Financial Reporting
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Private firms, not-for-profits reckon with CECL
Many not-for-profits and private companies are just beginning to grapple with the new rules for current expected credit loss accounting.
By Maura Webber Sadovi • March 18, 2024 -
Joann files for bankruptcy; secures $132M in new financing
The craft retailer’s long-anticipated bankruptcy follows a $400k cash retention bonus paid out to its CFO.
By Grace Noto • March 18, 2024 -
Trendline
Top 5 stories from CFO Dive
Cooling inflation, an M&A rebound and an AI reckoning are among the top forces that could shape the corporate finance world this year.
By CFO Dive staff -
Opinion
$29B Microsoft tax bill shows how big transfer pricing disputes can get
General counsel can help their organization avoid expensive legal battles by ensuring their intercompany agreements align with their compliance policies.
By Paul Sutton • March 18, 2024 -
Joann approves $400K CFO retention bonus amid bankruptcy speculation
The struggling craft supplies retailer approved the bonus as it continues its hunt for a permanent CEO while facing liquidity and inventory challenges.
By Grace Noto • March 15, 2024 -
Popeyes parent names new CFO in leadership shakeup
The company named Sami Siddiqui as its CFO while Jeff Klein will fill Siddiqui’s previous role as president of Popeyes U.S.
By Julie Littman • March 14, 2024 -
Peloton CFO leans on cost cutting to reverse post-pandemic slump
Finance chief Liz Coddington is cutting overhead costs and driving more revenue from Peloton’s digital subscription and bike rental businesses.
By Suman Bhattacharyya • March 12, 2024 -
ADM reports DOJ subpoenas and document requests
The company’s confirmation of the DOJ’s involvement comes about two months after ADM disclosed an internal accounting probe and put its CFO on leave.
By Maura Webber Sadovi • March 12, 2024 -
Skechers to pay $1.25M fine for undisclosed payments: SEC
The civil penalty comes as the SEC widens its spotlight on executive compensation and benefits.
By Grace Noto • March 11, 2024 -
Regional bank execs push back on CRE risk fears
Regional banks are working to manage exposure to the office sector, but executives say they will skirt a regional banking crisis.
By Suman Bhattacharyya • March 8, 2024 -
Funko CFO to step down as toymaker preps for ‘softer’ content schedule
Steve Nave is departing after largely executing his financial and operational goals. The CFO's resignation comes as Funko continues to brace for economic headwinds.
By Grace Noto • March 8, 2024 -
Chemours says CEO, CFO violated ethics code
The executives engaged in financial practices that triggered an anonymous report to the Chemours ethics hotline, the company said.
By Alexei Alexis • March 7, 2024 -
GE finance veteran to join United Natural Foods
The food distributor announced that its sitting CFO will soon leave the company as it struggles with weak sales.
By Alexei Alexis • March 6, 2024 -
Pillar 2 tax heightens CFO need for quality data
In 2021 more than 130 countries agreed to implement Pillar 2, which seeks to set a global minimum effective tax rate of 15% for certain multinational enterprises.
By Grace Noto • March 6, 2024 -
Former Twitter CEO, CFO sue Musk for $128M in unpaid severance
Elon Musk vowed a “lifetime of revenge” against former Twitter leadership following the stormy lead-up to his takeover of the floundering social media site.
By Grace Noto • March 5, 2024 -
FASB advances gross-up fix for CECL
In 2016 FASB sought to curb delays in recognizing deteriorated assets through its current expected credit losses standard that it is now revisiting.
By Maura Webber Sadovi • March 4, 2024 -
93% of firms use a mix of ESG standards, thwarting uniformity efforts: IFAC
The spotlight on confusion from a jumble of ESG frameworks comes just days before a vote on an SEC rule aimed at ensuring uniformity in climate disclosure.
By Jim Tyson • March 4, 2024 -
Ex-Trump CFO Weisselberg pleads guilty to perjury
The ex-CFO will be sentenced to five months in jail after pleading guilty to two counts of perjury, according to reports, his second felony conviction in two years.
By Grace Noto • March 4, 2024 -
SEC charges Lordstown Motors with misleading investors on sales outlook
Lordstown’s auditor and adviser also faces SEC sanctions for allegedly violating independence standards.
By Jim Tyson • March 1, 2024 -
Clearing the tax ‘data swamp’: Thomson Reuters
To keep pace with emerging tax requirements, organizations need to change their processes as well as their technologies, Thomson Reuters’ Ray Grove said.
By Grace Noto • Feb. 29, 2024 -
Microsoft rolls out Copilot AI tool to finance teams
The move is part of Microsoft’s effort to layer AI across its enterprise offerings, with the ambitious goal of impacting every role in the workplace.
By Alexei Alexis • Feb. 29, 2024 -
Judge denies former View CFO motion to dismiss SEC complaint
The SEC had “adequately alleged facts” which allowed the court to reasonably infer negligence on the part of the ex-CFO, the judge said.
By Grace Noto • Feb. 28, 2024 -
Orsted taps new CFO, COO in turnaround bid
The troubled offshore energy developer appointed new financial and operational leadership as it looks to get back on course following a turbulent 2023.
By Grace Noto • Feb. 27, 2024 -
CFOs take backseat to CISOs on SEC cyber rules
Less than half of finance chiefs are involved in the SEC's cybersecurity breach disclosure process, AuditBoard found.
By Alexei Alexis • Feb. 27, 2024 -
MGM Resorts’ cyberattack headache continues as regulators launch investigations
The company said it could face fines in connection with regulatory inquiries stemming from the social engineering attack.
By David Jones • Feb. 26, 2024 -
New Prophix CFO: championing the ‘data steward’ shift
The “bird’s eye view” of the business provided by finance chiefs makes them ideal choices as stewards of data, Prophix CFO Aaron Levine says.
By Grace Noto • Feb. 22, 2024