IMF Trims 2015 World Growth Forecast

The International Monetary Fund on Thursday sliced its 2015 forecast for world economic growth to 3.3%, down from the 3.5% that the organization had predicted in April. The adjustment was due to setbacks in economic activity in the first quarter of 2015, mostly in North America.“The shortfall ref...

By Katie Kuehner-Hebert • July 9, 2015

Future Audits Must Do More: Survey

Audits of publicly-traded companies should move beyond assuring the validity of financial statements and noting risk factors, and take into account insights derived by data analytics, artificial intelligence, and other advanced technologies, according to Deloitte’s “Audit of the Future” survey of...

By Katie Kuehner-Hebert • July 8, 2015

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Top 5 stories from CFO.com

From CPA licensure changes to undergoing a digital transformation, these are the most popular stories CFOs are reading. 

By CFO.com staff

Big Banks Detail Latest ‘Living Will’ Plans

A dozen of the largest U.S. banks have published the latest versions of their “living wills,” intended to show regulators they can handle bankruptcy without taxpayer bailouts.The living wills are required under the Dodd-Frank regulatory overhaul. The Federal Reserve and the Federal Deposit Insura...

By Matthew Heller • July 7, 2015

Samsung’s Earnings Lower On Lagging Smartphone Sales

Samsung Electronics expects to post lower-than-expected earnings for the second quarter due to lagging sales of its Galaxy S6 and Galaxy S6 Edge smartphones, according to a Wall Street Journal story on Monday.The Seoul-based technology company said it expects to earn 6.9 trillion Korean won ($6.1...

By Katie Kuehner-Hebert • July 7, 2015

For CFOs, Cybersecurity Risk Is Like an Iceberg

Prior to 2005, people occasionally speculated on what might befall New Orleans if a major hurricane were to land. The conversation was merely academic until the horror of Katrina played out in stark reality.Jeffrey Burchill, CFO, FM Global The naïve, pre-catastrophe state is very much like where ...

By Jeffrey A. Burchill • July 7, 2015

CFOs on the Move: Week Ending July 3

Jeffrey Boyer will lead the finance function at Pier 1 Imports, effective July 27, replacing interim CFO Laura Coffey. He joins the firm from Tuesday Morning, where he had been CFO and chief administrative officer since 2013. Before that, he was CFO and then chief operating officer at 24 Hour Fit...

By Joan Urdang • July 3, 2015

There’s No Excuse for Poor Customer Service

Good customer service is hard. If the automation fails, the customer service agent (CSA) is pretty much guaranteed to be talking to someone who’s at best annoyed and frustrated.John Parkinson 2017 TechOn other hand, automation can do a lot to ease the burden (self-service was, after all, arguably...

By John Parkinson • July 2, 2015

Christine McCarthy Named Disney’s First Female CFO

Walt Disney Co. has named Christine M. McCarthy as its new CFO, making her the highest-ranking female executive in its history.Christine McCarthy McCarthy moves up the corporate ladder after 15 years as Disney’s treasurer and replaces Jay Rasulo, who stepped down this month after being passed ove...

By Matthew Heller • July 1, 2015

SEC Fines KKR $30M for Misallocating Expenses

Private equity giant KKR has agreed to pay $30 million to settle allegations that it failed to allocate more than $17 million in expenses to co-investors including KKR executives.In an order announcing the settlement, the U.S. Securities and Exchange Commission said KKR accumulated $338 million i...

By Matthew Heller • June 30, 2015

10 Tips for MBOs at Small and Midsized Firms

After 20 years of working around management buyouts — whether it was funding them at a venture-capital firm, raising financing for them at an investment bank, or advising business owners directly in a CFO role — I know they can be difficult transactions.Kira Spivak For one thing, they are often e...

By Kira Spivak • June 29, 2015

Kroger Announces Stock Split, Dividend Hike

Kroger Co. has announced a two-for-one stock split and other investor-friendly measures, reflecting confidence in its future after what its CEO called a “blockbuster” 2014.Shareholders of record on July 6 will receive an additional Kroger share a week later, increasing total outstanding shares fr...

By Matthew Heller • June 26, 2015

IKEA Raising its U.S. Worker Pay

IKEA said on Wednesday  that it will again raise its minimum hourly wage in the United States. Effective Jan. 1, 2016, the average minimum hourly wage paid in IKEA US stores will rise from $10.76 to $11.87, a 10.3% increase. The raise would put the furniture retail chain’s minimum wage at $4.62 a...

By Katie Kuehner-Hebert • June 25, 2015

CEO Pay Lines Up with Shareholder Returns: WSJ Survey

Chief executive pay is generally reflecting increased pressure from shareholders for companies to tie a greater percentage of their top leaders’ pay to measurable results,  according to The Wall Street Journal’s annual pay survey.The survey, which was conducted by the Hay Group, a human resources...

By Katie Kuehner-Hebert • June 25, 2015

Denim’s Decline Challenges Mall Operators

A recent decline in the sales of denim apparel is dealing the latest blow to owners and operators of shopping malls, whose traffic has been declining for several years because of mushrooming Internet sales and lingering consumer malaise following the economic crisis of 2008-2009.CFOs of mall owne...

By David McCann • June 24, 2015

Special Report: Dodd-Frank at 5 Years

Almost nothing about the Dodd-Frank Act has been free of controversy, and once again critics aren’t hard to find as the Securities and Exchange Commission prepares regulations for implementing the law’s mandate for new executive-compensation disclosures.The compensation provisions — requiring dis...

By CFO Editorial Staff • June 23, 2015

Wearables Market On ‘Upward Trajectory,’ Says IDC

A report on the “upward trajectory” of the wearables market hit the wires Thursday, as Fitbit’s shares rocketed in their first day of trading.According to the the International Data Corp.’s Worldwide Quarterly Wearable Device Tracker, 72.1 million wearable devices will be shipped in 2015, up 173....

By Katie Kuehner-Hebert • June 18, 2015

Excel Tip: Time Formats

USER PROBLEM: I have dates stored as text. How can I convert them into real dates?SOLUTION: There are three easy ways to do this. Method 1 uses the DATEVALUE function. Follow these steps:1). Enter a formula such as =DATEVALUE(C23).2). Copy the formula down to all of your dates.3). Format the resu...

By Bill Jelen • June 18, 2015

FedEx Posts Lower-Than-Expected Results

FedEx Wednesday posted lower-than-expected results for both its fiscal fourth quarter and year-end 2015, on lower fuel surcharges, the strong U.S. dollar, and a change in accounting for pension costs.The Memphis, Tenn. company reported a loss of $895 million, or $3.16 per share, for its fiscal fo...

By Katie Kuehner-Hebert • June 17, 2015

A Growing Priority

Each year CFO Research, in collaboration with American Express, surveys senior finance executives at large companies around the world to better understand their strategies for strengthening their businesses during the coming year. In the 2015 Global Business and Spending Monitor, we found that ma...

By David W. Owens • June 17, 2015

CFOs on the Move: Week Ending June 12

Dick’s Sporting Goods has appointed Teri List-Stoll as its next finance chief, effective in August. She will replace Andre Hawaux, who has been serving as both chief operating officer and CFO and will remain in the COO role. List-Stoll will join the firm from Kraft Foods Group, where she headed f...

By Joan Urdang • June 12, 2015

Uber Still Looking for CFO to Replace Callinicos

More than two months after Brent Callinicos stepped down, Uber Technologies is still looking for a new CFO, with at least two executives having turned down the position, The Wall Street Journal reports.One of those executives was Bob Swan, finance chief at eBay, who effectively told Uber he was b...

By Matthew Heller • June 11, 2015

Banner Year for Airlines’ Margins, Return on Invested Capital

The airline industry, led by North American carriers, is enjoying higher profit margins due to low oil prices, the strong dollar, and more seats filled on flights, as well as lower capital costs, the International Air Transport Association said this week.The group upwardly revised its 2015 outloo...

By Katie Kuehner-Hebert • June 11, 2015

Startups’ Use of Non-GAAP Metrics Stirs Concerns

Tech startups are using “bookings,” “annual recurring revenue” and other nontraditional accounting terms to solicit funding from investors, a practice that critics say could inflate companies’ valuations, The Wall Street Journal reports.Companies that haven’t sold shares in an initial public offe...

By Matthew Heller • June 11, 2015

Johnson Controls Mulling Auto Parts Spinoff

Industrial parts maker Johnson Controls said Wednesday it was considering a spinoff of its $22 billion automotive seating and interiors business, a move that would continue the trend of large corporate breakups to create leaner organizations.The automotive division has long been one of the world’...

By Matthew Heller • June 10, 2015

A Tale of Two Economies

Any explanation of the current controversy involving the tax collection responsibilities of Internet retailers should start with a tale of two economies.On the one hand, there still exists an economy of small and midsize enterprises selling goods in stores and warehouses built of wood and concret...

By David Katz • June 9, 2015