Financial Reporting: Page
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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 -
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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 -
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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 -
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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 -
Top Fed official warns banks slow to end use of LIBOR
Federal Reserve Vice Chair Randal Quarles said regulated institutions face “intense” oversight of their transition from the London Interbank Offered Rate (LIBOR).
By Jim Tyson • March 22, 2021 -
SEC chair wants corporate disclosure of political donations in ESG regime
SEC Acting Chair Allison Herren Lee said disclosure on political spending would help investors ensure company donations align with public ESG statements.
By Jim Tyson • March 16, 2021 -
Permission granted by E.A. Crunden
Lawmakers propose extending PPP coronavirus rescue aid through May
Legislation introduced in the House and Senate would postpone the deadline for the Payroll Protection Program from March 31 to May 31.
By Jim Tyson • March 15, 2021 -
Permission granted by Stripe
Stripe's new $95B valuation makes it the most valuable Silicon Valley startup
The payments processing company's new valuation is based on raising $600 million in new capital that it plans to use for further expansion in Europe, CFO Dhivya Suryavedara said.
By Lynne Marek • March 15, 2021 -
SEC official: Companies avoiding ESG disclosures 'risk higher costs of capital'
Disclosing some ESG-related issues may eventually prove as important for companies as reporting asbestos-related risks, a top SEC official said.
By Jim Tyson • March 13, 2021 -
CFOs see need to overhaul capital strategy amid pandemic 'shock,' EY says
The pandemic has given CFOs a "once-in-a-generation shock," forcing them to completely rethink their capital allocation strategy, an EY survey found.
By Jim Tyson • March 11, 2021 -
EBITDA, factoring, other issues leading to 2020 reporting differences
Companies are showing pandemic impacts in their 2020 financial reports in a variety of ways, a Moody’s analysis finds.
By Robert Freedman • March 11, 2021 -
SEC charges AT&T, executives with selectively providing analysts Info
The company improperly disclosed material nonpublic information to research analysts, the Securities and Exchange Commission alleges.
By Robert Freedman • March 10, 2021 -
Goodwill impairment on track to rival 2008 meltdown
Goodwill is projected to drop $143 billion in 2020 due to the pandemic, Duff & Phelps analysts say, while also noting that the government stimulus should probably get credit for preventing greater losses.
By Robert Freedman • March 10, 2021 -
Direct method touted as best way to forecast cash flow
The traditional indirect method, while necessary for financial reporting, isn’t well-suited for planning, finance specialists say.
By Robert Freedman • March 9, 2021 -
Credit risk eases after regulator clarifies sunset of LIBOR, Moody's says
Regulatory clarity on the phase-out of LIBOR has reduced the credit risk tied to billions of dollars in financial contracts, Moody's Investors Service said.
By Jim Tyson • March 9, 2021 -
Talend CFO walked investors through gutsy pandemic response
The data integration company's decision to keep its foot on the gas required a number of frank conversations but the move has positioned it well.
By Robert Freedman • March 3, 2021 -
US tax executives seeing more taxation disputes, survey finds
The economic fallout from the pandemic has prompted U.S. companies to alter their tax strategies and has increased disputes over taxation, according to a BDO survey.
By Jim Tyson • March 2, 2021 -
Gulfport failed to disclose perks, SEC says; CEO penalized
The gas exploration and development company avoided a fine by fixing the problem quickly, but the CEO was hit with a civil fine for causing the disclosure failures.
By Robert Freedman • March 1, 2021 -
CFO of still-unprofitable DoorDash shares growth plans, investments
The takeout and delivery app with a 48% market share is investing in food preparation robots, subscription program and partnerships with commercial retailers, Prabir Adarkar said, after its first earnings report as a public company.
By Jane Thier • March 1, 2021 -
Courtesy of Coinbase
Coinbase to go public via direct listing
Bypassing a traditional IPO, the cryptocurrency exchanger will be following in Slack and Spotify's foot steps, and be the first major direct listing on Nasdaq.
By Robert Freedman • Feb. 28, 2021 -
RF/CFO Dive, data courtesy of Daderot (public domain)
CFOs make few COVID-related EBITDA adjustments
The pandemic’s length has made it hard to justify an accounting approach intended for one-time events.
By Robert Freedman • Feb. 27, 2021
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