Chief Audit Execs: Internal Audit Can Do Better

In this time of fluid dynamics around disruptive technologies, geopolitical uncertainty, and threatening global economic conditions, optimal performance is a moving target for every business function.Nowhere is that more evident than in the internal audit function. Most chief audit executives (CA...

By David McCann • March 6, 2019

IRS Releases Final Rules on Corporate Tax Break

The Internal Revenue Service has proposed final regulations governing a new tax break aimed at encouraging U.S. multinationals to locate more of their assets and operations used in serving overseas markets back to the U.S.The FDII (Foreign-Derived Intangible Income) deduction is part of the Trump...

By Matthew Heller • March 5, 2019

Explore the Trendline➔

Tax policy shifts: What CFOs need to know to stay ahead

Discover how evolving tax policies are creating new opportunities and challenges for CFOs.

By CFO.com staff

How to Future-Proof the Tax Professional Role

The tax profession is experiencing a profound impact from multiple regulatory changes, innovative service models, and disruptive technologies. Through successive waves of change, the model of a new and different kind of tax professional is emerging.It’s clear that technical tax competencies will ...

By Kelli Knoble • March 4, 2019

Could This Be the Recession That Wasn’t?

CFOs may be preparing for a recession in the near future — but will one actually happen?While most observers had believed that a recession in 2019 or 2020 was inevitable, signals have very recently grown more mixed, notes Charles Mulford, accounting professor at Georgia Tech’s Scheller College of...

By David McCann • March 1, 2019

ERP: Enterprise Reporting Partner or Problem?

Technically, “ERP” stands for enterprise resource planning. That said, given its importance to the CFO, to the efficiency and effectiveness of the finance team, and to the health of a company’s broader financial systems, it should really stand for “Everyone’s Reporting Partner.” But, if we’re bei...

By Vincent Ryan • Feb. 28, 2019

Square Shares Dip 6% on Weak Q1 Guidance

Square Inc. delivered an earnings beat on Wednesday but its shares tumbled in after-hours trading on a lower-than-expected outlook.The payments firm said it earned 14 cents per share in the fourth quarter as adjusted revenue rose 64% year over year to $464 million. Analysts had expected earnings ...

By Matthew Heller • Feb. 28, 2019

Lowe’s Posts Mixed Results, Sees Spring Surge

Lowe’s Companies said Wednesday it was making progress in turning around its business, citing comparable sales growth and optimism about the coming spring season.For the fourth quarter, the home improvement chain reported a net loss of $824 million, or $1.03 per share, due to restructuring charge...

By Matthew Heller • Feb. 27, 2019

Recurring Revenue Rising

Recurring revenue business models, also known as subscription or usage-based models, are opening up new opportunities across many industries — even in sectors where they haven’t traditionally. For example, the subscription model has taken root in industrial sectors, like heavy equipment manufactu...

By Gerry Marletta • Feb. 27, 2019

Macy’s to Cut Top Jobs as Part of Savings Plan

Macy’s said Tuesday it will eliminate about 100 management jobs as it seeks to cut costs amid stagnant sales.The job cuts are part of a restructuring plan that the department-store chain expects will generate annual savings of $100 million, starting in 2019.“The steps we are announcing to further...

By Matthew Heller • Feb. 26, 2019

Domino’s Reports Sales Growth But Misses Expectations

Domino’s Pizza reported same-store sales growth of 5.6% for the fourth quarter, falling short of analyst expectations. Analysts had expected same-store growth of 6.9%.The company’s share price, which had soared over the past year, fell more than 9% on Thursday morning on the news.Domino’s opened ...

By Lauren Muskett • Feb. 21, 2019

CVS Health Shares Dip 8% on Guidance Miss

Shares of CVS Health tumbled on Wednesday after the company issued lower-than-expected guidance, raising concerns about its “health care first” strategy amid pressures on its core businesses.For 2019, CVS said it expected adjusted earnings of $6.68 to $6.88 per share, well below the $7.41 per sha...

By Matthew Heller • Feb. 20, 2019

PwC Hires More Companies’ Tax Teams

At the beginning of 2017 PricewaterhouseCoopers made an unusual move: hiring General Electric’s huge tax team. PwC got not only a lot of tax expertise but also GE’s advanced tax-focused technology. GE, for its part, lowered its costs while retaining access to its legacy team of tax professionals....

By David McCann • Feb. 15, 2019

At Apple, the Fox Was Minding the Henhouse

What does a company do when the person in charge of executing the company’s insider trading compliance gets caught for insider trading? Ask Apple.On Wednesday, the Securities and Exchange Commission charged the tech giant’s former global head of corporate law, Gene Daniel Levoff, with trading App...

By Vincent Ryan • Feb. 13, 2019

Activision Blizzard to Lay off 8% of Workforce

Activision Blizzard is planning to lay off 8% of its workforce as it focuses on increasing its game-development staff for such franchises as Call of Duty and Diablo.The company has a reported workforce of 9,800, meaning around 780 people could lose their jobs in the coming months. It confirmed th...

By Matthew Heller • Feb. 13, 2019

Molson Coors Restates Tax Liabilities by $247M

Molson Coors Brewing shares tumbled on Tuesday after the beer maker said it had understated deferred tax liabilities by $247 million due to accounting errors.In a regulatory filing, Molson disclosed that it made incorrect deferred income tax calculations arising from its acquisition of SAB Miller...

By Matthew Heller • Feb. 12, 2019

Technology to Alter Finance’s Business Partner Role

Today’s CFOs routinely talk about the importance of the finance function partnering with business leaders in order to enhance organizational decision-making. However, according to KPMG, the “shape” of business partnering is destined for profound change.As is true for seemingly everything these da...

By David McCann • Feb. 12, 2019

CEO Pay Ratio Rule Is ‘Disclosure by Soundbite’

Opponents of the CEO pay ratio rule have a new ally: a comprehensive academic analysis that methodically constructs a case for the rule’s worthlessness.The rule, which the Dodd-Frank Act authorized in 2010 and the SEC implemented for 2018 fiscal years, requires public companies to publish in thei...

By David McCann • Feb. 11, 2019

Investors Overreact to Restatements in the Short Term

A financial restatement is perhaps the most significant indication of an accounting failure. Inability to provide reliable financial statements may shake investor confidence and raise concerns about a company’s overall health.Moreover, a material restatement caused by an accounting irregularity m...

By David McCann • Feb. 6, 2019

Pricey Pickups Power GM Earnings in Q4

General Motors’ quarterly earnings beat analysts’ estimates as strong sales of high-margin pickup trucks and small SUVs in the U.S. offset weak demand in China and South America.For the fourth quarter, the automaker’s adjusted earnings fell 13.3% to $1.43 per share while net revenue rose 1.8% to ...

By Matthew Heller • Feb. 6, 2019

Lawmakers Seek Answers Over Apple Bug

Two important Democrats in the House of Representatives have asked Apple to answer questions about a bug in its FaceTime video app that may have compromised users’ privacy.In a letter to Apple CEO Tim Cook, House Energy and Commerce chairman Frank Pallone and Representative Jan Schakowsky said th...

By Lauren Muskett • Feb. 6, 2019

Waning Trust in Corporate Leadership Brings a New Urgency to Transparency

Nissan Chairman Carlos Goshen is jailed for violating financial reporting laws. CBS CEO Les Moonves steps down amid accusations of widespread sexual harassment. Two former advisers to the President of the United States are found guilty of violating a range of tax laws, campaign finance laws, and ...

By Vincent Ryan • Feb. 6, 2019

Disney Box-Office Weak But Earnings Beat Estimates

Walt Disney’s quarterly revenue from its movie studio unit dropped 27% but earnings beat analysts’ estimates as the company looks to expand its streaming services.For the first quarter, Disney earned $1.84 per share, excluding items, which was down 3% from a year ago. Total revenue was flat at $5...

By Matthew Heller • Feb. 6, 2019

Metric of the Month: Establishing the Daily Cash Position

The volatility of the stock market over the last few months has many concerned that the longest bull market in American history may be drawing to a close. Uncertain financial times emphasize the need for organizations to take stock of whether they are positioned to withstand whatever might come. ...

By Perry D. Wiggins • Feb. 4, 2019

Symantec Beats Earnings Estimates, CFO to Resign

Antivirus software maker Symantec announced that its chief financial officer Nicholas Noviello will be stepping down midyear to pursue other opportunities.The announcement on Noviello’s departure was made as the company stated it outperformed profit and revenue estimates in the last quarter and w...

By Lauren Muskett • Feb. 1, 2019

Amazon Posts Record Earnings But Stock Falls

Amazon posted record quarterly earnings and revenue on Thursday but its shares dropped in extended trading amid downbeat guidance that reflected its decelerating sales growth.The e-commerce giant said revenue rose 20% to $72.4 billion in the fourth quarter, powered in part by a 45% gain in Amazon...

By Matthew Heller • Feb. 1, 2019