SEC charges Navy shipbuilder executives with accounting fraud

Austal USA executives allegedly manipulated accounting in order to improve earnings in building the Littoral Combat Ship, the SEC said.

By Jim Tyson • April 3, 2023

FASB maps ‘one-stop shop’ expense disclosure proposal

The proposed expense disclosures could be costly for companies. The FASB has been considering the more stringent standards for at least two decades.

By Maura Webber Sadovi • March 29, 2023

Explore the Trendline➔

Financial reporting enters a new age

Finance leaders are increasingly relying on metrics including churn, net promoter score and customer growth to reveal company performance in a way traditional GAAP measures cannot.

By CFO Dive staff

PCAOB proposes updated standards, faster audit filing

The audit watchdog aims to update and unify interim standards created 20 years ago, aligning its rules with new independence requirements and advances in technology.

By Jim Tyson • March 28, 2023

FASB issues lease standards update

The changes to lease accounting standards (Topic 842) provide narrowly targeted relief for some companies grappling with the guidance from 2016.

By Maura Webber Sadovi • March 27, 2023

Climate change shareholder proposals trending toward record

Debate has flared in recent months over whether businesses and institutional investors should use ESG criteria when making decisions.

By Jim Tyson • March 27, 2023

Talent shortage frustrates internal auditors

As AI swiftly extends the finance function’s potential for efficiency, audit leaders are concerned about the lack of skilled workers to support new advancements.

By Elizabeth Flood • March 27, 2023

Luckin Coffee’s ‘revenue reckoning’ takeaways

The Beijing-based company was initially viewed as a kind of David poised on its home turf to take on the Goliath of the coffee world — Starbucks — in China.

By Maura Webber Sadovi • March 24, 2023

ESG poised to gain traction as CFO priority: Gartner

Many organizations are shifting away from a purely “risk management” approach to ESG and are viewing it as a way to attract customers, investors and talent — a trend that will only increase in coming years, according to Gartner.

By Alexei Alexis • March 23, 2023

C-suite pay ‘paper losses’ emerge in PVP filings

Executive compensation or what is effectively realizable pay swings from as much as $1 billion to negative $644 million, proxies from early filers show. 

By Maura Webber Sadovi • March 22, 2023

IRS issues NFT tax guidance

The IRS seeks comment on NFTs’ treatment under the newly proposed tax guidance as regulators and lawmakers consider the future of cryptocurrency and digital asset spaces.

By Grace Noto • March 21, 2023

Lessons from SEC’s $3M Blackbaud cyber penalty

The Charleston, South Carolina-based software provider’s recent data breach settlement with the SEC serves as a cautionary tale for C-suite leaders.

By Alexei Alexis • March 21, 2023

Accountant shortages likely to yield more audit failures

The shortage of workers with the core accounting skills needed to staff audits is making audit failures more likely, Hofstra University’s Jack Castonguay says. 

By Maura Webber Sadovi • March 20, 2023

IRS misses deadline for upgrading business transcript system

The IRS has faltered as it shifts business tax transcript requests from a paper to an online system, according to the agency’s inspector general.

By Jim Tyson • March 20, 2023

Defunct Katerra sues former CFO for bonus

The failed Softbank-backed startup is alleging its former CFO is obligated to pay back his signing and relocation bonuses amid intensifying scrutiny of executive compensation.

By Grace Noto • March 20, 2023

With tech’s favorite banks in turmoil, some are choosing loyalty

After several high-profile bank failures and near-failures, some fintechs don’t see jumping ship as an option.

By Gabrielle Saulsbery • March 20, 2023

Bipartisan Senate bill would bolster SEC whistleblower safeguards

The SEC’s program for gathering tips on securities law violations has imposed $6.3 billion in sanctions since its creation.

By Jim Tyson • March 17, 2023

KPMG’s 29-year SVB stint stirs independence debate

The bank’s failure — two weeks after it effectively got a clean bill of financial health — is reigniting some concerns that cozy client-auditor ties may jeopardize audit rigor.

By Maura Webber Sadovi • March 16, 2023

FASB kicks off comment period on income-tax updates

While previous FASB efforts to update accounting standards for taxes have fizzled, Chair Richard Jones has said tweaks to the project’s scope have made it achievable.

By Maura Webber Sadovi • March 15, 2023

SEC fines IT firm DXC $8M for ‘misleading’ disclosures

DXC lacked adequate controls for the review, approval and classification of costs, according to the SEC.

By Jim Tyson • March 15, 2023

Signature Bank CFO among those named in investor lawsuit

A proposed class-action complaint claims the bank and its leaders misled investors about Signature Bank’s financial standing.

By Lyle Moran • March 14, 2023

Silicon Valley Bank investors sue collapsed firm’s CEO, CFO

The proposed class action alleges the failed bank, CEO Greg Becker and CFO Daniel Beck concealed from investors the impact that high interest rates would have on the tech-focused firm’s business. 

By Anna Hrushka • March 14, 2023

SVB exposure: FAQs

In the wake of Silicon Valley Bank’s weekend implosion, CFOs are left scrambling to figure out the fate of deposits, payments and loans, as well as how exposure to the bank could impact their business.

By Grace Noto • March 13, 2023

Most companies lack technology needed for SEC climate rule: survey

Global standard-setters face pushback from companies ill-equipped for complying with climate risk disclosure rules.

By Jim Tyson • March 10, 2023

Powell testimony fuels expectations of half-point Fed rate hike

Fed Chair Jerome Powell told a House committee Wednesday that the central bank is concerned about persistent price pressures and is determined to reduce inflation to its 2% target.

By Jim Tyson • March 8, 2023

Bank, finance leaders brace for rate volatility

The majority of leaders at financial institutions say interest rates will drive business model guidance this year but few are leveraging financial data to support these changes.

By Elizabeth Flood • March 7, 2023