FASB to require supply chain finance disclosure in 2023
The Financial Accounting Standards Board has adopted a requirement that firms disclose quarterly the terms and the outstanding balance of supply chain financing. Such financing, which lets suppliers get paid faster and lets firms pay bills later, had not been subject to reporting requirements but must be disclosed starting in early 2023.
Inflation sees sharpest rise in nearly 41 years
The consumer price index rose 9.1% in June, according to the Labor Department, marking the highest year-over-year inflation since December 1981 and exceeding estimates of 8.8%. The core index, which excludes more volatile food and energy prices, increased 5.9% year over year, also surpassing estimates.
Firms grapple with rising CFO turnover
Turnover among CFOs is on the rise, and the trend is troubling CEOs and board directors who see their finance chief as a valuable asset and leader. CFOs increasingly face added responsibilities, and a recession could raise pressure on firms to retain their CFO.
What CFOs should ask about cybersecurity
CFOs can’t make informed decisions about cybersecurity budgets without understanding the core issues underpinning the security landscape. To get the best intel, CFOs should confer with chief information security officers and ask five questions, including an inquiry about the main threats to watch.
SEC’s Lee resigns as commissioner
Securities and Exchange Commission member Allison Herren Lee stepped down on July 15, a move she had announced earlier this year. Lee, a Democrat, leaves an open seat for the Biden administration to fill.
How CFOs can be allies for innovation
CFOs often are seen by colleagues as a barrier to moving an organization forward, and while that view often is inaccurate, research shows it persists largely because CFOs are asked to assess financial implications of business proposals. McKinsey outlines ways CFOs can overcome this misconception by establishing themselves as allies for innovation.
The “pillars” that make a firm profitable
Companies that consistently turn a profit are those that have excellent financial reporting, budget wisely for compensation and physical location, and have account and project managers focused on the right areas, writes David Baker. Baker outlines several characteristics found in these firms, including discipline, confidence and self-awareness.
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