International Financial Reporting Career Success Factors
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Transcript of International Financial Reporting Career Success Factors
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International Financial ReportingCareer Success Factors
1Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83
Greg JonasBoston CollegeApril 22, 2014
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Caveat
The views expressed are my own views and do not necessarily reflect the views of the Board, its members, or other staff.
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Two types of factors
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 3
Technical Career
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Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 4
Know your stuff
Technical success factors
TechnicalSkills
Reporting
Economics
Incentives
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Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 5
Know your stuff
Technical success factors
Have ideas
Ideas = value
Bad form: what now boss?
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Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 6
Know your stuff
Technical success factors
Have ideas
Think strategically
Detail is important but dangerous.Don’t get lost in it!
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Know your stuff
Technical success factors
Have ideas
Think strategically
Use sound judgment
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Sound judgment?
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?
Insightful
Savvy ProvenRight
AvoidsMistakes
ForwardLooking
Reasoned View
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Use Judgment Framework, when it really matters
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 9
Rationale Alternatives
Evidence Proof Facts
Smart Money
Persuasive
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Know your stuff
Technical success factors
Have ideas
Think strategically
Use sound judgment
Consider many sources
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Use many sources for insight…
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Reporting Economics Incentives
10-K
TransactionDocuments
Staff CommentLetters
Firm Pubs
Authoritative Proxy
S Forms
10-Q
Contracts
Sell-Side Research
Rating Agency ReportsGovernment Reports
Business Press
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Know your stuff
Technical success factors
Have ideas
Think strategically
Use sound judgment
Consider many sources
Keep a global perspective
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Two types of factors
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Technical Career
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Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 14
Be a team player
Career success factors
Team > Self
Play to strengths
Shore-up weaknesses
Carry your weight
Consult
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Be a team player
Career suggestions
Don’t be a fool in poker
Illusion!Worldly!
Skepticism!Incentives!
Economics!Requirements!
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Professional skepticism
What it is… Questioning mindset Critical assessment Driven by evidence Neutral outcome
What it is not… Pleasing mindset Confirming assessment Selection bias Hoped for outcome
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Beware of Impediments!• Excessive time pressure• Fatigue• Little incentive to find bad news• Client service = yes
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Be a team player
Career success factors
Don’t be a fool in poker
Communicate!
Top downDon’t bury lead
PointsPictures
Simple language
Concise
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Be a team player
Career success factors
Don’t be a fool in poker
Communicate!
Sell ideas
Create
50%
Sell
50%
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Be a team player
Career success factors
Don’t be a fool in poker
Communicate!
Sell ideas
Make a good first impression
3 minutes!
Practice!Few second chances!
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Be a team player
Career success factors
Don’t be a fool in poker
Communicate!
Sell ideas
Make a good first impression
Find a mentor
InfluentialCritic
AdvocateCoach
Time
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Be a team player
Career success factors
Don’t be a fool in poker
Communicate!
Sell ideas
Make a good first impression
Find a mentor
Work under control
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Be a team player
Career success factors
Don’t be a fool in poker
Communicate!
Sell ideas
Make a good first impression
Find a mentor
Work under control
Learn to supervise, learn to lead
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Be a team player
Career success factors
Don’t be a fool in poker
Communicate!
Sell ideas
Make a good first impression
Find a mentor
Work under control
Learn to supervise, learn to lead
Grow your asset
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