Financial Reporting: Page 49
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Courtesy of Chipotle
After bombshell quarter, Chipotle's CFO focuses on sustainability
Amid discussions of carbon neutrality, a $15 federal minimum wage and a quickly evolving fast casual landscape, Jack Hartung says the chain remains committed to its employees and agricultural partners.
By Jane Thier • April 23, 2021 -
Permission granted by Kareywood Photography
SPAC market during Q1 showed 'explosive growth': Duff & Phelps
The SPAC market boomed during the first quarter of 2021, Duff & Phelps said, noting that SPAC warrants this month have come under regulatory scrutiny.
By Jim Tyson • April 23, 2021 -
Jon Cherry via Getty Images
Johnson & Johnson stronger today than pre-pandemic, CFO says
Despite the setback with its COVID-19 vaccine, the company has seen sales across its product lines increase almost 8%, Joseph Wolk said as the biopharma giant shared its first quarter results Tuesday.
By Jane Thier • April 21, 2021 -
New SPAC scrutiny demands solid forecasts
The Securities and Exchange Commission has signaled there’s no safe harbor for merger-related forward guidance if numbers aren’t justified.
By Robert Freedman • April 20, 2021 -
Sean Gallup via Getty Images
Rising number of IRS corporate audits end in 'no change': tax expert
Companies have outgunned IRS auditors with high-paid accountants and attorneys, pushing up the number of audits that result in no change to tax filings, tax experts say.
By Jim Tyson • April 20, 2021 -
SPAC warrants as liability called an expensive change
Companies will have to recalculate valuations for every quarter leading up to and after the combination agreement using a complex analytical method, a specialist says.
By Robert Freedman • April 19, 2021 -
Permission granted by E.A. Crunden
Democrats, Republicans finalizing draft LIBOR bill, pledging cooperation
The legislative effort to smooth the phase-out of LIBOR will test whether the two parties can cooperate in heeding warnings from regulators of systemic risk.
By Jim Tyson • April 19, 2021 -
FASB passes change on sales-type day-one lease losses
The change aligns with what was in place before the accounting standards board made sweeping changes to the treatment of leases under ASC 842.
By Robert Freedman • April 16, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo CFO: consumers 'clearly in good shape'
The bank sees improvement in home lending, investment banking and wealth management, among other business lines, CFO Michael Santomassimo said after reporting 661% year-over-year net income growth.
By Jane Thier • April 15, 2021 -
Courtesy of Belvedere
Deep DiveSEC cybersecurity tactics point to ESG approach, attorney says
As the Securities and Exchange Commission builds investor protections on sustainable investing, CFOs can look to the agency's approach to cybersecurity for hints on how to prepare for disclosure rules and enforcement actions.
By Jim Tyson • April 15, 2021 -
SEC taking hard look at SPAC warrants, disclosures
A recent flurry of federal cautionary statements signals the hands-off days of special purpose acquisition company (SPAC) IPOs are over.
By Robert Freedman • April 15, 2021 -
Senate confirms Gensler to lead SEC in 53-45 vote
While leading the Biden administration’s watchdog of Wall Street, Gensler is expected to toughen aspects of oversight that were eased during the Trump administration.
By Jim Tyson • April 14, 2021 -
M&A supports buyers' stock price performance during Q1, study finds
Dealmaking paid off for acquiring firms, boosting their stock prices to a record first-quarter performance, a Willis Towers Watson study found.
By Jim Tyson • April 13, 2021 -
Gorodenkoff via Getty Images
Weed out data before evolving finance tools, planning chief says
Teddy Collins of SeatGeek gave the company's data a hard look before transitioning finance tools from Excel to Google sheets to third-party applications.
By Robert Freedman • April 12, 2021 -
SEC in 'risk alert' warns that some ESG funds may mislead investors
The SEC found that some investment companies may have made misleading statements on ESG investing processes and adherence to ESG frameworks.
By Jim Tyson • April 12, 2021 -
Most companies will likely link executive pay to environmental targets: ING survey
Spurred on by the pandemic, most companies are accelerating their “green transformation” and plan to tie executive pay to environmental goals, ING said in an ESG survey.
By Jim Tyson • April 7, 2021 -
Yellen pushes for global minimum corporate tax rate
Yellen deplores “a 30-year race to the bottom” in taxation and says a global minimum corporate tax rate would help bolster U.S. competitiveness.
By Jim Tyson • April 5, 2021 -
Retrieved from Twitter.
Benefits of $2T Biden plan won't outweigh tax costs: Tax Foundation
Biden would benefit the economy more by funding his $2 trillion infrastructure plan with federal spending cuts, rather than by raising corporate taxes, the Tax Foundation said.
By Jim Tyson • April 1, 2021 -
Drew Angerer via Getty Images
Trump Organization CFO's bank records subpoenaed
Investigators at the Manhattan District Attorney's office subpoenaed Allen Weisselberg's records in an effort to push him towards cooperation, The New York Times said.
By Jane Thier • April 1, 2021 -
Companies may want to consider halting quarterly EPS guidance, McKinsey says
Quarterly EPS guidance often provides limited insights, so companies that suspended the reports during the pandemic may want to consider suspending them for good, McKinsey said.
By Jim Tyson • March 31, 2021 -
SEC threatened with lawsuit by state attorney general over ESG disclosure
West Virginia's attorney general threatens to sue the SEC if it compels companies to file disclosures on environmental, social and governance matters.
By Jim Tyson • March 29, 2021 -
New York passes law guiding LIBOR transition for $1.9 trillion in debt
New York lawmakers approved legislation clarifying the switch from LIBOR to an alternative reference rate for much of $1.9 trillion in outstanding contracts.
By Jim Tyson • March 26, 2021 -
House panel flags $84 billion in potential fraud in PPP, other coronavirus crisis loans
Fraudulent loans under the PPP and another coronavirus aid program may total nearly $84 billion, with less than 1% recovered so far, according to a U.S. House panel.
By Jim Tyson • March 25, 2021 -
SEC accepts FASB's 2021 reporting taxonomies
The updated taxonomies, which use the Extensible Business Reporting Language (XBRL) data-tagging format, include changes to accounting standards and SEC rules companies are encouraged to use in this year's reporting.
By Robert Freedman • March 24, 2021 -
SARINYAPINNGAM via Getty Images
No plans on crypto, ESG, but that could change, FASB chair says
The accounting board is expected to release a standards-setting agenda this summer that reflects stakeholders' input.
By Robert Freedman • March 23, 2021
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