Compliance

Gensler warns no extension coming to LIBOR's end on Dec. 31

Some institutions will wait until the last minute to switch from LIBOR to a new reference rate, SEC Chair Gary Gensler predicted, leading to some “choppy” trading toward the end of 2021.

By Jim Tyson • Sept. 21, 2021

Trump Organization CFO appears before New York Supreme Court

Allen Weisselberg will get more time to file a pre-trial motion to review "millions of pages" of documents that weren't part of the case before. 

By Jane Thier • Sept. 20, 2021

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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

SEC charges high school district CFO with misleading investors

Former finance chief Karen Michel told investors Sweetwater Union High School District in San Diego County would end the 2018 fiscal year with a $19.5M general fund balance while it was actually on track for a $7.2M deficit, the SEC says.

By Jane Thier • Sept. 17, 2021

Ways & Means bill seeks higher taxes on domestic, foreign income

Changes to carried interest rules could also have an impact, if investment firms rethink equity strategies.

By Robert Freedman • Sept. 17, 2021

BlackRock losing 'patience' on pace of corporate ESG disclosure

The hedge funds that lead most proxy battles seek to ride a rising tide of investor concern about sustainability.

By Jim Tyson • Sept. 16, 2021

S&P 100 companies pay 20% overall tax rate: WalletHub

Technology and other S&P 100 companies last year curbed their tax liabilities thanks to comparatively low international tax rates.

By Jim Tyson • Sept. 15, 2021

Gensler calls workforce a 'key asset' warranting corporate disclosure

Democrats on the Senate Banking Committee pressed SEC Chair Gary Gensler to require greater disclosure from companies on the diversity and other facets of “human capital.”

By Jim Tyson • Sept. 14, 2021

Government action needed to increase competition among audit firms: Turner

Auditors for U.S. companies need to shift their culture by putting investor interests first, former SEC Chief Accountant Lynn Turner said.

By Jim Tyson • Sept. 10, 2021

Former CFO of drugmaker Aceto sentenced for insider trading

Douglas Roth sold his shares two weeks prior to its public disclosure of financial troubles, the Securities and Exchange Commission says.

By Jane Thier • Sept. 09, 2021

Gensler backs tougher disclosure rules for SPACs

The SEC chair is concerned that investors are bearing the cost of dilution built into the SPAC structure, and in effect subsidizing the companies they bring public.

By Jim Tyson • Sept. 09, 2021

Remote workers complicate CFOs' state sales tax compliance

It takes just a single employee to create physical nexus in a state that would otherwise not generate a collection and remittance obligation.   

By Robert Freedman • Sept. 08, 2021

Biden plan to close 'tax gap' overstates payoff: CBO estimate

CBO analysis suggests the Biden administration may be exaggerating the gains from its plan to boost the IRS budget to thwart corporate and individual tax cheats.

By Jim Tyson • Sept. 07, 2021

SEC fines Kraft Heinz $62M, says procurement misled finance team

The company's controller group was misled into booking immediate savings instead of spacing them out over future years, the Securities and Exchange Commission says.  

By Robert Freedman • Sept. 03, 2021

SPAC IPOs plunged 87% during Q2 amid tougher SEC scrutiny

The SPAC market falters as regulators raise concerns about spotty disclosures and weak investor protections. New litigation has also raised questions. 

By Jim Tyson • Sept. 02, 2021

HeadSpin CEO resisted hiring CFO while inflating ARR, SEC says

Manish Lachwani dictated company financials to its bookkeeper and manipulated invoices and other documents to support fabricated numbers, the Securities and Exchange Commission alleges.  

By Robert Freedman • Sept. 02, 2021

Foreign investors can complicate capital raises

Even companies without obvious ties to national security can get snagged by a little-known regulator.

By Robert Freedman • Sept. 01, 2021

Senate Democrats push for overhaul of Trump global tax framework

Top Democrats on the Senate Finance Committee aim to increase taxes on U.S. companies abroad with legislation that business groups say would undermine U.S. competitiveness.

By Jim Tyson • Aug. 30, 2021

Manufacturing CFO sentenced to 2 years for wire fraud

During six years as CFO of Chemstar Products, Gregg Johnson stole approximately $930,000 in company funds by issuing checks from the company’s bank accounts to cover personal expenses, including credit card and mortgage payments and his children’s college tuition.

By Jane Thier • Aug. 27, 2021

Healthcare company and its finance officers fined for misleading accounting

The company didn’t properly account for legal contingencies, inflating its earnings, the Securities and Exchange Commission said.

By Robert Freedman • Aug. 24, 2021

Most CFOs pushing internal diversity programs: PwC

Financial executives are rethinking their companies’ role in society, with 60% of them planning to advance internal programs to increase diversity, according to a PwC survey.

By Jim Tyson • Aug. 23, 2021

Biden plan would increase taxes on less than 3% of small businesses: Treasury

Most small businesses would not face higher taxes under Biden’s spending proposal, the White House said, citing Treasury analysis in response to Republican criticism.

By Jim Tyson • Aug. 20, 2021

Group illegally traded on Netflix subscriber growth, SEC charges

An insider ring is said to have made stock bets on confidential KPI data before it was released in quarterly reports. 

By Robert Freedman • Aug. 19, 2021

SEC challenged in court over Nasdaq rule requiring board diversity

Affirmative action opponents in a court filing call the Nasdaq board diversity mandate “contrary to law, arbitrary and unconstitutional.”

By Jim Tyson • Aug. 19, 2021

Exec hit with insider trading after buying rival stock

A biopharma executive, after learning of plans for his company's acquisition by an industry giant, bought stock in a rival, which he suspected would get a valuation bump from the news. 

By Robert Freedman • Aug. 18, 2021

SEC backs Nasdaq diversity rule over political opposition

The Nasdaq rule seeks to expand race and gender diversity on corporate boards but is met with resistance from Republican senators.

By Jim Tyson • Aug. 09, 2021