Judge dismisses class action against Wells Fargo, former CEO, ex-CFO

Investors led by a retirement fund for Hawaii state employees failed to prove the bank unjustifiably inflated loans, understated loss reserves or misstated its practices, a judge ruled Friday.

By Robin Bradley • May 9, 2022

FASB homes in on cryptocurrency

FASB has generally been cautious about moving to standardize accounting for bitcoin and other digital asset investments but its stance appears to be shifting. 

By Maura Webber Sadovi • May 6, 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

Skanska posts 21% dip in Q1 profits as CFO cites inflation

Skanska CFO Magnus Persson, while citing a drag from inflation, identifies infrastructure spending as a future bright spot.

By Zachary Phillips • May 6, 2022

Grayscale CFO's crypto guidance wishlist includes FASB stopgap

The recently intensifying focus of regulators on cryptocurrencies comes amid dramatic growth in markets for digital assets.

By Maura Webber Sadovi • May 4, 2022

Global ESG standard-setting gains speed

CFOs seeking to provide shareholders with more sustainability data must choose from a patchwork of inconsistent measurement frameworks. Regulators and other standard setters worldwide are now building a consensus behind uniform rules for gauging sustainability.

By Jim Tyson • May 4, 2022

Halliburton picks company veteran for CFO spot

The oil field services giant is "appropriately viewed as a major beneficiary" of rising fossil fuel prices and oil field activity, according to a report from Cowen analysts.

By Maura Webber Sadovi • May 3, 2022

Global minimum tax compliance to take 'significant' company resources

Forty percent of businesses surveyed by EY have considered adding headcount, outsourcing tax department operations and investing in new technology to meet BEPS 2.0 requirements.

By Maura Webber Sadovi • May 2, 2022

SEC sues Brazilian mining firm, alleging false ESG claims

The agency that supervises Wall Street, seeking to ensure accurate sustainability disclosures, sued a Brazilian company for allegedly misleading investors about safety before a dam collapse killed scores of nearby residents.

By Jim Tyson • April 28, 2022

Most executives admit to ESG 'greenwashing': survey

Companies overstate their commitment to sustainability as investors, regulators, lawmakers and other stakeholders push for adherence to environmental, social and governance best practices.

By Jim Tyson • April 27, 2022

SEC penalizes pizza accountant $2M for alleged insider trading

The agency tasked with keeping an eye on Wall Street is increasingly using data analytics to uncover accounting fraud and other wrongdoing.

By Jim Tyson • April 26, 2022

Furniture retailers adapt to supply chain chaos

As some retailers extend lead times and amass inventory to manage delays, they're also building sourcing relationships beyond China and Vietnam.

By Ben Unglesbee • April 25, 2022

Diversity hiring gains speed in accounting: AICPA

Companies hiring for jobs in accounting and finance increasingly value recent graduates with technological skills, AICPA said.

By Jim Tyson • April 22, 2022

IRS 'outgunned' by non-compliant businesses, Rettig says

The IRS lacks the enforcement clout needed to audit many big companies that may dodge their tax obligations.

By Jim Tyson • April 21, 2022

FASB steps closer to LIBOR accounting relief extension

The U.S. accounting standards setter will likely affirm the proposed two-year extension of LIBOR-related accounting relief unless it gets new feedback during the public comment period, according to a FASB spokesperson.

By Maura Webber Sadovi • April 21, 2022

SEC alleges Brazilian ex-CFO planted false Berkshire Hathaway story

Fernando Passos used a fabricated shareholder list and a fake email as part of a scheme to bolster his false Berkshire Hathaway claim and pump up IRB's flagging stock, according to the complaint.   

By Maura Webber Sadovi • April 20, 2022

SEC swats pest control company with $8M penalty for accounting flaws

Rollins Inc., a global exterminator company, adjusted its accounting reserves in order to increase its EPS by 1 cent and meet quarterly forecasts.

By Jim Tyson • April 19, 2022

Republican lawmakers slam SEC climate-risk disclosure proposal

SEC Chair Gary Gensler says that a new regime of disclosure standards would answer the demand from investors for detailed information about climate risks faced by publicly traded companies.

By Jim Tyson • April 13, 2022

SEC issues guidance on crypto-asset accounting, disclosure

As theft of crypto-assets rises, the SEC is pushing companies to publicly report on the potential costs from such crimes and efforts to curb hacking risks.

By Jim Tyson • April 11, 2022

IRS's Rettig appeals for 'consistent, timely' funding to streamline agency

The Biden administration has proposed an 18% increase in funding for the IRS budget to help the agency improve performance after years of tight funding.

By Jim Tyson • April 7, 2022

New Sigyn CFO maps Nasdaq uplist, shelf registration strategy

Sigyn's Jeremy Farrell is preparing to issue more shares even as some companies are shying away from tapping equity amid rising stock market volatility.

By Maura Webber Sadovi • April 7, 2022

Federal auditor watchdog fines former KPMG vice chair $100,000

The Public Company Accounting Oversight Board fined the former head of KPMG’s U.S. audit business soon after releasing a report on how audit firms can improve their work.

By Jim Tyson • April 6, 2022

Goodwill impairment expected to rise, reverse course in 2022: Kroll

The anticipated increase in goodwill impairment this year comes after the pandemic and the subsequent economic recovery whipsawed levels in recent years, according to Kroll data. 

By Maura Webber Sadovi • April 6, 2022

Russian invasion impact challenges auditors: PCAOB

Auditors need to be on alert for several business disruptions from Russia’s invasion of Ukraine that increase the risk that companies will misstate financial results, a federal regulator said.

By Jim Tyson • April 4, 2022

Evaluate the financial health of your company - numbers aren't everything!

Reading simple data does not determine the company's financial health. There's more to it.

April 4, 2022

FASB update nixes separate accounting for troubled debt restructurings

As an alternative to calculating TDR, creditors that have implemented current expected credit losses (CECL) standards are to disclose their restructurings for distressed borrowers. 

By Robert Freedman • April 1, 2022