With organisations employing flatter structures, working in agile and flexible ways and needing to continuously embrace change as the outside world becomes more unpredictable, volatile, complicated and ambiguous, the definition of financial acumen has changed and developed to meet these needs.
Yes, it means as it always has, the understanding and reading of company accounts, be it the balance sheet, the profit and loss account and cash flow forecasts. It can also mean the setting and reviewing of budgets for your team, department, project or organisation.
What is also critical is the understanding of costs and the financial impact of decisions. How decisions are made in one part of the organisation can have huge consequences in another part. How when savings are needed to be made, the importance of looking holistically rather than a piecemeal same percentage cut in each area.