What’s Going on in Finance from CFO
Toshiba’s total loan facility could top 1 trillion yen ($8.3 billion) as it seeks a second bank credit line of 300 billion yen ($2.5 billion) to pay for mounting costs stemming from an accounting scandal, Bloomberg reported Monday.
The scandal has led to layoffs and asset sales for the Tokyo-based company, which last week forecast a record 550 billion yen ($3.7 billion) annual loss. Toshiba plans to apply for an additional 300 billion yen ($2.5 billion) in credit from undisclosed lenders by the end of January, spokeswoman Yuu Takase told the news service. In September, the company received a 400 billion yen ($3.3 billion) credit line from Sumitomo Mitsui Banking Corp., Mizuho Bank, and Sumitomo Mitsui Trust Bank. Read more.
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Citing stakeholder feedback, the Obama administration is giving employers an additional three months to comply with the reporting requirements of the Affordable Care Act.
The U.S. Department of the Treasury and the Internal Revenue Service on Monday extended the Feb. 29 paper and March 31 electronic deadlines for companies with more than 50 employees to provide information on what coverage they offer and the coverage they provide their staff. Read more.
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With Scandal Costs Rising, Toshiba to Seek Second Credit Line
The added debt is needed to pay for thousands of job cuts and the overhaul of the businesses that make televisions and personal computers.
Employers Get More Time for Obamacare Reporting
Treasury, IRS extend Feb. 29 paper and March 31 electronic deadlines for companies with more than 50 employees.
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