Compliance
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Daphne Howland/CFO Dive
Macy’s says accountant hid as much as $154M in expenses
The deliberately misleading accounting of expenses since the fourth quarter of 2021 did not disrupt cash management or vendor payments, Macy’s said.
By Jim Tyson • Nov. 25, 2024 -
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SEC hits UPS with $45M fine for material misstatements
The company overvalued its freight unit, one of its ‘worst-performing’ business segments, prior to the unit’s sale in 2021 for $800 million, the SEC said.
By Grace Noto • Nov. 25, 2024 -
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TrendlineTop 5 stories from CFO Dive
The promises and traps of generative AI, revamped modern finance teams and stark geopolitical risks are among the top forces CFOs are grappling with this year.
By CFO Dive staff -
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Evolv CFO latest to depart during misconduct, revenue misstatement investigation
The security technology provider will pay a weekly $50,000 fee to AlixPartners in exchange for the services of its director David Rawden as interim CFO.
By Grace Noto • Nov. 22, 2024 -
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SEC’s Gensler to step down Jan. 20 after robust rulemaking, enforcement
The SEC, in one of its most far-reaching changes under Gensler, adopted rules to channel more trading of Treasury securities into central clearinghouses and curb illiquidity risks.
By Jim Tyson • Nov. 21, 2024 -
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Audit committees expand oversight to ESG, cybersecurity, AI: EY
Nearly four out of five investors said boards should demonstrate expertise in climate, cybersecurity and other risks by detailing their work to limit such hazards, EY said.
By Jim Tyson • Nov. 18, 2024 -
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GAAP is letting companies get away with anticompetitive mergers, researchers say
Intangible assets aren’t being captured in the merger review thresholds that federal antitrust agencies rely on, a paper shows.
By Robert Freedman • Nov. 13, 2024 -
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OpinionBolstering your cyber defenses in the age of AI
Generative AI’s ability to create persuasive deepfakes is just one example of the risks it poses when in the hands of fraudsters, writes Deloitte’s Ryan Hittner.
By Ryan Hittner • Nov. 12, 2024 -
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Trump Media CFO plans to sell $13.4M in shares by Dec. 2025
Donald Trump, three days after winning the Nov. 5 presidential election, sought to puncture rumors that he plans to sell Trump Media shares.
By Jim Tyson • Nov. 11, 2024 -
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Consumers during Trump presidency will view Fed as pro-GOP: NBER paper
During his first term as president, Donald Trump’s criticism of Federal Reserve policy influenced interest rate expectations and financial markets, researchers said in a NBER paper.
By Jim Tyson • Nov. 6, 2024 -
Courtesy of ADM
ADM reveals more accounting errors, cancels earnings call
The global grain trader’s accounting practices and internal controls have been under scrutiny since January when it revealed an internal probe was underway.
By Maura Webber Sadovi • Nov. 5, 2024 -
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Deep DiveElection 2024: Harris, Trump present ‘diametrically opposed’ impacts on ESG
“A Harris administration would be more favorable for the interests of ESG investors whereas a Trump administration would be antagonistic,” according to Morningstar Indexes’ head of strategy.
By Lamar Johnson , Zoya Mirza • Nov. 5, 2024 -
NicoElNino
Internal auditors, CFOs should share the AI disruption risk: IIA CEO
As AI further complicates a tricky risk environment, CFOs and internal auditors need to reach a strategic alignment, IIA’s Anthony Pugliese said.
By Grace Noto • Nov. 4, 2024 -
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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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EY firings highlight multitasking, professional training woes
The online training scandal comes about two years after the Securities and Exchange Commission fined EY $100 million for cheating by its auditors on ethics exams.
By Maura Webber Sadovi • Oct. 31, 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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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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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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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 -
Worawee Meepian via Getty Images
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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Deloitte joins backers of 120-credit hours CPA licensure option
KPMG and now Deloitte have endorsed a proposed change in CPA licensure requirements allowing candidates to replace a fifth year of schooling with work experience.
By Maura Webber Sadovi • 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
