Financial Reporting
FASB Issues Targeted Amendments to Accounting for Internal-Use Software
FASB issued long-awaited new guidance on accounting for internal-use software costs on Thursday, with amendments aimed at simplifying existing rules and improving operability. The new rules apply to costs incurred in developing or purchasing software for internal use and are effective for annual reporting periods beginning after December 15, 2027.
PayPal senior executive Francois Horikawa appointed as Extend's first CFO
Spend management platform Extend announced the appointment of former PayPal executive Francois Horikawa as its first CFO, along with $20 million in new funding to accelerate profitability and product expansion. Horikawa will be responsible for driving the transformation of the company's economic model and diversifying revenue streams.
Federal Reserve cuts interest rates by 25 basis points, expects two more cuts this year
At its September 17 meeting, the Federal Reserve announced a 25-basis-point rate cut, adjusting the federal funds rate target range to 4%-4.25%, and released updated economic projections suggesting two more cuts may occur before the end of 2025. Fed Chair Powell noted that a cooling job market coexists with rising inflation, making policy balancing more difficult. Governor Miran dissented, advocating for a larger rate cut.
SEC Prioritizes Trump's Call to Abolish Quarterly Earnings Reports
The U.S. Securities and Exchange Commission (SEC) responded Monday evening to President Trump's renewed call to eliminate quarterly reporting requirements for listed companies, saying it will prioritize the matter. In a statement, an SEC spokesperson said that at Trump's request, Chairman Paul Atkins and the SEC are prioritizing the proposal to further reduce unnecessary regulatory burdens on businesses. Trump argued on social media for changing the reporting frequency to semi-annual, saying it would save costs and allow management to focus on operations. The SEC implemented a semi-annual reporting system in 1955 and shifted to quarterly reporting in 1970. Analysts noted that under Atkins' leadership, the SEC's rulemaking process may accelerate. Trump also made a similar suggestion during his first term in 2018, and the SEC subsequently issued a request for comment in December of that year, but the matter was quietly shelved in 2021 by then-Chairman Gary Gensler.
Trump-backed Motion to Eliminate Quarterly Reports Is Not a 'Sure Win' for CFOs
Trump reiterated on Truth Social his proposal to eliminate quarterly earnings reports and switch to semiannual reports, claiming it would save costs and allow management to focus on long-term operations. However, accounting and financial experts point out that while this could ease quarterly pressure on CFOs, it may weaken investors' access to information and increase concentrated pressure during semiannual reporting. The SEC rulemaking process is lengthy, but new leadership could accelerate progress.
Former Alstom Executive Appointed CFO of Worldline, Focusing on Cash Flow and Growth
Worldline has appointed Srikanth Seshadri, a former financial executive at Alstom, as its Chief Financial Officer, effective September 8. He will be responsible for driving the company's transition toward robust and sustainable cash flow generation and meeting investor expectations. This appointment is one of a series of executive changes announced by the company in late July, aimed at addressing challenges in the European payment market and declining cash flow.
Vue International Appoints New Group Chief Financial Officer
Vue International, one of Europe's largest privately-owned cinema operators, announced on Thursday the appointment of James McArthur, a former executive at HX Expeditions, as Group Chief Financial Officer, effective October 13. McArthur will be responsible for driving the company's expansion plans and will work with CEO Tim Richards. This follows the departure of former Chief Financial Officer Alison Cornwell on February 28.
Tesla CFO Sells More Stock, CEO Compensation Controversy Heats Up
Tesla CFO Vaibhav Taneja sold approximately $918,000 in stock again on Monday, following two sales totaling $1.7 million in July. Governance experts say this sends a "bad signal" to shareholders. The company will hold its 2025 annual general meeting on November 5 to conduct a "say-on-pay" vote on executive compensation and review CEO Musk's approximately $1 trillion pay package.
Tariff Concerns and AI Applications Highlight the Importance of Financial Planning and Analysis (FP&A) — Protiviti Survey
Protiviti's 2025 Global Finance Trends Report, released on Tuesday, indicates that the application of artificial intelligence in finance functions has doubled compared to last year, while the impact of tariff changes on financial forecasting and reporting is increasingly significant, bringing the talent and modernization of financial planning and analysis (FP&A) into focus. The survey covered over 940 executives and finance leaders worldwide, with 72% of finance organizations reporting AI usage (up from 34% in 2024), but AI also brings new challenges in cybersecurity and data privacy. The report emphasizes that CFOs need to drive FP&A from basic, isolated spreadsheet operations toward a collaborative business process supported by a technology ecosystem.
Dell Technologies CFO McGill announces resignation after two years in role
According to a securities filing submitted by Dell Technologies CFO Yvonne McGill on Monday, she will step down from her CFO role but will continue working full-time until October 31. The company has appointed senior executive David Kennedy as interim CFO and has begun searching for a permanent successor. During her tenure, McGill drove the development of the AI business, but the company has faced pressure from declining profit margins.