Cybersecurity pressures stretch CFOs

CFOs are bracing for new SEC cybersecurity rules set to kick in this month as the regulator is already signaling an aggressive enforcement posture.

By Alexei Alexis • Dec. 12, 2023

SEC busts pre-IPO fraud scheme that bilked 4,000 investors worldwide

Swindlers made their false pitch of no upfront fees in podcasts and videos on Facebook, LinkedIn and other social media platforms, the SEC said.

By Jim Tyson • Dec. 11, 2023

Veradigm CEO, CFO asked to resign amid audit committee probe

Veradigm appointed an interim CEO and CFO as it struggles to course correct in the midst of an ongoing audit and a shareholder complaint alleging it artificially inflated revenues for a two-year period.

By Grace Noto • Dec. 11, 2023

SEC approves new PCAOB audit confirmation standards targeting fraud

Since early 2021, SEC Chair Gary Gensler has called on the PCAOB to more aggressively oversee the accounting firms that audit publicly listed companies.

By Jim Tyson • Dec. 7, 2023

Trump defense seeks to put GAAP on trial

The New York Attorney General’s $250 million civil fraud suit has no merit from an accounting perspective, NYU professor Eli Bartov testified Thursday.

By Grace Noto • Dec. 7, 2023

Final SEC climate disclosure rule pushed to April 2024

The long-awaited timing update comes via the Biden administration’s regulatory agenda for next year, which also unveiled new timetables for other ESG-related proposals.

By Lamar Johnson • Dec. 7, 2023

Auditors say accountant shortage ramps up work pressure: CAQ

A decline in the pool for accounting talent has prompted many U.S. companies to raise pay and provide greater workplace flexibility.

By Jim Tyson • Dec. 6, 2023

PayPal venture arm backs Israeli data privacy startup

The funding boost comes as data privacy management startup Mine seeks to increase its hiring in the U.S.

By Alexei Alexis • Dec. 5, 2023

Tesla CFO sells shares as Musk draws new scrutiny

A spotlight is on the EV maker as investors weigh recent controversial comments from CEO Elon Musk and a lukewarm launch of its Cybertruck product.

By Grace Noto • Dec. 4, 2023

Insurers hit with attorneys’ fees after trying to get out of indemnifying policyholders

A New York Supreme Court ruling creates precedent in the way it makes the loser in an insurance matter pay its client.

By Robert Freedman • Nov. 30, 2023

For GenAI-backed accounting, CFOs can’t ‘learn as you go’

CFOs need to develop a business-wide plan for GenAI’s use, create clear data practices and ensure accountability to incorporate the technology into accounting effectively.   

By Grace Noto • Nov. 29, 2023

With ex-controller back on the stand, Trump defense looks to muddy accounting waters

The ex-controller pointed to long-time independent accountants Mazars USA as responsible for preparing the Trump Organization's financial statements.

By Grace Noto • Nov. 21, 2023

FASB appointment extends women’s historic majority

The latest appointment follows Joyce Joseph joining the FASB in July, which marked the first time women have outnumbered men on the standards setter’s board.

By Maura Webber Sadovi • Nov. 17, 2023

FASB targets new cash flow statement rules for banks

The latest new accounting requirements under development will, at least initially, only apply to financial institutions.

By Maura Webber Sadovi • Nov. 13, 2023

‘I had my buckets’: Trump Jr. further downplays financial role

The Trump Organization’s ex-CFO and his responsibilities remained a question at the heart of the trial as Donald Trump Jr. waxed poetic about the Trump Organization’s history and properties.

By Grace Noto • Nov. 13, 2023

GAAP: the silent player in Trump civil fraud trial

Accounting standards and financial statements play key roles in the $250 million civil fraud case against former President Trump. 

By Maura Webber Sadovi • Nov. 10, 2023

PCAOB chief chides auditors for blaming failures on talent shortage

The quality of audits has trended “in the wrong direction for the second year in a row,” PCAOB Chair Erica Williams said.

By Jim Tyson • Nov. 8, 2023

Emails tie Ivanka Trump to lenders, ex-CFO. She doesn’t recall much of it.

Appearing a week after her two brothers, the former president’s daughter took her turn on the stand testifying in the $250 million civil fraud trial.

By Maura Webber Sadovi • Nov. 8, 2023

IRS ERC freeze rattles some business filers. There’s a bright side.

IRS Commissioner Danny Werfel ordered the moratorium on ERC claim processing following concerns about filers being scammed by aggressive claim promoters.

By Maura Webber Sadovi • Nov. 7, 2023

Combative Trump is lukewarm on ex-CFO’s financial reports

Testifying in the $250 million civil fraud case against him, ex-President Trump pinned the main responsibility for his financial reports on his senior executives and outside accountants.

By Maura Webber Sadovi • Nov. 6, 2023

RBC settles software accounting violation charges with regulators

The Royal Bank of Canada’s $6 million SEC penalty comes as FASB is updating U.S. guidance for tracking software costs for the first time in decades.

By Maura Webber Sadovi • Nov. 3, 2023

Former FTX CEO found guilty of fraud

Nearly a year after the collapse of his $40 billion cryptocurrency exchange, former FTX CEO Sam Bankman-Fried was found guilty Thursday on seven federal counts.

By Gabrielle Saulsbery • Nov. 2, 2023

SolarWinds CFO avoids charges in SEC action

A cybersecurity suit filed by the SEC names the company’s chief information security officer as a defendant but not its CFO, although the agency previously put both executives on notice.

By Alexei Alexis • Nov. 1, 2023

Gensler says SEC aims to avoid overreach on climate risk rule

The SEC chief has come under fire for proposing that companies release data on the greenhouse gas emissions by their suppliers and customers.

By Jim Tyson • Oct. 26, 2023

Basel publishes crypto exposure proposal

Banks will have to disclose crypto exposure by 2025 under plans unveiled Tuesday. The plans are open for public comment through Jan. 31.

By Gabrielle Saulsbery • Oct. 17, 2023