Financial Reporting: Page 7
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FASB issues new, long-anticipated income statement expense rules
Compliance with the standards update “isn’t going to be cheap” for many firms, but the FASB has taken steps to reduce the cost to preparers, board member Fred Cannon said.
By Maura Webber Sadovi • Nov. 4, 2024 -
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Meta CFO: AI poised to drive ‘significant’ capex growth
The tech giant’s stock price fell after its third-quarter earnings report, as the company faces growing Wall Street angst over its ballooning AI expenditures.
By Alexei Alexis • Oct. 31, 2024 -
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TrendlineCFO 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 -
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Alphabet CFO looks to ‘push a little further’ on efficiencies, cost
Anat Ashkenazi is prioritizing cost reductions, even as the company expects to invest $13 billion next quarter in GenAI and other growth areas.
By Grace Noto • Oct. 30, 2024 -
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FASB publishes narrow software accounting revamp proposal
In June the FASB voted 7-0 for the more targeted update, even as some expressed concerns about not going far enough to modernize GAAP rules.
By Maura Webber Sadovi • Oct. 29, 2024 -
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Shutterstock promotes former Getty Images CFO to finance chief
Getty alum Rik Powell will move to Shutterstock's top financial seat as it focuses on continuing to improve revenues for its content segment.
By Grace Noto • Oct. 29, 2024 -
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$816M ExxonMobil verdict is latest as juries seek environmental justice
No easing is in sight as companies face backlash for the impact their products have on the environment and public safety, a ruling shows.
By Jennifer Paley • Oct. 28, 2024 -
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Tesla earnings rise on energy storage surge
The EV maker remains focused on offering “extremely compelling” vehicle financing as demand in the overall industry continues to wane, Tesla CFO Vaibhav Taneja said.
By Grace Noto • Oct. 25, 2024 -
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Southwest details board travel perks as ex-Chevron CFO joins new director slate
The airline's board compensation package includes free travel on Southwest for each non-employee director, their spouse and children and 50 “unrestricted” one-way flight passes annually.
By Maura Webber Sadovi • Oct. 25, 2024 -
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Honeywell sales fall short amid warehouse automation weakness
“We navigated through a challenging operational environment in the third quarter,” CFO Greg Lewis said.
By Alexei Alexis • Oct. 24, 2024 -
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Most finance leaders believe sustainability targets out of reach: EY
CFOs leading companies active in the U.S. and Europe face a “fluid picture” when attempting to meet regulations for sustainability reporting, EY said.
By Jim Tyson • Oct. 23, 2024 -
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Red Lobster names Checkers alum CFO after Chapter 11 restructuring
Bob Baker brings more than three decades of restaurant industry experience to his new position, having held finance chief roles at Checkers & Rally, Benihana, Pieology Pizzeria, and Café Rio Mexican Grill.
By Grace Noto • Oct. 23, 2024 -
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AICPA asks IRS for fresh cannabis tax guidance
The potential reclassification of marijuana as a Class III controlled substance has raised questions about tax benefits cannabis companies stand to gain.
By Maura Webber Sadovi • Oct. 22, 2024 -
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SEC settles charges with 4 firms it says downplayed SolarWinds hack exposure
The agency alleged Unisys, Avaya, Check Point Software and Mimecast misled investors about the extent of their respective cyber risks.
By David Jones • Oct. 22, 2024 -
Courtesy of FASB
FASB advances credit loss accounting relief for private firms
The credit loss rules grew out of the financial crisis and the concern that banks were delaying recognizing deteriorating asset values.
By Maura Webber Sadovi • Oct. 22, 2024 -
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Huntington Bank CFO sees acceleration of fintech venture opportunities
Declining interest rates are opening the gateway for a “regrowth” of funding activity, Huntington Bank CFO Zachary Wasserman said.
By Grace Noto • Oct. 21, 2024 -
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Many middle market firms in ESG ‘wait and see’ mode, RSM says
While 75% of mid-sized companies have begun preparing for new climate-related regulations, 84% of respondents said they are monitoring developments before taking further action.
By Chris Gaetano • Oct. 21, 2024 -
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EY, PwC voice cautious support for 120-credit hour CPA licensure
The Big Four accounting firms are now all signalling varied degrees of support for a CPA licensure option that would require 30 fewer college credit hours.
By Maura Webber Sadovi • Oct. 18, 2024 -
Courtesy of Raytheon Technologies
RTX to pay more than $950M in bribery, fraud settlement: DOJ
The Securities and Exchange Commission alleged that last decade RTX, formerly known as Raytheon, used bogus subcontracts with a supplier to pay bribes of nearly $2 million.
By Jim Tyson • Oct. 18, 2024 -
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Ex-Tyson CFO pleads guilty to drunk driving
The son of the company’s chairman and ex-CFO pleaded guilty to charges stemming from his second alcohol-related arrest in two years.
By Grace Noto • Oct. 18, 2024 -
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Sage Therapeutics CFO, GC, CTO to depart in wide restructuring plan
The biotech will also be reducing its total workforce by approximately 33% and tapped its COO to take on responsibilities for finance as part of the restructuring.
By Grace Noto • Oct. 17, 2024 -
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NYSE poised to curb serial reverse stock splits
The New York Stock Exchange is proposing rule changes to protect investors from deeply distressed companies that are “inappropriate for trading.”
By Maura Webber Sadovi • Oct. 16, 2024 -
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Most accountants see ethical challenges increasing: ACCA
Two-out-of-five accountants said they most frequently face ethical challenges at work because of weaknesses in company leadership and culture, the ACCA said.
By Jim Tyson • Oct. 15, 2024 -
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S&P Global swipes State Street CFO for finance chief
The credit ratings firm will pay State Street CFO Eric Aboaf a $2.4 million signing bonus when he takes their top financial seat in February.
By Grace Noto • Oct. 15, 2024 -
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Lightpath CFO aims to drive finance team’s strategic focus
Newly-minted CFO Rachel Stack wants to ensure Lightpath’s financial talent has the tools they need to think more strategically.
By Grace Noto • Oct. 14, 2024 -
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5 tips for businesses filing hurricane-related insurance claims
With Hurricanes Helene and Milton estimated to have cost tens of billions of dollars in damage, it’s important for businesses to carefully document the impact when filing insurance claims.
By Maura Webber Sadovi • Oct. 11, 2024
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