LendingClub: Forced to Tap Its Own Balance Sheet?

LendingClub on Monday said that the U.S. Department of Justice had opened an investigation into the alternative lender’s internal controls, following the ouster of its co-founder and chief executive Renaud Laplanch.On May 9, the San Francisco-based firm received a grand jury subpoena from the DOJ...

By Katie Kuehner-Hebert • May 17, 2016

Finance Roundup for Executives: May 17, 2016

Standout StoriesReducing risk through project management… As CFO, you’re charged with ensuring that your organization is positioned to deal effectively with all kinds of risks — operational, financial, reputational, and strategic. Assessing your organization’s risk profile through the prism of it...

By Kerry Maruna • May 17, 2016

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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

Finance Roundup for Executives: May 16, 2016

Standout StoriesNon-GAAP measures… Reacting to what it sees as the growing prevalence of non-GAAP measures and suspecting that they’re increasingly misleading, the Securities and Exchange Commission is cracking down on the practice.Following its issuance of a 2010 guidance restoring some non-GAAP...

By Kerry Maruna • May 16, 2016

Nordstrom Same-Store Sales Drop 1.7% in Q1

Nordstrom’s first-quarter profit fell far more than Wall Street estimates as growth in its online sales was not enough to offset a sharp decline at its luxury stores.The retailer on Friday reported earnings dropped 60% to 26 cents per diluted share on $3.25 billion in revenue. Analysts had expect...

By Matthew Heller • May 16, 2016

Shell Games: Two Charged With Selling Sham Companies

The U.S. Securities and Exchange Commission has charged a California stock promoter and a New Jersey securities lawyer with operating a “shell factory” that made $2.25 million by creating sham companies and selling them.According to the SEC, the companies included an e-cigarette marketer, an onli...

By Matthew Heller • May 13, 2016

Seven Charged in $43M Tribal Bond Fraud

A California man and his father already accused of stock fraud in a “pump-and-dump” scheme are facing new charges alleging they swindled investors in Native American bonds out of more than $43 million.According to the U.S. Securities and Exchange Commission, Jason Galanis, 45, and his father John...

By Matthew Heller • May 12, 2016

Workplace Injuries to Be Made Public

Much like restaurants have to post the grades they receive from health departments about their sanitary conditions, the U.S. Department of Labor’s Occupational Safety and Health Administration on Wednesday issued a final rule requiring employers in highly hazardous industries to send OSHA injury ...

By Katie Kuehner-Hebert • May 12, 2016

Linn Energy Joins List of Oil Patch Bankruptcies

Linn Energy LLC has become one of the largest victims of the oil price rout, filing for bankruptcy so it can implement an agreement with creditors to restructure its debt burden and obtain $2.2 billion in new financing.Wednesday’s move to seek Chapter 11 protection also includes LinnCo LLC, a pub...

By Matthew Heller • May 12, 2016

SEC Leads Crackdown on Non-GAAP Measures

Reacting to what it sees as the growing prevalence of non-GAAP measures and suspecting that they’re increasingly misleading, the Securities and Exchange Commission is cracking down on the practice.Mark Kronforst Following its issuance of a 2010 guidance restoring some non-GAAP measures that the S...

By David Katz • May 12, 2016

Focus on Cash, Not Costs, in the Supply Chain

We’re stuck in a painfully sluggish economy. Stifled consumption, overcapacity in shipping, and tumbling raw materials prices all point to the kind of slow growth that doesn’t turn around overnight.Many organizations are struggling to drive revenue — some are already seeing shrinking revenue — wh...

By Nader Mikhail • May 12, 2016

Global Oil Market Is Near Balance: IEA

The global oil market is near balance, as higher output from members of the Organization of Petroleum Exporting Countries has more than offset deepening declines in non-OPEC countries, according to the International Energy Agency’s Oil Market Report for May, released on Thursday. But the balance ...

By Katie Kuehner-Hebert • May 12, 2016

Finance Roundup for Executives: May 12, 2016

Standout Stories10 management behaviors to avoid… Admittedly, when one reflects on the most significant bad management behavior, thoughts of Enron, WorldCom, and Tyco come to mind. And rightfully so: that list is full of criminal behavior that should absolutely be avoided. But there is another li...

By Kerry Maruna • May 12, 2016

Macy’s Earnings Drop 40% on Sluggish Sales

Sluggish sales amid weaker consumer spending dragged down Macy’s earnings for the first quarter.The retailer reported Wednesday that sales at stores open for at least a year fell 6.1%. It was the fifth consecutive quarter the metric has declined and Macy’s worst quarterly performance since 2009.A...

By Katie Kuehner-Hebert • May 11, 2016

Gap’s Credit Rating Downgraded to Junk

Fitch Ratings on Wednesday downgraded The Gap Inc. to junk status, expressing doubts about the retailer’s efforts to protect earnings through cost-cutting.The downgrade takes Gap’s debt down one notch to BB+ from BBB-, bringing it below investment grade.Fitch cited its “reduced confidence in stab...

By Katie Kuehner-Hebert • May 11, 2016

Staples, Office Depot Stocks Dive on Merger Demise

Shares of both Staples and Office Depot tumbled Wednesday after the two office supply giants scuttled their proposed $6.3 billion merger because of antitrust concerns.The demise of the deal quickly followed a federal judge’s decision on Tuesday to grant the Federal Trade Commission’s request for ...

By Katie Kuehner-Hebert • May 11, 2016

Finance Roundup for Executives: May 11, 2016

Standout StoriesBrand accounting… Even after his death on Jan. 21 of this year, Roger Sinclair, inaugural fellow of the Marketing Accountability Standards Board, remained a tireless critic of accounting rules governing the valuation of acquired brands.His final article on the topic (Proposed Mega...

By Kerry Maruna • May 11, 2016

Credit Suisse Posts Q1 Loss

Credit Suisse on Tuesday posted a loss for the first quarter, but also said that the financial services firm had already given pink slips to half of the 2,000 employees slated for layoffs.The Zurich-based company reported pre-tax loss of CHF 484 million ($496.24 million), compared with reported p...

By Katie Kuehner-Hebert • May 10, 2016

Finance Roundup for Executives: May 10, 2016

Standout StoriesAccountants… A recent story in The New York Times story sent shivers throughout the alleyways of downtown Manhattan with its bold headline, “The Robots Are Coming for Wall Street.” Conjuring images of Arnold Schwarzenegger, armed with scientific calculator and a mandate to snuff o...

By Kerry Maruna • May 10, 2016

Investor Outreach on Rev Rec Rule Needed: SEC Official

Given the sweeping changes companies will likely have to make under the new Financial Accounting Standards Board’s revenue recognition standard, they should focus on reaching out to investors to help them understand the effect of the new standard on their financial reporting, according to Wesley ...

By David Katz • May 10, 2016

Readers Sound Off: Accounting for Brands

Even after his death on Jan. 21 of this year, Roger Sinclair, inaugural fellow of the Marketing Accountability Standards Board, remained a tireless critic of accounting rules governing the valuation of acquired brands.His final article on the topic (Proposed Mega-Deal Underscores Flawed Accountin...

By CFO Editorial Staff • May 10, 2016

Finance Roundup for Executives: May 9, 2016

Standout StoriesThe innovation of payment… Today’s generation of fintech companies has come a long way since the 1990s when startups focused on selling technology to the financial services industry. Now, in the flash of a mobile app, many are taking their products directly to consumers.In 1998, P...

By Kerry Maruna • May 9, 2016

Alternative Lenders Disrupt Banking

While most small and midsize businesses still head to the bank when they need funding, alternative lenders are gaining favor. The question is will they last? Read these five articles for an overview of the alternative lending landscape.Fast Money see opportunity — big opportunity. According to co...

By CFO Editorial Staff • May 9, 2016

Revlon Swings to Profit on ‘Solid Start’ to 2016

Foreign currency impacts turned positive for Revlon in the first quarter, helping the beauty products maker swing to a profit on higher sales.Revlon on Friday reported net income of $11 million, or 21 cents a share, compared with a loss of $900,000, or 2 cents a share, in the first quarter of 201...

By Katie Kuehner-Hebert • May 6, 2016

Berkshire Hathaway Misses Profit Estimates

Warren Buffett’s Berkshire Hathaway conglomerate confirmed Friday that its operating profits fell 12% in the first quarter as a decline in freight volumes drove down results at the Burlington Northern Santa Fe railroad, its largest unit.Operating profit dropped to $3.74 billion, or $2,274 per Cla...

By Matthew Heller • May 6, 2016

Putting Continuous Accounting to Work

My March 2 column on continuous accounting, “Stopping the Madcap Sprint to Close the Books,” apparently struck a chord, encouraging many readers to write thoughtful responses. Most wanted to know how continuous accounting “actually works.” This piece is my reply to these inquiries.First a quick r...

By Therese Tucker • May 6, 2016