PayPal to Allow Cryptocurrencies

PayPal will begin allowing cryptocurrencies for use by U.S. account holders in the coming weeks as part of a migration toward digital payments, driven by the COVID-19 pandemic. In a statement, the company said there has been increased interest in digital currencies from central banks and consumer...

By Lauren Muskett • Oct. 21, 2020

FASB to Take Up Digital Currencies Question

A Financial Accounting Standards Board meeting on Wednesday will decide whether the board should add a project on accounting for digital currencies to its technical agenda this year and, if so, what the project’s scope should be.Since 2017,  FASB has received three agenda requests to add such a p...

By Vincent Ryan • Oct. 21, 2020

Explore the Trendline➔

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

D&O Litigation Risks Grow as Bankruptcies Surge

As the number of businesses filing for bankruptcy rises by the week, the possibility of litigation against those businesses’ directors and officers (D&O) also rises.Battered by the impact of COVID-19 shutdowns, a who’s who of companies have filed for Chapter 11 bankruptcy protection, from ret...

By Vincent Ryan • Oct. 20, 2020

Intel to Sell Most of Memory Chip Business to SK Hynix for $9B

Intel is selling its memory chip and storage business NAND to the South Korean company SK Hynix for $9 billion.The deal includes Intel’s SSD business, NAND component and wafer business, and the Dalian NAND memory manufacturing facility in China. Intel is not selling its advanced memory chip techn...

By Lauren Muskett • Oct. 20, 2020

IPO Outlook: McAfee, Datto Lead the Week

Three companies are expected to go public via a traditional IPO the week of Oct. 19. Here’s a look at the details.Datto Holding: Cloud based software company Datto Holding plans on selling 22 million shares at a price point of $24 to $27.The company is the leading global provider of cloud-based s...

By Lauren Muskett • Oct. 20, 2020

Beware This Misstep With Share Buybacks

Think it’s an OK time to repurchase some of the company’s stock? Better have the compliance department check with the CEO first, even he’s the one who tells you to pull the trigger on the repurchase.That’s just one of the lessons from the Andeavor LLC case announced by the Securities and Exchange...

By Vincent Ryan • Oct. 19, 2020

The CFO of 2030

CFOs are frequently asked to predict the future. Where do you think the market, your industry, the function will be in 5, 10, 15 years? We’re going to take a wild guess: Nobody got 2020 quite right.Now, that doesn’t mean predictions are pointless. In fact, quite the opposite. More than what they ...

By Hal Polley • Oct. 19, 2020

Alibaba Gets Majority Stake in Sun Art Retail With $3.6B Funding

Alibaba Group Holdings Limited disclosed an additional $3.6 billion investment in Chinese supermarket operator Sun Art Retail Group on Sunday. The Chinese e-commerce giant will now hold a controlling interest with a 72% stake, including both direct and indirect holdings.What Happened: Alibaba wil...

By Lauren Muskett • Oct. 19, 2020

CFOs On the Move: Week Ending October 16

Adrian Mitchell Adrian Mitchell is Macy’s new finance chief. Mitchell joins the retailer from Boston Consulting Group (BCG) where he was a managing director and partner in the digital BCG and consumer practices. Before joining BCG, Mitchell had wide-ranging retail experiences. This includes servi...

By Lauren Muskett • Oct. 16, 2020

Billionaire Robert Brockman Charged in $2B Tax Fraud Scheme

Robert Brockman, the billionaire and chief executive officer of Ohio-based software company Reynolds and Reynolds, has been charged with 39 counts of tax evasion, wire fraud, money laundering, and other offenses related to a $2 billion tax fraud scheme.In a press conference, officials from the U....

By Lauren Muskett • Oct. 16, 2020

Wells Fargo Fires Over 100 Employees for Alleged COVID-19 Relief Fraud

Wells Fargo fired up to 125 employees for allegedly misrepresenting themselves to obtain stimulus money intended to help businesses hurt by the COVID-19 pandemic.CNN, citing an internal memo written by Wells Fargo’s head of human resources, David Galloreese, reported the misrepresentations may ha...

By Lauren Muskett • Oct. 15, 2020

Array Technologies Raises $1.05B in Upsized IPO

Array Technologies, a manufacturer of tracking solutions in the solar energy domain, raised $1.05 billion from its initial public offering on Wednesday.What Happened: Array’s common stock will make its trading debut on Thursday on the Nasdaq Stock Market under the symbol “ARRY.” The IPO is expect...

By Lauren Muskett • Oct. 15, 2020

Recurring Revenue Makes Forecasting the Recovery Easier

The systemic shocks caused by the current crisis have destabilized traditional macroeconomic assumptions and scenarios to forecast market demand and long-term revenue. Will stock markets remain resilient? Will the historic fall in global trade rebound? Will embattled business sectors revive? Will...

By Mark Partin • Oct. 15, 2020

McAfee Targets $814M in IPO Funding

Security software company McAfee LLC on Tuesday said it planned to sell 37 million shares in its initial public offering. McAfee estimates to price its IPO between $19 and $22, meaning it could raise up to $814 million in the offering.What Happened: The company will offer around 83% of the Class ...

By Lauren Muskett • Oct. 14, 2020

7 Ways COVID-19 Will Transform Health Care

Health care in the United States is broken. CFOs know we have the most expensive health care system in the world, yet our outcomes are worse than those in most developed countries. What’s more, long-standing efforts to decrease cost and increase value through disruptive innovation have fallen fla...

By Vincent Ryan • Oct. 14, 2020

Finance of America Plans $1.9B SPAC Merger to Go Public

The Blackstone Group-backed Finance of America Equity LLC is planning to go public through a merger with a blank check company, the Wall Street Journal reported Monday.What Happened: The consumer-lending platform is expected to merge with special purpose acquisition company Replay Acquisition in ...

By Lauren Muskett • Oct. 13, 2020

Disney Reorganizes to Focus on Streaming

The Walt Disney Company announced a major strategic reorganization of its media and entertainment business, saying the move would accelerate its direct-to-consumer strategy in light of the success of Disney+.In a statement, the company said the reorganization would allow its “creative engines” to...

By Lauren Muskett • Oct. 13, 2020

CFOs to the Rescue

Finance chiefs played a critical role in shepherding their organizations through a global economic crisis in 2020, and a recent survey shows how.CFO Research (part of Argyle Advisory and Research Services) and FTI Consulting surveyed 325 chief financial officers and other senior finance executive...

By Lauren Muskett • Oct. 13, 2020

Is Remote Work Working?

At Ping Identity, CFO Raj Dani has noticed a distinct lack of “on-the-spot learning” opportunities since the coronavirus pandemic forced the cybersecurity firm to shift employees to remote working. “A lot of that comes through spontaneous conversations in hallways or at the water cooler. Those se...

By Sandra Beckwith • Oct. 12, 2020

Twilio to Acquire Segment for $3.2B

Twilio has reached an agreement to buy the customer data platform Segment for $3.2 billion. The all-stock transaction is expected to close in the fourth quarter of 2020.In a statement, Twilio said the deal would accelerate its efforts to build the leading global customer engagement platform and o...

By Lauren Muskett • Oct. 12, 2020

Into the Sunset: The Quiz

Spending more time at home during the pandemic may have many desk workers contemplating what their post-employment life might look like. However, while there is plenty of information and advice available on planning for retirement, not all of it is accurate or good. To gauge your knowledge of som...

By CFO Editorial Staff • Oct. 12, 2020

CFOs On the Move: Week Ending October 9

Ann Gugino Papa John’s appointed Ann Gugino chief financial officer. Gugino joins the pizza chain from Target, where she was most recently senior vice president of financial planning and analysis. Before that, she spent 18 years at medical supplies company Patterson Companies, including four year...

By Lauren Muskett • Oct. 9, 2020

SAExploration Accused of Accounting Fraud

The Securities and Exchange Commission has filed civil charges against SAExploration Holdings, a publicly traded seismic data acquisition company based in Houston, over an alleged multi-year accounting fraud that falsely inflated the company’s revenue and concealed the theft of millions of dollar...

By Lauren Muskett • Oct. 9, 2020

China’s Lufax Pursues U.S. IPO

Chinese online wealth management firm Lufax Holding Ltd is seeking an initial public offering in the United States and list American Depositary Shares on the New York Stock Exchange.What Happened: The company, backed by Ping An Insurance (Group) of China, has not disclosed the size of the offerin...

By Lauren Muskett • Oct. 8, 2020

Ruby Tuesday Files for Chapter 11

Ruby Tuesday has filed for Chapter 11 reorganization in the U.S. Bankruptcy Court for the District of Delaware. The casual dining chain cited the impacts of the COVID-19 pandemic.In a statement, the company said it had reached an understanding with secured lenders to support its restructuring.“Th...

By Lauren Muskett • Oct. 7, 2020