Meta swaps CFOs, posts first-ever revenue decline

Meta VP, Finance Susan Li will take on the CFO position as current CFO David Wehner becomes the company’s first chief strategy officer, an executive shuffle that comes as the company reports less-than-stellar Q2 earnings.

By Grace Noto • July 28, 2022

Fed makes second .75 rate hike in bid to tamp down runaway inflation

The second consecutive 75 point hike follows “worse than expected” June results, with Chairman Jerome Powell stating a strong labor market still belies a current recession.

By Grace Noto • July 27, 2022

Explore the Trendline➔

CFO best practices in the evolving generative AI era

As the initial frenzy around the launch of generative artificial intelligence subsides, a new GenAI era appears to be taking shape.

By CFO Dive staff

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

Coca-Cola sees strong consumer demand despite rising prices

Coca-Cola saw global unit case volume lift 8% despite rising prices due to ongoing inflation, causing the company to adjust full-year guidance. 

By Grace Noto • July 26, 2022

McDonald's CFO expects some moderating of food, paper inflation

McDonald’s CFO Kevin Ozan’s expectation of a potential moderation in food and paper inflation is likely a welcome note of optimism for financial executives under pressure to offset soaring prices.

By Maura Webber Sadovi • July 26, 2022

GM hit by supply chain issues, remains optimistic for vehicle demand, pricing

Detroit automaker General Motors saw its net income drop 40% amid supply chain challenges, inflation and geopolitical conflict, but the company remains optimistic regarding vehicle demand and pricing.

By Grace Noto • July 26, 2022

Most accountants suffer burnout: study

A high level of chronic stress increases the rate of accounting error, prompting many companies to reopen their books after closing to fix mistakes.

By Jim Tyson • July 21, 2022

Netflix marches forward with paid sharing among changing subscription market

The streaming service pinched off its subscriber bleed and is trialing several features to bolster revenue, including paid sharing and advertising features.  

By Grace Noto • July 20, 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

GameStop ousts CFO, taps former interim finance chief

Michael Recupero’s exit could be a signal that GameStop’s effort to “Amazon-ify” its business isn’t working. 

By Maura Webber Sadovi • July 8, 2022

Binance.US snares former PayPal CFO for future IPO

PayPal alum Jasmine Lee will head up the financial team for cryptocurrency exchange Binance.US as it continues to chart a course to an IPO among a roiled market.

By Grace Noto • July 7, 2022

BNY Mellon poaches new CFO from Goldman Sachs

BNY Mellon’s pick of Dermot McDonogh as CFO comes just months after the bank announced Robin Vince would succeed CEO Todd Gibbons, who is retiring.

By Maura Webber Sadovi • July 6, 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

How CFOs can free liquidity from insurance 'collateral jail'

Insurance collateral financing now offered by the 1970 Group is designed to solve a pain point that has long vexed treasurers and finance executives who opt for loss-sensitive policies to lower premiums.

By Maura Webber Sadovi • July 5, 2022

Excel skills remain top of list for FP&A roles: report

Advanced use of Excel is still required for the majority of FP&A jobs, with nine out of 10 top U.S. companies still seeking out Excel proficiency when filling financial analysis roles, DataRails finds.

By Grace Noto • July 1, 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

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

With Roe overturned, employers eye changes to abortion-access benefits

With politics increasingly becoming a workplace issue, employers and C-suite executives have had to navigate how and when to make statements and changes to benefits.

By Emilie Shumway • June 27, 2022

EU global minimum tax plan hits Hungarian road 'bump'

Hungary’s eleventh hour opposition included concerns about the war in Ukraine and fears about being a first mover on the Pillar Two rules, according to a PwC report. 

By Maura Webber Sadovi • June 27, 2022

FASB preps to revamp 'outdated' accounting for software

FASB’s latest move comes as the typically slow-moving U.S. standard-setter has been on something of a tear lately, grappling with hot-button issues including cryptocurrency and goodwill.

By Maura Webber Sadovi • June 23, 2022