Compliance
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SEC role given to critic of weak corporate governance
SEC Chair Gary Gensler appointed Renee Jones to lead the corporation finance division and tackle high-stakes rulemaking for public disclosure and investor protection.
By Jim Tyson • June 15, 2021 -
Kena Betancur via Getty Images
OpinionWhat's behind the SEC's SPAC warrant concerns
In many of the deals, the warrants don't meet an exception in FASB's accounting standards for derivatives. As a result, they're misclassified as equity in the view of the Securities and Exchange Commission.
By Matt Smith and Petar Tomov • June 14, 2021 -
Trendline
ESG transforming CFO role
Companies are turning to their CFO to identify ways to measure and report on their organization's environmental, social and governance (ESG) performance.
By CFO Dive staff -
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CEO, CFO of electric truck maker Lordstown resign; misleading demand alleged
The company’s pre-order demand for its product is called questionable, and it needs more money to begin production by the fall.
By Robert Freedman • June 14, 2021 -
Zach Gibson via Getty Images
Corporate tax staff working beyond capacity: survey
Technology can help close the capacity gap but many tax departments lack the time, budget and skills to deploy it effectively, a Thomson Reuters Institute survey found.
By Jim Tyson • June 11, 2021 -
Fotolia
Scenario plan, but don't act, until tax changes clearer
Companies await a squeeze as U.S. and global tax priorities converge to force more tax payments through profit-shifting curbs, other changes.
By Ted Knutson • June 11, 2021 -
Dan Kitwood via Getty Images
Regulator calls for sunsetting LIBOR in some interest rate swaps in July
A Commodity Futures Trading Commission subcommittee urges a switch in interdealer trading of interest rate swaps from LIBOR to SOFR on July 26.
By Jim Tyson • June 09, 2021 -
Joe Raedle via Getty Images
SPAC lawsuits surge over disclosure claims: attorney
Securities and Exchange Commission guidance on SPAC disclosures has spurred a rise in litigation in New York State courts — almost 40 in the past six months.
By Jim Tyson • June 08, 2021 -
Alex Wong via Getty Images
Gensler says SEC may tighten rules to avert insider-trading abuses: WSJ
SEC Chair Gary Gensler said he has asked agency staff to “use all the tools in our toolbox” to punish executives who abuse plans for trading in their own company’s shares.
By Jim Tyson • June 07, 2021 -
Spencer Platt via Getty Images
SPAC warrant restatements won't hit credit, Moody's says
Amending past financial statements to account for the shift in warrant accounting from equity to liability is just a technical change, according to an analysis.
By Robert Freedman • June 07, 2021 -
William Duhnke removed from PCAOB; Duane DesParte named acting chair
Critics had taken issue with Duhnke's view of risk and didn't like a proposal to fold the Public Company Accounting Oversight Board into the SEC.
By Robert Freedman • June 04, 2021 -
Carol Highsmith. (2005). "Apex Bldg." [Photo]. Retrieved from Wikimedia Commons.
FTC scrutinizing subscription pricing model
Although the Federal Trade Commission is focused on consumer abuses, the business-to-business side of recurring revenue could be affected if rule changes result.
By Robert Freedman • June 04, 2021 -
Win McNamee via Getty Images
AbbVie used 2017 law to lower taxes to 9.5% from 20%: investigation
The Senate Finance Committee announced an investigation into the pharmaceutical company's global tax practices as Biden pushed a broad effort to boost corporate tax revenue.
By Jim Tyson • June 03, 2021 -
Fotolia
Deep DiveAvoiding ASC 470 debt modification mistakes
Many companies restructured debt during the pandemic; accounting for that can be fraught with risk if you misapply the rules, reporting specialists say.
By Ed McCarthy • June 03, 2021 -
Scott Olson via Getty Images
Musk tweets violated SEC rules, WSJ reports
Tesla and Elon Musk paid tens of millions of dollars in penalties, and its handling of performance-based communications continue to raise Securities and Exchange Commission concerns.
By Robert Freedman • June 02, 2021 -
Courtesy of NRDC
Nearly 40% of large companies pose biodiversity threat: Moody's ESG study
A Moody’s study aimed at measuring “biodiversity risks” in investment and lending portfolios found that 38% of 5,300 global companies operate at least one facility causing loss of habitat.
By Jim Tyson • May 28, 2021 -
Alex Wong via Getty Images
Gensler pledges tough SEC scrutiny of SPACs, warning of fraud risk
The SEC will “closely look” at each stage of SPAC financing to ensure adequate investor safeguards, Chair Gary Gensler said in congressional testimony.
By Jim Tyson • May 27, 2021 -
Zach Gibson via Getty Images
Biden aims to raise $700B over 10 years with tougher tax enforcement
The Biden administration during the next decade seeks to close the "tax gap" by 10% through more effective IRS pursuit of corporate and individual tax cheats.
By Jim Tyson • May 21, 2021 -
CFOs can be on the hook for investigations — even after they leave
CFOs can expect more cooperation clauses in employment and severance agreements as companies angle for greater control over their response to legal inquiries.
By Ted Knutson • May 21, 2021 -
Frank Polich via Getty Images
Legislation needed to smooth transition from LIBOR: Fed official
The Federal Reserve will bar the use of LIBOR in contracts after December 31, Vice Chair Randal Quarles said, underscoring the need for legislation to smooth the switch to a new reference rate.
By Jim Tyson • May 20, 2021 -
Drew Angerer via Getty Images
Trump Organization CFO under criminal investigation
After months of the Manhattan District Attorney probing Allen Weisselberg, Attorney General Letitia James has joined in, opening an investigation into whether he paid taxes on the gifts the Trump Organization gave him.
By Jane Thier • May 20, 2021 -
SCOTUS ruling makes it easier to sue IRS
The court opens the door for companies to challenge the IRS without having to first pay a tax penalty that, ultimately, they might not owe.
By Robert Freedman • May 20, 2021 -
Getty Images
SPAC warrant resolution said to be in works
Legal and accounting specialists are developing a type of warrant that can be treated as equity, but it’s weeks away and needs SEC approval.
By Robert Freedman • May 17, 2021 -
Drew Angerer via Getty Images
Trump CFO probe continues with school tuition subpoena
The subpoena seeks information regarding tuition payments to Columbia Grammar & Preparatory School, where Trump Organization CFO Allen Weisselberg’s grandchildren are enrolled.
By Jane Thier • May 14, 2021 -
Fotolia
Bill seeks to shine light on companies' global profit shifting
The "Disclosure of Tax Havens and Offshoring Act" would require companies to identify their profits and taxes on a country-by-country basis.
By Robert Freedman • May 12, 2021 -
As SEC ramps up SPAC rules, lawsuits could follow
The Securities and Exchange Commission is expected to step up scrutiny of special purpose acquisition companies. If it does, sponsors and investors could start challenging it in courts, a former SEC commissioner says.
By Robert Freedman • May 10, 2021
