ComScore to Restate Three Years of Financials

Media measurement firm Comscore will restate financial results for the past three years after its audit committee uncovered revenue recognition errors related to nonmonetary transactions.The Wall Street Journal first called attention to comScore’s reporting of nonmonetary revenue last August. In ...

By Matthew Heller • Sept. 16, 2016

Any Sensible Economic Plan Must Raise Revenue

Long before Bill Clinton won an election by using the slogan “It’s the economy, stupid,” presidential candidates were making economic growth the centerpiece of their campaign promises — and the 2016 campaign is no different. Both major presidential candidates have promised to focus on infrastruct...

By Robert McIntyre • Sept. 16, 2016

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

Oracle Earnings Miss Despite Cloud Growth

Oracle missed first-quarter earnings estimates as the healthy growth of its cloud business wasn’t enough to offset the continuing decline of its traditional software licensing.The company on Thursday reported non-GAAP earnings per share of $0.55, three cents below the Wall Street consensus. Reven...

By Matthew Heller • Sept. 15, 2016

Worldwide Server Sales Drop 0.4% in Q2

Global server market revenue fell in the second quarter, with three of the top five vendors experiencing sales drops amid the continuing decline of the high-end segment, according to International Data Corp.The research firm said in its latest Worldwide Quarterly Server Tracker that vendor revenu...

By Matthew Heller • Sept. 15, 2016

Portugal Telecom Fined Over CP Investments

Portugal Telecom has agreed to pay $1.25 million to settle U.S. charges that it failed to disclose it had invested more than 1.6 billion euros in commercial paper before it was acquired by  Brazilian telecom group Oi.The paper was issued by Espirito Santo International (ESI) and Rio Forte Investm...

By Matthew Heller • Sept. 15, 2016

Trump for the Economy, But a Vote for Clinton

I’m voting for Hillary.  No question about it.  I’m a long-time partisan Democrat, and I think the most important issue in this election is income inequality.  I think she gets that.  And I think her programs would actually do something about it.Leonard Bickwit Jr. Donald Trump, on the other hand...

By Leonard Bickwit Jr. • Sept. 15, 2016

Square-Off: Which Candidate Will Be Better for the Economy?

Apparently, there’s widespread dissatisfaction among CFOs about the choice between Hillary Clinton and Donald Trump for the next president of the United States.During an interview about last week’s CFO 2016 Presidential Election Survey, Steve Underhill, the treasurer and controller of R.O. Whites...

By David Katz • Sept. 14, 2016

Court Clarifies CFO Liability for False Filings

The U.S. Securities and Exchange Commission has prevailed in a court fight over the liability of CFOs for the filing of false financial statements.Reviving a case against the former chief executive officer and former CFO of a water purification company, the 9th U.S. Circuit of Appeals said the tr...

By Matthew Heller • Sept. 12, 2016

Ex-CFO of REIT Accused of Inflating Key Metric

The former CFO and the former chief accounting officer of American Realty Capital Partners have been charged with inflating the REIT’s most important metric to conceal its true financial condition from investors.The U.S. Securities and Exchange Commission on Thursday said ex-CFO Brian Block and e...

By Matthew Heller • Sept. 9, 2016

Most Companies that Make Restatements Avoid 8-Ks

During the past two years, companies making financial restatements have racked up a dubious record: more than three-fourths have made what are sometimes referred to as “stealth” disclosures.That means they have chosen to disclose restatements in a way other than the most transparent one — the one...

By David McCann • Sept. 8, 2016

Metric of the Month: The Cost of General Accounting

Customer billing and payables processing are just two of the activities that are the bread and butter of financial management. Every process and line item that feeds official performance reports must be pristine, efficient, and reliable. There’s really no room for error. Just ask your board of di...

By Mary C. Driscoll • Sept. 8, 2016

Ireland to Join Apple in EU Tax Ruling Appeal

Ireland’s cabinet on Friday agreed to appeal the EU’s decision ordering Apple to pay $14.5 billion in taxes to Dublin, saying it was an attack on the country’s corporate tax regime.The European Commission ruled earlier this week that Ireland granted Apple tax benefits that amounted to “state aid”...

By Matthew Heller • Sept. 5, 2016

Where Are Mobile Payments Headed?

Many new service offerings and payment options are available to businesses and consumers. These five articles examine some of the mobile payment technologies worth exploring and deploying, as well as those that are likely to disappear.Mobile Payments: Where’s the Benefit?The ‘use case’ for mobile...

By CFO Editorial Staff • Sept. 3, 2016

Campbell Soup Stock Drops 6% on Q4 Loss

Campbell Soup reported Wednesday that it swung to a loss in the fourth quarter, blaming the results in part on the “disappointing” performance of its fresh food business.The company has diversified into fresh foods to offset the decline of its iconic canned soups and other packaged foods. Campbel...

By Matthew Heller • Sept. 1, 2016

RBC Fined $2.5M Over Advice to Rural/Metro

In more legal fallout from Royal Bank of Canada’s role in the sale of Rural/Metro, the U.S. Securities and Exchange Commission has fined the bank $2.5 million for causing a false valuation of the ambulance company to be included in the proxy statement provided to its shareholders.An RBC unit was ...

By Matthew Heller • Sept. 1, 2016

Audit Flaws Up for Deloitte, Down for PwC

PwC showed some improvement in the Public Company Accounting Oversight Board’s latest review of Big Four audits while Deloitte’s deficiency rate increased slightly.In its 2015 inspections of the two firms, the government’s audit regulator found deficiencies in 13 of 55 audits and partial audits c...

By Matthew Heller • Aug. 31, 2016

Apple Hit With $14B Penalty Over Irish Tax Deal

The European Commission on Tuesday brought the hammer down on Apple’s tax arrangements with Ireland, ordering the Irish government to recover a record $14.5 billion in taxes from the company.Concluding a two-year investigation, the EU’s antitrust regulator said Ireland granted Apple tax benefits ...

By Matthew Heller • Aug. 30, 2016

How Efficient is Your Back Office?

CFOs are looking to streamline, standardize, and centralize a number of back-office functions, including procurement and invoice processing. Here are five articles that examine improvements in back-office processes.No End to ChangeTo truly transform the back office, companies must change not just...

By CFO Editorial Staff • Aug. 27, 2016

CFO Week in Review

In case you missed them, CFO offers the week’s most read stories.Banking, Tax Regs Eat Into Marijuana ProfitsThe legal cannabis sector is experiencing geometric revenue growth, but finance execs face formidable challenges managing the money.Amid Stiff Challenges, Callaway CFO Calls His Job ‘Best ...

By Kerry Maruna • Aug. 27, 2016

Stop the Quarterly Madness!

Over the last few decades, the quarterly earnings call has taken on increasing importance to many public company CFOs and chief executive officers. I’m concerned that the desire to meet these short-term milestones may, in some cases, lead to decisions that adversely affect success over the longer...

By Gregory V. Milano and Allison Cavasino • Aug. 26, 2016

Sears Loses $395M in Another Grim Quarter

Sears Holdings posted another large loss and a 5.2% decline in same-store sales during a grim second quarter that cast more doubt on its efforts to return to profitability.The retailer reported Thursday that it lost $395 million, or $3.70 a share, for the period ended July 30, compared to profit ...

By Matthew Heller • Aug. 25, 2016

Budgeting Inflexibility Cripples Bottom Line

Many companies aren’t very smart about managing their spending, and a primary contributor to the deficiency is inadequate budgeting practices, according to research and advisory firm CEB.More specifically, companies that use only one or two budgeting models across all business units and functions...

By David McCann • Aug. 25, 2016

Forecast for Finance Forecasting Looks Bright

Facing ever-accelerating technological change and capital markets, and even entire national economies that can seemingly turn on a dime, CFOs are finding that fast financial forecasting updates are a more effective planning tool than annual budgets have long been.Of course, yearly budgets are by ...

By David Katz • Aug. 25, 2016

Special Report: Budgeting and Planning’s Changing World

During an interview for the lead article of this CFO Special Report on budgeting, planning, and forecasting, Mike Murray, the CFO of Napa Recycling & Waste Services, spelled out the essence of what appears to be a growing consensus among finance chiefs: “The annual budget is a dead document, ...

By David Katz • Aug. 24, 2016

Budgeting for the Next Big Thing

A company may have a chance to buy a piece of prime real estate at a bargain-basement price. Or, suddenly, it finds it can run a manufacturing plant much more cheaply because a new energy technology has become available. Or the CFO senses that interest rates have hit bottom, and the firm has a no...

By David Katz • Aug. 24, 2016