someone who simply has a better idea. Sound familiar? As CFO, juggling such diverse stakeholder personalities comes with the territory.

Luckily, there are clues to deciphering personalities in business that can help CFOs better relate to others. Termed “Business Chemistry,” the framework identifies distinct patterns of behavior that can be harnessed to not only improve individual interactions, but also to influence strategy.

In this issue of CFO Insights, we’ll outline the different Business Chemistry personality types and discuss how CFOs can leverage them to their advantage.

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Q1 2013 Global CFO Signals

Wed, 15 May 2013 00:00:00 GMT

Given this current window of financial and economic “stability,” CFOs finally have the comfort level to pursue expansionary tactics—as well as long memories to remind them to remain vigilant.

Capital Expenditures: Will Your Investments Deliver the Desired Result?

Wed, 24 Apr 2013 00:00:00 GMT

To be truly effective, capital expenditure planning requires regular review.

Globally, it seems, some companies are slowly loosening their purse strings. With many corporate balance sheets flush with cash, choosing which investments to make is obviously a critical task for CFOs. And amid continued economic uncertainty, many wonder what will make the difference between capital expenditure (capex) programs that deliver value and competitive advantage, and those that don’t.

In this issue of CFO Insights, we discuss how to improve capex programs through more-effective frameworks and leveraging metrics that matter.

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Bending the Cost Curve on Health Care

Wed, 10 Apr 2013 14:33:39 GMT

The ACA requires CFOs to take charge of their health-care costs.

With the U.S. Supreme Court’s blessing and the security of the 2012 election results, the Patient Protection and Affordable Care Act of 2010 (or ACA) is rolling out nationwide. And while many of the law’s major components–the mandate to buy insurance and the expansion of Medicaid for example–take effect in 2014, others do not kick in for several years. That does not mean companies should be complacent about the law or their health-care costs–not by a long shot.

The ACA will require companies–and in particular, their CFOs–to take charge of their health-care costs and manage the process like others in their financial planning and analysis process.

In this issue of CFO Insights, we dissect health-care costs and ask what CFOs can do to limit those costs now.

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The Case for a Close Czar

Wed, 13 Mar 2013 00:00:00 GMT

Despite multiple technology and process improvements, plenty of financial closes are invariably broken.

CFO Insights: The Case for a Close Czar

It’s mid-March, two weeks before the end of the first quarter (if you are on a calendar year of course). How close to the end of the month will you close your books? Will the numbers be correct? Will your finance team survive unscathed? If these questions give you pause, you have plenty of company. The evidence, in fact, suggests that the close process at many companies is far from efficient.

In this issue of CFO Insights, we outline what is still wrong with the financial close, what the telltale signs are that your process is broken, and make the case for why a “close czar” may be the answer to keeping your monthly close on track.

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CFO Signals^TM: 2013 Q1 Results

Tue, 05 Mar 2013 00:00:00 GMT

Investor Relations: What New CFOs Should Know

Wed, 27 Feb 2013 00:00:00 GMT

As CFO, ultimately think like an investor.

Juggling the demands of shareholders, analysts, bankers, and ratings agencies is enough to make even a seasoned CFO cringe. But for new CFOs, those demands can be intimidating, if not terrifying. Still, there are lessons CFOs should know about investor relations (IR) before taking the reins — lessons veteran CFOs should revisit on a regular basis.

In this issue of CFO Insights, we offer 10 IR strategies – developed by Eric Pillmore, senior advisor to Deloitte’s Center for Corporate Governance – for new CFOs to consider.

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Deal or No Deal: Can Busted M&A Deals be Avoided?

Wed, 30 Jan 2013 00:00:00 GMT

A busted deal is costly in terms of time, money, and lost opportunity.

It’s one of a CFO’s worst nightmares. A possible acquisition is identified; initial due diligence is completed; a price is negotiated; an acquisition deal is signed; and then for some unforeseen reason, the M&A deal falls apart. Why? And, more importantly, could the nightmare have been avoided?

In this issue of CFO Insights, we’ll introduce new research by Hollis Skaife, professor from the University of Wisconsin-Madison and a Deloitte Fellow and Scholar, and Daniel Wangerin of Michigan State University, that looks at what impact low quality financial reporting may have on the outcome of M&A deals – and offers a metric that may capture its existence before a deal closes.

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De-Risking Pensions: Can It Be Done?

Wed, 16 Jan 2013 00:00:00 GMT

No pension plan may ever be risk free.

The risks inherent in defined benefit (DB) plans are well known to CFOs, and the last decade has brought a parade of bad news from unprecedented market volatility to sustained declines in interest rates. In addition, the regulatory environment has brought changes — such as the recent MAP-21 legislation — to both the accounting and funding of pension plans. Indeed, the main constant for DB plans has been change, leading to increased volatility for corporate earnings, balance sheets, and free cash flow as well as increased scrutiny by analysts and investors.

Little wonder that in recent years, numerous companies have taken steps to reduce the risk associated with their DB plans. In this issue of CFO Insights, we’ll discuss some of the options CFOs have to manage the risks inherent in their plans and outline the factors to consider before adopting de-risking strategies.

Download the CFO Insights article, "De-risking pensions: Can it be done?," to learn more.

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CFO Signals^TM: 2012 Q4 Results

Wed, 02 Jan 2013 00:00:00 GMT

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Results: CFO Signals^TM Q4

To view the survey results by a specific category, filter using the drop down menu.

Highlights: CFO Signals^TM Q4

Last quarter, it was quite apparent that the combination of sluggish economic growth, persistent European Union issues, approaching elections in the United States, and the impending “fiscal cliff” were making CFOs very nervous. Even though corporate performance was largely positive and equities markets were doing well, last quarter’s survey results indicated the sharpest decline in expectations in the two-and-a-half-year history of the survey.

One major source of uncertainty is now resolved. The U.S. elections are over, and not much seems to have changed. The president is still a Democrat, the House is still Republican-led, and the Senate still has a Democratic majority. In the aftermath, the fiscal cliff parties have been working the inside and outside game of negotiations, but largely holding to the same positions they held before. Little wonder that CFOs’ outlook does not appear to have changed much either.

In fact, lingering uncertainty has pushed CFOs’ investment expectations even lower – with new lows for growth in capital spending, R&D, and marketing investments. CFOs are cautious on domestic hiring, too, and more of them are projecting cuts than at any time in the last two years. It is important to note that these expectations are largely premised on not going over the fiscal cliff and conditions not getting worse in Europe – since most CFOs also said they don’t expect either to be a factor in the near term.

Download the 2012 Q4 CFO Signals report above.

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As used in this document, 'Deloitte' means Deloitte LLP [and its subsidiaries]. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.Certain services may not be available to attest clients under the rules and regulations of public accounting.

Fiscal Cliffhanger: Steps CFOs Should Consider Now

Wed, 19 Dec 2012 00:00:00 GMT

The potential year-end changes have triggered a surge in fourth-quarter special and accelerated dividends designed to provide shareholders some relief from next year’s tax bill.

U.S. companies are racing against the year-end deadline that may bring higher taxes on corporate dividends and executive compensation if the White House and Congress can’t resolve the “fiscal cliff” by December 31. If no agreement can be reached, a number of taxes will automatically rise in 2013, including rates on dividend income, which will jump from the 15% set under the Bush-era tax cuts to a maximum rate of approximately 43% for some taxpayers. That figure includes a 3.8% tax on net investment income put in place under the Affordable Care Act for taxpayers with income above $250,000, which goes into effect January 1, 2013, regardless of what happens with the Bush-era tax cuts between now and year-end.

In this issue of CFO Insights, we outline some options that either closely held or publicly traded companies can potentially use to help offset fiscal cliff uncertainty—an accelerated dividend, a special dividend, dividends-in-kind and a leveraged recapitalization. Compensation planning steps for consideration are also discussed, some of which could benefit the corporation as well as employees in general

Download the CFO Insights article, "Fiscal cliffhanger: Steps CFOs should consider now," to learn more.

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Using Econometrics to Bolster Scenario Planning

Wed, 05 Dec 2012 14:31:19 GMT

For CFOs, examining the impact of possible outcomes requires a robust scenario planning process.

Worries over the future of the eurozone have been a consistent theme in the CFO surveys conducted globally by Deloitte’s member firms. A European Union member exit is only one possible outcome of the euro crisis, however. Others include a drop in the value of the euro, a complete breakup of the currency union, or a continuation of the current volatility. Each scenario could impact business strategy and operations not just in Europe but around the globe.

For CFOs, examining the impact of these possible outcomes requires a robust scenario planning process.

In this issue of CFO Insights, we discuss the four key phases of scenario-based planning and how econometrics analysis — the application of statistical techniques to analyze economic data — can be used to help CFOs and their finance teams establish effective, action-oriented processes.

Download the CFO Insights article, "Using econometrics to bolster scenario planning," to learn more.

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Data-Driven: The New CFO/CIO Dynamic

Wed, 24 Oct 2012 00:00:00 GMT

In this data-driven age, CIOs and CFOs need to work more closely.

The chief financial officer/chief information officer (CFO/CIO) relationship is complex, to say the least. Given the nature of their respective charges — finance’s to reduce risk without overspending; IT’s to increase benefits from the organization’s technology assets — they have sometimes been at odds.

In this issue of CFO Insights, we look at the new dynamics in the CFO/CIO relationship, explain why the focus on data may lead to improved decision-making throughout the organization, and outline questions CFOs should ask their CIO to get the information they need.

Download the CFO Insights article, "Data-driven: The new CFO/CIO dynamic," to learn more.

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CFOs and CIOs: How can You Mitigate Concerns When Moving to the Cloud?

Tue, 16 Oct 2012 00:00:00 GMT

Decision makers should consider how cloud computing can transform their organization and redefine the strategic use of information technology.

Making Decisions that Matter

Wed, 10 Oct 2012 00:00:00 GMT

Bad decisions are made in organizations every day.

On some level, making bad decisions is unavoidable. No one can always be right. But leading companies tend to make fewer bad decisions, especially when it comes to those that can drive or destroy significant value – decisions that matter.

How do they do that?

Those organizations understand that decision-making is a distributed function involving lots of different people throughout the organizational hierarchy. But they also recognize that there are two executives with the knowledge to help their organizations improve decision-making: CFOs and CIOs.

In this issue of CFO Insights, we will look at opportunities for these two leaders to collaborate and drive more effective decision-making throughout their organizations as well as the barriers they face in making good decisions in the first place.

Download the CFO Insights article, "Making decisions that matter," to learn more.

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CFO Signals^TM: 2012 Q3 Results

Mon, 24 Sep 2012 00:00:00 GMT

Economic and political worries depress large company CFOs’ expectations for earnings, investment, and hiring

CFO Article Archive: Governance, Regulatory & Risk

Fri, 14 Sep 2012 00:00:00 GMT

CFOs are challenged by ever-increasing demands as their role expands and evolves. Deloitte’s content is designed to help CFOs manage the complexities of their roles, drive more value in their organizations and adapt to strategic shifts in the market.

Sustainability: Why CFOs are Driving Savings and Strategy

Wed, 12 Sep 2012 00:00:00 GMT

It has been a critical year for sustainability and business.

Sustainability has arrived on many corporate agendas. And judging from the results of a new Deloitte Touche Tohmatsu Limited (DTTL) study of CFOs, it has also landed squarely on the CFO agenda. In fact, while sustainability may have taken a back seat to dealing with the global economic malaise of the last few years, it has now emerged as a finance priority not just because of regulations and the push for transparency — but because it has been demonstrated to be a valuable weapon in a CFO’s cost-cutting arsenal.

In this edition of CFO Insights, we discuss why sustainability has made such progress on the CFO agenda and outline how finance executives can extract even more value from their sustainability endeavors.

Download the CFO Insights article, Sustainability: Why CFOs are driving savings and strategy, to learn more.

Leading the Multigenerational Finance Department

Wed, 29 Aug 2012 00:00:00 GMT

For several years, CFOs grappled with the issues inherent in a multigenerational finance department, particularly the challenges presented by younger employees and their divergent views of what a finance career entails. Then the forces that rattled the global economy appeared to lessen the need to actively cater to varied talent expectations of the multigenerational workforce — given that many employees were focused on simply keeping their jobs.

In the years following the recent U.S. recession, however, we find ourselves in an economy defined by a talent paradox, that is, the growing challenge of identifying and keeping skilled finance practitioners and leaders in the midst of relatively high unemployment. In addition, given that high-talented finance professionals can easily move between organizations, CFOs face new challenges in assembling their teams, including the need to embrace multigenerational dynamics. The pressures are being felt either somewhat or strongly by almost 70% of finance executives, according to a recent Deloitte Consulting LLP poll (see Dbriefs, “Leading the Multigenerational Finance Department”¹ ). And while these phenomena might not be unique to finance, they have implications for whoever is leading the organization or department, which, in the case of finance, is the CFO.

In this issue of CFO Insights, we examine the leadership challenges associated with managing diverse age groups across finance. Whether we are talking about Generation X, Generation Y (“Gen Y” or “Millennial”), Baby Boomers, or the soon-to-retire (but perhaps later than we think) Veteran employees (see Figure 1), each brings different experiences and attitudes to the workforce. And at a time when critical skill sets are increasingly difficult to secure and retain, finance leaders should have a clear view of how to attract, develop, and retain people of diverse backgrounds and generations and evolve their talent practices to engage these different generations

Finance by the generation
Despite the current unemployment rate, demand for critical finance skills continues to outstrip supply. In Deloitte LLP’s 1Q2011 CFO Signals survey, CFOs noted that while 43% are actively recruiting new talent, 37% can’t find the right people for the jobs.² Moreover, given the increased demands on finance, many CFOs are finding their current staff skills lacking. In fact, in the 4Q2011 survey, 75% of CFOs said their staffs needed stronger analytical skills, 60% needed better political acumen, and almost half required facilitation skills and macro¬economic knowledge.³

Those statistics cross generations, and well-documented labor demographic trends point to even further complications. According to the Bureau of Labor Statistics, for example, the number of younger workers has dropped almost 7% since 2000, and the number of workers 45 or older has increased 28%.⁴ And since the recession in 2007, the age group that continues to grow rapidly is the over-55 crowd.⁵

This aging of the skilled workforce and the shrinking of the skilled younger workforce, along with educational participation and skills development patterns, are creating challenges for developing effective finance talent strategies (see CFO Insights, “Do you have a finance-talent strategy?” June 2011). One major consideration for CFOs is the potential knowledge drain in critical areas, such as treasury, tax, and compliance, as the Baby Boomers retire in larger numbers. At the same time, finance faces the more immediate need of developing specific talent, retaining high-performing talent (particularly among younger generations), and filling in gaps in finance skill sets in order to create a continuous leadership pipeline.

The challenges are complicated by the differing values and styles of each generation:⁶

Generation Y (Millennials) — Representing some 25% of the U.S. workforce, this younger generation (1982–2005)⁷ is anticipated to revolutionize the finance workplace due to its members’ innovative thinking and demand for technology-centric service delivery.⁸ Creating a strategy to effectively engage these ardent multi-taskers, who demand flexibility and require meaningful work, will be critical to finance organizations looking to harness their innovative thinking and innate use of technology to drive problem solving.

Generation X — This group (1961–1981) represents the next finance leadership community.⁹ Skeptical and pragmatic, members of Generation X are also looking for a structure that affords them career-life fit and learning opportunities that lead to personal fulfillment and a broader skill set. Finance organizations may need to determine that they have detailed leadership development plans in place so as not to lose the wealth of institutional knowledge this generation holds when filling open positions.

Baby Boomers — Accounting for 38% of the workforce, Boomers (1943–1960)¹⁰ comprise the majority of executive positions and are the primary source of institutional knowledge within most organizations.¹¹ Unlike their younger colleagues, they possess a work-to-live mentality and were raised in a corporate culture based on the importance of climbing the corporate ladder. There are other significant differences – such as the value they place on face-to-face interaction and their looming retirement concerns. Succession planning and creative “second career” programs will be important to creating efficient transitions as boomers leave the workforce in droves.

Veterans — While small in number (6%), veterans still make their presence – and needs – known.¹² Most of these employees are grounded in tradition, respect authority, and can be intolerant of the style of their younger counterparts. Still, it is important that the finance function put the appropriate knowledge transfer process in place to ensure specific experience is transitioned from one generation to the next.

Benefits of embracing multiple generations

Top talent exists in every generation, of course. But identifying that top talent, particularly among Gen X and Gen Y employees, can be difficult given a CFO’s often limited visibility into the lower levels in the organization. Moreover, that same limited window may prevent finance chiefs from gaining insight into some of the generational frustrations that might be present in their organization.

To gain a better perspective, CFOs should ask the following questions:

Where are the career-path bottlenecks? Take a candid look at the organization and identify where the finance organization may be creating bottlenecks or points of frustration for leading talent. For example, is each of the people in finance supervisory, management, or leadership roles really the top talent in the organization (see CFO Insights, “Do you have the finance talent you need now?” October 2011)? Or am I allowing some people who have risen to their highest level stay because of their longevity? Much of younger talents’ frustration stems from a lack of upward mobility and sometimes reevaluating career advancement opportunities and supporting programs can ease that angst.

What major generational differences exist in my department? To fully engage multiple generations requires understanding their mindsets and approaches to work (Baby Boomers are uncomfortable with conflict, for example; Gen Y may not have tolerance for boredom); their different attitudes toward respect (Gen X may view respect in conjunction with esteem; Gen Y expects to be heard); and their comfort level with technology (Baby Boomers may adapt to common technologies; Gen Y may seek the latest tools). At the same time, finance can leverage their commonalities such as the desire for flexibility, continuous learning, and meaningful work to create customizing development plans. For example, members of Gen Y are particularly keen on rotational assignments, which allow them to be valued in the shorter-term despite not having the title and experience needed to move up in the organization.

How do I create a powerful combination of the new and the old? From a cross-generational perspective, what am I doing to create the proper mix of seasoned veterans and younger workers with fresh ideas, different perspectives, and new tools? Our client experience indicates that younger generations can be motivated by exposure to new experiences and recognition. At the same time, Veterans are looking for alternatives to continuing to contribute to the workforce even after retirement. While many companies have formal rotational programs to foster the blending of the generations, CFOs can move the needle with informal breakfasts and dinners and special projects that foster interaction between generations and harness the power of the different experience levels to solve a business issue or finance problem.

Why is this something I should pay attention to? Given the talent paradox, it is important for CFOs to a) understand generational issues; b) plan for them; and c) integrate them as part of a finance talent strategy. Not doing so puts you at a competitive disadvantage, particularly if the talent you don’t know you have is walking out the door. Moreover, now is the time to actively develop a multigenerational finance talent strategy. As the economy improves, people of all generations will likely be considering opportunities to advance elsewhere. CFOs should give finance talent, across the generations, a clear set of reasons to stay and grow.

How can finance benefit overall? The case can be made for the benefits of bringing new thinking and energy into any organization. But younger workers come equipped with certain skills that can improve finance’s productivity, bridge the gap with other generations, and enhance business value. For example, organizations with a business and tech-savvy workforce can enhance core processes through technology solutions, thereby reducing redundancies and potentially enabling the use of shared services. In addition, we have seen first-hand the impact on our clients as a result of sound multigenerational talent management strategies in areas, such as product and service innovation, process efficiencies, positioning the organization as a market leader, and increased productivity.

Little things matter

Turning a multigenerational finance department into a multigenerational finance team, however, is no easy task. It requires not just a three- or five-year plan, but an even longer-term vision as to how you develop and deploy finance talent across the organization. Still, it presents a rare opportunity to build a finance talent strategy linked to the business objectives that gets the most out of each generation’s different passions and capabilities. And many effective strategies consist of talent management programs that focus on

Connection — to the organization and to others without regard to generation;
Customization — tailored solutions to address different needs, interests, styles, and approaches to career paths; and
Choice — the ability to select from program options based on needs, preferences, and aspirations.

Those three Cs, as we call them, are typically built into core talent programs including onboarding, learning programs, performance management, career development, and enterprise culture. But there are other steps CFOs can take to both identify future leaders and bridge the gap between the generations to form a cohesive finance team.

Consider the following possibilities:

Get creative. CFOs, like many executives, are overloaded with information. One way to bridge the gap between upper level management and junior talent is to engage them in helping ease that burden. Pick several junior staff members and ask them to draft brief summaries of the materials you simply do not have time to digest. In short order, you will get a sense of who is picking out the cogent issues and who has an innate understanding of what a CFO at the top of the business needs to see.
Engage senior leadership. Junior staff members often want engagement with more senior practitioners. Something as simple as having your direct reports nominate junior colleagues to participate in a breakfast or a round table with the CFO, say on a quarterly basis, can pay dividends. A global telecom company took it a step further by pairing senior leaders with high-potential summer interns to create a customized development plan and jump start the leadership transformation process for new recruits and next generation leaders.
Take chances. Based on our client experience, we know that one of the leading breeding grounds for tomorrow’s finance leaders is the financial planning and analysis (FP&A) job family. It may be the hardest talent to find, but it is also most likely feeder to advancement and promotion. But how do you identify as early as possible who should go into FP&A so you can develop that pipeline of leadership? And are you willing to single out young talent at an early stage and take a chance on him or her? How can you create projects and roles that test and challenge the capabilities of different generations of finance talent?
Role model finance leadership. As a CFO, you are in the leading position to demonstrate the attributes of a finance leader. There is only one CFO and allocating the time to engage with future finance leaders to understand their strengths and identify attributes crucial to the results of the business — such as the ability to deal with strategic ambiguity and organizational agility — is important to building the future pipeline. Being a role model, however, may mean overcoming personal bias. Specifically, from a generational perspective, how you got to the top may not be the preferred way anymore and remaining open to new models and alternate paths may yield the better talent these days.

Overcoming the obstacles

Demonstrating a commitment to generational diversity can build an organization’s brand and reputation as an “employer of choice” for highly motivated, skilled finance talent. We have also seen other benefits such as increased productivity and process efficiency. For example, organizations with a business and tech-savvy workforce can enhance core processes through technology solutions, thereby reducing redundancies and potentially enabling the use of shared services.

There is also a competitive advantage to be had. Currently, less than 10% of companies have broad talent strategies that address the specific challenges facing CFOs (development, retention, gaps in skill sets), according to a recent Deloitte Consulting poll.¹³ But by making a finance talent strategy a priority and collaborating with the human resources function to make current programs finance specific, CFOs can pave the way for an inclusive work environment that values, rewards, and develops employees across generations, reduces costly turnover, and increases finance employee engagement and productivity. In other words, CFOs can create the multigenerational team he or she needs.

End notes:

Deloitte Dbriefs, “Leading the Multi-generational Finance Department,” July 2012
CFO Signals survey, U.S. CFO Program, see 1Q2011 Deloitte LLP.
CFO Signals survey, U.S. CFO Program, see 4Q2011 Deloitte LLP.
U.S. Department of Labor, Bureau of Labor Statistics, 2012
U.S. Department of Labor, Bureau of Labor Statistics, 2012
Talent Edge 2020; Deloitte Consulting
U.S. Department of Labor, Bureau of Labor Statistics 2011
Salkowitz, R., Generation Blend: Managing across the technology age gap; 2008, John Wiley and Sons
U.S. Department of Labor, Bureau of Labor Statistics 2011
U.S. Department of Labor, Bureau of Labor Statistics 2011
“Retiring Baby Boomers = A Labor Shortage?, Congressional Research Service 2008
U.S. Department of Labor, Bureau of Labor Statistics 2011
Deloitte Dbriefs, “Leading the Multi-generational Finance Department,” July 2012

Primary Contacts:

Ken Kunkleman
Director
Regional Service Line Lead, Organization & Talent
Deloitte Consulting LLP
kkunkleman@deloitte.com

Jeff Schwartz
Practice Leader, Human Capital, U.S. India
Global Leader, Human Capital Marketing, Eminence and Brand
Deloitte Consulting LLP
jeffschwartz@deloitte.com

Tina Witney
Director
Human Capital, Organization & Talent
Deloitte Consulting LLP
twitney@deloitte.com

This Deloitte CFO Insights article was developed with the guidance of Dr. Ajit Kambil, Global Research Director, Deloitte CFO Program; and Lori Calabro, Senior Manager, CFO Education & Events.

Deloitte’s CFO Program harnesses the breadth of our capabilities to deliver forward-thinking perspectives and fresh insights to help CFOs manage the complexities of their role, drive more value in their organization, and adapt to the changing strategic shifts in the market.

For more information about Deloitte’s CFO Program visit our website at www.deloitte.com/us/cfocenter.

This publication contains general information only and is based on the experiences and research of Deloitte practitioners. Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte, its affiliates, and related entities shall not be responsible for any loss sustained by any person who relies on this publication.

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

CFO Signals: A Review of Q2 With a Look Ahead to Q3

Wed, 15 Aug 2012 00:00:00 GMT

According to the latest CFO Signals™ survey, the rising optimism chief financial officers (CFOs) felt in the first quarter of 2012 was largely erased in the second quarter.

CFO Central

The Power of Business Chemistry

Q1 2013 Global CFO Signals

Capital Expenditures: Will Your Investments Deliver the Desired Result?

Bending the Cost Curve on Health Care

The Case for a Close Czar

CFO Insights: The Case for a Close Czar

CFO SignalsTM: 2013 Q1 Results

Investor Relations: What New CFOs Should Know

Deal or No Deal: Can Busted M&A Deals be Avoided?

De-Risking Pensions: Can It Be Done?

CFO SignalsTM: 2012 Q4 Results

Results: CFO SignalsTM Q4

Highlights: CFO SignalsTM Q4

Receive CFO center updates

Fiscal Cliffhanger: Steps CFOs Should Consider Now

Using Econometrics to Bolster Scenario Planning

Data-Driven: The New CFO/CIO Dynamic

CFOs and CIOs: How can You Mitigate Concerns When Moving to the Cloud?

Making Decisions that Matter

CFO SignalsTM: 2012 Q3 Results

CFO Article Archive: Governance, Regulatory & Risk

Sustainability: Why CFOs are Driving Savings and Strategy

Leading the Multigenerational Finance Department

CFO Signals: A Review of Q2 With a Look Ahead to Q3

CFO Signals^TM: 2013 Q1 Results

CFO Signals^TM: 2012 Q4 Results

Results: CFO Signals^TM Q4

Highlights: CFO Signals^TM Q4

CFO Signals^TM: 2012 Q3 Results