AICPA warning on 15% tax timeline goes unheeded

CFOs at companies on the threshold of being subject to the new tax will also need to familiarize themselves with the complex rules. 

By Maura Webber Sadovi • Aug. 15, 2022

Bankrupt Celsius pulls bid to hire ex-CFO

Cryptocurrency firm Celsius pulls motion to tap its former CFO as a bankruptcy advisor following legal objections filed from investors.

By Grace Noto • Aug. 8, 2022

Just 9% of finance departments have primary ESG oversight: survey

Evidence of loose internal controls related to environmental, social and governance (ESG) data comes as the potential cost of companies getting ESG reporting wrong are rising. 

By Maura Webber Sadovi • Aug. 5, 2022

SEC should require global tax disclosure: transparency group

Spotty public disclosure by U.S. companies on foreign tax risk may erode investor confidence and increase the odds of financial market instability, according to the FACT Coalition.

By Jim Tyson • Aug. 4, 2022

Bankrupt Celsius, investors clash over former CFO advisory role, allege double dipping

Investors are taking steps to block Celsius from tapping former CFO Rod Bolger as a bankruptcy advisor, a bid that comes with a costly $92,000 monthly price tag for the insolvent company.

By Grace Noto • Aug. 4, 2022

FTC widens federal crackdown on COVID-19 scams

The Federal Trade Commission triumphed in lawsuits against companies that in early 2020 exploited the rush to combat the coronavirus.

By Jim Tyson • Aug. 2, 2022

PCAOB, SEC double down on full access to audits in China

The Public Company Accounting Oversight Board (PCAOB) doesn’t have the authority to remove foreign companies from U.S. exchanges but a 2020 law gives the Securities and Exchange Commission authority to do that if the PCAOB isn’t getting cooperation.

By Maura Webber Sadovi • Aug. 2, 2022

CFOs look for consistency, transparency in emerging sustainability requirements

CFOs globally are asking for added transparency and more consistency as regulatory bodies gear up to publish sustainability reporting standards later this year.

By Grace Noto • Aug. 1, 2022

Leveraging the right kinds of technology to handle communications more effectively

As companies continue to face challenges in mobile communications — from both an administrative and budget perspective — better solutions are sorely needed.

Aug. 1, 2022

SEC may take ‘fresh look’ at auditor conflicts of interest: Gensler

Decades after the Enron accounting scandal led Congress to direct the SEC to create stronger barriers between auditors and other parts of their firms, auditor conflicts of interest persist.  

By Maura Webber Sadovi • July 28, 2022

Insurer Aspen switches to E&Y after accounting weaknesses surface

Aspen’s hiring of Ernst & Young follows the resignation of KPMG after the insurer identified “material weaknesses” in internal controls related to its financial reporting. 

By Maura Webber Sadovi • July 27, 2022

Crypto firm Celsius to tap former CFO to advise on bankruptcy proceedings

Cryptocurrency firm Celsius filed a motion Monday to bring in former CFO Rod Bolger, who served in the position for five months, as an advisor as it continues through Chapter 11 bankruptcy proceedings.

By Grace Noto • July 27, 2022

Unpacking crypto and FASB’s new priorities with Richard Jones

The Financial Accounting Standards Board Chair Richard Jones discussed the organization’s agenda, a possible quick fix and the accounting topic that finally trended on social media.

By Maura Webber Sadovi • July 18, 2022

Six U.S. states cut corporate tax rates

Although only four states forgo a corporate income tax, six states this year have eased the tax burden on companies.

By Jim Tyson • July 15, 2022

Expanded use of tax-credit accounting method wins FASB nod

If the accounting guidance is formally updated, the proportional amortization method could be used for renewable energy tax credits and others beyond the low-income housing tax-credit program it is now tied to.  

By Maura Webber Sadovi • July 15, 2022

The ABCs and IRCs of cannabis accounting

From cash control issues to inadequate reporting and point of sale (POS) software, accounting for cannabis dispensaries is no easy feat and the wrong move can land a company in serious legal trouble.

By Andrew Hunzicker • July 14, 2022

FASB mulls expanding use of tax credit accounting treatment

The guidance, issued in 2014 partly to encourage investments in low-income housing projects that might otherwise lack capital, could ultimately impact Solar Investment Tax Credits and other programs.

By Maura Webber Sadovi • July 12, 2022

Brainard urges more oversight of crypto

The Federal Reserve vice chair on Friday said the May collapse of the Terra stablecoin, which wiped out millions of dollars in a matter of days, was “reminiscent of classic runs throughout history.”

By Anna Hrushka • July 11, 2022

Tapping the cloud can help CFOs craft data-driven ESG strategies

CFOs should look to the cloud and other data-driven technologies to help them build out holistic, long-term ESG strategies in the face of changing regulatory and social pressures.

By Grace Noto • July 8, 2022

M&A falls 21% during first half 2022 amid global turmoil: Refinitiv

As the M&A market shrinks following a banner year in 2021, CFOs eager to pursue a deal can still draw from abundant capital.

By Jim Tyson • July 7, 2022

Federal auditor watchdog reveals inspection goals for 2022

The Public Company Accounting Oversight Board describes its main points of scrutiny this year as audit firms face criticism from their clients and regulators.

By Jim Tyson • July 5, 2022

Investors nudged FASB to crypto, carbon credits: report

The U.S. accounting standard setter drew a three-fold jump in investor feedback after launching an initiative in 2020 to get more input on where it should focus its efforts.

By Maura Webber Sadovi • June 30, 2022

Dobbs decision will cause worker retention challenges for CFOs

The overturning of Roe v. Wade will likely lead to sweeping logistical and worker retention challenges for CFOs and employers operating across state lines, experts say. 

By Grace Noto • June 29, 2022

SEC fines EY $100M for ethics exam cheating

The SEC penalty against EY follows a $50 million fine against KPMG in 2019 for cheating on internal training exams.

By Jim Tyson • June 28, 2022

SPAC backing Trump issued grand jury subpoenas, shares plunge

Federal investigations of Trump’s attempted SPAC deal may set back his plan to build a social media channel and bounce back from his Twitter ban.

By Jim Tyson • June 27, 2022