Tech CFOs Predict Booming Revenue This Year

Finance chiefs at U.S. technology companies are highly optimistic about their prospects for 2018, projecting an average 12% revenue gain compared with last year. That’s the most enthusiastic forecast tech CFOs have issued since BDO began conducting its annual technology outlook survey in 2008.“Qu...

By David McCann • March 20, 2018

More Whistleblowing, But Also More Retaliation

For CFOs that are trying to instill a culture of ethics at their companies, the Ethics and Compliance Initiative (ECI) has good and bad news. Unfortunately, there’s more bad news than good.The good: fewer U.S. employees say that in the last 12 months they observed misconduct that violated their o...

By Vincent Ryan • March 19, 2018

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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

IFIAR Reports Decline in Audit Deficiency Rate

The International Forum of Independent Audit Regulators has reported “mixed results” in a progress report on its efforts to improve audit quality.In its sixth annual survey of member regulators’ inspections of the six largest audit firm networks, IFIAR said the audit deficiency rate identified th...

By Matthew Heller • March 13, 2018

Israeli Co. Settles with SEC Over Bribery Allegations

The Securities and Exchange Commission announced on Friday that it charged Israel-based Elbit Imaging for violating the books and records and the internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA).According to an SEC settlement order, Elbit and Plaza Centers NV, a...

By Vincent Ryan • March 12, 2018

No Mystery How to Restrain Health Costs

For companies that have been less than successful at holding back runaway increases in health-care costs, here is some clarity on what steps would likely prove to be effective.A survey of 395 large employers (at least 1,000 employees) by Willis Towers Watson draws an explicit road map for minimiz...

By David McCann • March 12, 2018

Hybrid Cyber-Risk Solutions May Lower Cost of Insurance

Going beyond simply adding coverage to existing policies, Allianz Group, an insurance company seeking to gain a bigger share of the U.S. cyber market, made news along with Cisco, Apple, and Aon by announcing that the four companies would be offering “a new cyber-risk management solution for busin...

By David Katz • March 12, 2018

CFOs on the Move: Week Ending March 9

Peter Lori has been promoted to finance chief at Univision Communications, replacing the departing Francisco Lopez-Balboa. Lori, who joined the firm in 2005, was most recently deputy CFO, chief accounting officer, and executive vice president of finance. At the same time Univision announced the f...

By Joan Urdang • March 9, 2018

FTD Stock Wilts on Weak Valentine’s Day Sales

What should have been one of the biggest flower-delivery days of the year for the parent of ProFlowers and Interflora turned out to be a Valentine’s Day bust because of its own marketing misfire.FTD Companies said Thursday it expected first-quarter revenues to be approximately $20 million below i...

By Matthew Heller • March 9, 2018

CFO Optimism Climbs to 22-Year High

The Tax Cuts and Jobs Act may be getting a lukewarm reception from consumers, but CFOs are clearly over the moon about the lower corporate income tax rate and other provisions. CFO optimism in the United States is at its highest since 1996, and finance chiefs are making concrete plans for spendin...

By CFO Editorial Staff • March 7, 2018

Justifying Judgment When Recognizing Revenue

The Financial Accounting Standard Board’s new revenue recognition standard aims to improve the accuracy and relevance of financial results by shifting from a rules-based model to a principles-based model. This is generally viewed as a positive development since it gives a company more latitude to...

By Eric Knachel • March 6, 2018

Metric of the Month: Cycle Time for Monthly Close

When fewer days are devoted to the month-end close, more days can be spent providing finance expertise to organizational initiatives and decisions. By getting a grip on data quality, troubleshooting process glitches, and working ahead, finance teams can save time and put it to good use on higher ...

By Perry D. Wiggins • March 5, 2018

NRA Boycotts Demand Risk Assessment

Last weekend, companies started responding to consumer backlash for working with the National Rifle Association. Among those ending discount programs for the NRA are Delta, Hertz, MetLife, and First National Bank of Omaha.Steven Minsky Before this pushback, NRA membership granted consumers access...

By Steven Minsky • March 1, 2018

Digital Disruption Fueling Divestment Plans

More than 80% of companies are planning divestments by 2020 as they confront the disruption to their business models by digital and other technologies, according to an EY report.In its Global Corporate Divestment Study 2018, EY surveyed 1,000 executives worldwide, finding that the number of respo...

By Matthew Heller • Feb. 28, 2018

Car-Rental Giants Join Exodus From NRA Deals

Three of the world’s largest car-rental companies and the largest U.S. privately-owned bank holding company have joined the parade of corporations cutting ties with the National Rifle Association in the wake of the Parkland, Fla., school shooting.The car-rental giants — Enterprise Holdings, Hertz...

By Matthew Heller • Feb. 26, 2018

CFOs on the Move: Week Ending Feb. 23

Celanese has promoted Scott Richardson to lead the finance function. He takes over for Chris Jensen, who resigned. Richardson joined the firm in 2005 and most recently served as senior vice president of engineered materials.Scott Richardson Benson Woo is returning to the top finance spot at guita...

By Joan Urdang • Feb. 23, 2018

A Fresh Approach to Business Strategies

Most executives have read plenty of business books, seeking insights on how to achieve breakthrough success. Typically, these volumes contain designed-to-inspire case studies, best practices, and anecdotes.A remarkable new book by three McKinsey consultants, “Strategy Beyond the Hockey Stick” (Wi...

By David McCann • Feb. 22, 2018

A (Digital) Dream Deferred

The 2018 CFO IT SurveyHeard about the “digital CFO?” Of course you have. Hot on consultants’ lips and dripping from every whitepaper aimed at a corporate finance audience, the term “digital CFO” is supposed to foretell an era in which finance chiefs finally harness the power of promising digital ...

By Vincent Ryan • Feb. 21, 2018

GM Offers Restructuring Plan for Korea Unit

General Motors has offered to restructure the balance sheet of its ailing South Korean unit as part of a deal with Seoul to keep operating in the country.Reuters reported that GM would convert debt of around $2.2 billion owed by GM Korea into equity in exchange for financial support and tax benef...

By Matthew Heller • Feb. 21, 2018

No Pain, Just Gain for Supply Chain

For Atimi Software, this was a reasonably big deal. Kellogg, the cereal and snack food giant, had just hired Atimi to produce a mobile app for use in Kellogg’s marketing activities. The contract wasn’t unusually large, but it had the potential to lead to further business with a big customer.Less ...

By Randy Myers • Feb. 20, 2018

Why GDPR Matters

The European Union’s General Data Protection Regulation, or GDPR, takes effect on May 25, 2018, and will have major implications for businesses with connections to Europe.GDPR is designed to protect an individual’s right to control the use of his or her personal data and is broadly drafted to app...

By Edward Cyran, Jonathan Marks, and Bill Shipp • Feb. 16, 2018

CFOs on the Move: Week Ending Feb. 16

David Zinsner has been named finance chief at Micron Technology. He joins the company from Affirmed Networks, where he was president and chief operating officer; before that, he was CFO and senior vice president of finance at Analog Devices and CFO at Intersil.Allison Dukes SunTrust Banks has app...

By Joan Urdang • Feb. 16, 2018

The Winter of CFOs’ Discontent?

A Gallup study last spring found that 51% of U.S. workers aren’t “engaged” at work, meaning they feel no connection to their jobs and thus do the bare minimum. Another 16% are “actively disengaged,” meaning they resent their jobs and often gripe to co-workers.Perhaps because CFO covers the chief ...

By Vincent Ryan • Feb. 15, 2018

Four Things to Expect at CFO Rising Hong Kong

We’re gearing up for another CFO Rising summit, this time in Hong Kong on April 18 and 19. The roster of speakers will cover topics such as the changing finance function, governance frameworks, talent development, and cross-regional finance functionality. Below is a preview of some of the hot top...

By Kerry Maruna • Feb. 15, 2018

Fannie Mae Takes $9.9B Hit From Tax Law

The new tax law is forcing Fannie Mae to seek a cash infusion from the U.S. Treasury for the first time since 2012.The mortgage giant said Wednesday it took a $9.9 billion writedown in the fourth quarter to account for the diminished value of deferred tax assets due to the Tax Cuts and Jobs Act.W...

By Matthew Heller • Feb. 14, 2018

The Case for Independent Insurance Brokers

Editor’s note: This article is a rebuttal to “Be Wary of Your Insurance Broker,” a recent article by risk management consultant Frank Licata. The first article described the relationships of insurance brokers and carriers with their corporate insureds as fundamentally anticompetitive. The author ...

By Tony Abrudeanu • Feb. 13, 2018