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

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

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

SEC proposes tougher disclosure rules for SPACs

A Securities and Exchange Commission proposal caps months of sharper scrutiny of SPACs and coincides with a slump in the market for the so-called blank-check companies.

By Jim Tyson • March 30, 2022

Juicier 100% meals tax deduction may nudge CFOs back to expense reports

The temporary hike in the tax deduction companies can take on eligible business meal expenses could be a welcome bright spot for CFOs bracing for rising costs from road warriors returning to in-person meetings, experts say. 

By Maura Webber Sadovi • March 29, 2022

Financial statement fraud – reconciliation to the rescue

Financial fraud in the business world has many forms; the most difficult to detect, and expensive one being financial statement fraud.

By Abhishek Shukla, Practice Lead; and Raman Deep Kedia, Domain Principal, Infosys BPM • March 29, 2022

Data pose biggest hurdle to ESG disclosure: Deloitte

Gathering credible data on greenhouse gas emissions by suppliers and other third-party business partners has emerged as one of the most difficult steps in sustainability reporting.

By Jim Tyson • March 25, 2022

SEC accepts FASB's 2022 reporting taxonomies

The 2022 reporting taxonomies include updates to accounting standards on credit losses and balance sheet offsets, among other things, the Financial Accounting Standards Board says. 

By Maura Webber Sadovi • March 23, 2022

The impact of ASC 842 – The new lease standard is here

It is time for contractors to get serious about the new accounting lease standard.

March 21, 2022

Private capital is ready to fund climate, social goals, if companies get ESG measurement right

CFOs can get an idea of what to expect from the SEC and other federal agencies by looking at what California and New York are considering.

By Donavan Hornsby • March 17, 2022

FASB leaning toward making customer relationships part of goodwill, not separate intangible

Although the Financial Accounting Standards Board took no action on the matter at its early-March meeting, members signaled they’d like to stop counting a company’s customer relationships as an asset. 

By Robert Freedman • March 14, 2022

CFOs chase products as war clouds supply chain outlook

“We believe that through 2022, the supply chain will be the fundamental limiting factor to our total output for the year,” Rivian Automotive CFO Claire McDonough said.

By Maura Webber Sadovi • March 12, 2022

Problems happen, but lax controls shouldn't, SOX specialist says

Understand which processes need watching and which don’t, CFOs new to Sarbanes-Oxley are advised.

By Robert Freedman • March 4, 2022

Fast-tracked private letter rulings offer corporations respite from IRS delays

While the promise of a speedier program is a bright spot during a time of IRS backlogs, the PLR process is not an avenue that financial executives can use to make an end-run around unrelated delays, said Buck Buchanan, managing director in Grant Thornton’s national tax office.

By Maura Webber Sadovi • Feb. 22, 2022

IRS delays spell headaches for financial executives

Businesses are “facing an IRS that is underwater right now, given the backlog of paper returns,” said Garrett Watson, a senior policy analyst at the Tax Foundation.

By Maura Webber Sadovi • Feb. 15, 2022

Mazars exit could leave Trump Org. in breach of loan agreements

Separate from any findings by prosecutors, the breached loan agreements could pose a big financial hit to the company, a former assistant attorney general says. 

By Robert Freedman • Feb. 15, 2022