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International Financial Reporting Career Success Factors

International Financial Reporting Career Success Factors. Greg Jonas Boston College April 22, 2014. Caveat. The views expressed are my own views and do not necessarily reflect the views of the Board, its members, or other staff. Two types of factors. Technical. Career.

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International Financial Reporting Career Success Factors

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  1. International Financial ReportingCareer Success Factors Greg Jonas Boston College April 22, 2014 Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  2. Caveat The views expressed are my own views and do not necessarily reflect the views of the Board, its members, or other staff.

  3. Two types of factors Technical Career Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  4. Technical success factors Know your stuff Reporting Incentives Technical Skills Economics Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  5. Technical success factors Know your stuff Have ideas Ideas = value Bad form: what now boss? Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  6. Technical success factors Know your stuff Have ideas Think strategically Detail is important but dangerous. Don’t get lost in it! Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  7. Technical success factors Know your stuff Have ideas Think strategically Use sound judgment

  8. Sound judgment? Avoids Mistakes Insightful ? Reasoned View Forward Looking Savvy Proven Right Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  9. Use Judgment Framework, when it really matters Rationale Alternatives Smart Money Persuasive Evidence Proof Facts Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  10. Technical success factors Know your stuff Have ideas Think strategically Use sound judgment Consider many sources

  11. Use many sources for insight… Sell-Side Research 10-Q S Forms 10-K Staff Comment Letters Firm Pubs Contracts Reporting Economics Incentives Business Press Transaction Documents Authoritative Proxy Rating Agency Reports Government Reports Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  12. Technical success factors Know your stuff Have ideas Think strategically Use sound judgment Consider many sources Keep a global perspective

  13. Two types of factors Technical Career Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  14. Career success factors Be a team player Consult Team > Self Carry your weight Play to strengths Shore-up weaknesses Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  15. Career suggestions Be a team player Don’t be a fool in poker Illusion! Worldly! Incentives! Skepticism! Economics! Requirements! Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  16. Professional skepticism What it is… What it is not… Pleasing mindset Confirming assessment Selection bias Hoped for outcome • Questioning mindset • Critical assessment • Driven by evidence • Neutral outcome • Beware of Impediments! • Excessive time pressure • Fatigue • Little incentive to find bad news • Client service = yes Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  17. Career success factors Be a team player Don’t be a fool in poker Communicate! Top down Don’t bury lead Simple language Points Pictures Concise Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  18. Career success factors Be a team player Don’t be a fool in poker Communicate! Sell ideas Create 50% Sell 50% Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  19. Career success factors Be a team player Don’t be a fool in poker Communicate! Sell ideas Make a good first impression 3 minutes! Few second chances! Practice! Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  20. Career success factors Be a team player Don’t be a fool in poker Communicate! Sell ideas Make a good first impression Find a mentor Influential Advocate Time Critic Coach Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  21. Career success factors Be a team player Don’t be a fool in poker Communicate! Sell ideas Make a good first impression Find a mentor Work under control Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  22. Career success factors Be a team player 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 Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  23. Career success factors Be a team player 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 Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

  24. Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83

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