Trump-related accounting rule revamp is a likely ‘nonstarter’

Daniel Tinkelman, a professor of accounting at Brooklyn College of the City University of New York, wants the FASB to clarify GAAP rules on personal financial statements.

By Maura Webber Sadovi • Dec. 12, 2024

FTC warns 21 healthcare marketers against deceptive claims

The warnings come less than a week after the fatal shooting of a UnitedHealthcare CEO unleashed expressions of anger on social media about health insurer practices. 

By Maura Webber Sadovi • Dec. 10, 2024

Citi CFO: Evolving data standards make upgrade more complex

Mark Mason, the bank’s finance chief, also said the focus on the need to improve data tied to regulatory reporting isn’t unique to Citi.

By Caitlin Mullen • Dec. 10, 2024

Credit risk rising as cyber attackers strike larger companies: Moody’s

Cybercriminals are increasingly deploying generative AI tools in their efforts at ransomware and fraud, Moody’s Ratings said.

By Jim Tyson • Dec. 9, 2024

Super Micro gets delisting reprieve, filing extension

The San Jose, California-based tech company won a reprieve from the delisting threat it has faced since it failed to file its fiscal 2024 10-K in August.

By Maura Webber Sadovi • Dec. 9, 2024

Trump taps crypto lobbyist, business consultant to lead SEC

Trump’s nominee, Paul Atkins, served as a commissioner at the SEC under former President George W. Bush.

By Alexei Alexis • Dec. 4, 2024

Racial diversity falling among new corporate directors: Conference Board

The Securities and Exchange Commission is considering recommending a rule requiring companies to disclose more about diversity on their boards.

By Jim Tyson • Dec. 3, 2024

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

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

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

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

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

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

Bolstering 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

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

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

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

Election 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

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

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

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

$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

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

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

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