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

Explore the Trendline➔

Top 5 stories from CFO Dive

Tarifff headwinds along with the accounting talent shortage and the promises and traps of generative AI, are among the top issues CFOs are grappling with this year.

By CFO Dive staff

WeWork plans to raise rates in stronger markets

CFOs are wrestling with how much to spend on office real estate as the shift to hybrid work has accelerated.  

By Maura Webber Sadovi • Aug. 4, 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

PayPal hands new CFO $6M cash hiring bonus

The PayPal CFO's new-hire bonus comes as some companies are using more cash-rich compensation packages to land finance chiefs.

By Maura Webber Sadovi • Aug. 3, 2022

Inflation brings new drivers to Uber in cash flow positive quarter

Inflation is nudging new drivers and couriers to Uber as the company posts record driver base figures and its first cash flow positive quarter.

By Grace Noto • 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

U.S. economy faces recession question as inflationary pressures continue

Ongoing pressures are raising the question of whether the U.S. is inching toward a recession. That threat is emerging amid conflicting economic indicators.

By Grace Noto • July 29, 2022

Steady capex buoys JPMorgan economist’s recession-free outlook

While businesses are cautious, second quarter capex levels suggest they don’t appear to be bracing for a broader contraction, according to JPMorgan’s Jim Glassman. 

By Maura Webber Sadovi • July 28, 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

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

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