Financial Reporting
PCAOB Gains Key Senate Support, Future Still Uncertain
Last week, the Public Company Accounting Oversight Board (PCAOB) received key support from a Senate parliamentarian, who ruled that a provision to abolish the board and merge its functions into the SEC violates budget reconciliation rules. However, accounting experts note that the fight over the PCAOB's future is far from over, with supporters and opponents still contending on multiple fronts.
Wiley appoints former Xerox executive as CFO, AI licensing revenue doubles
Wiley appoints former Xerox executive Craig Albright as CFO, succeeding interim CFO Chris Caridi. The company's AI licensing revenue doubled to $40 million in fiscal year 2025 and launched an AI partnership initiative.
Senate Proposal Seeks to Make TCJA Corporate Tax Cuts Permanent
The Senate Finance Committee released a 549-page tax and spending bill to make Trump-era corporate tax cuts permanent, including 100% bonus depreciation, R&D expensing, and interest deduction benefits. The bill is undergoing a "Byrd Bath" review, cost estimates have not yet been released, and passage is not expected until after July.
Former Intel Executive Receives $1.9 Million Signing Bonus to Become Ciena's New CFO
Ciena, a high-speed optical network equipment maker, announced on June 18 the appointment of former Intel executive Marc Graff as Senior Vice President and Chief Financial Officer, effective August 1. Graff will receive a $1.9 million cash signing bonus and a one-time equity award valued at $10.4 million to compensate for incentives forfeited from his previous employer, Altera. Former CFO James Moylan, who is retiring after 18 years in the role, will remain until August 28 to assist with the transition.
GENIUS Act Brings New Focus to Stablecoin and Digital Asset Regulation
The U.S. Senate passed the GENIUS Act with a vote of 68 to 30, aiming to provide regulatory certainty for stablecoin issuance. Paul Brody, EY's Global Blockchain Leader, noted that a clear legal framework is key for conservative institutions, such as banks and chief financial officers, to participate in this sector. If the bill ultimately becomes law, it will clarify that stablecoins are not securities and impose reserve and disclosure requirements on issuers.
Yum Brands CFO Chris Turner to Succeed as CEO with Annual Salary of $1.1 Million
Yum Brands disclosed in a securities filing on Tuesday that current CFO and Chief Franchise Officer Chris Turner will succeed as CEO on October 1, with an annual salary of $1.1 million. Turner has been with Yum for six years and previously held executive roles at PepsiCo. Current CEO David Gibbs announced his retirement after 37 years with the company and will remain as an advisor until 2026.
Bankrupt home goods retailer At Home says tariff policy has a 'significant impact'
At Home Group filed for bankruptcy protection this week due to increased liquidity pressure from tariff policy uncertainty. CFO Jeremy Aguilar stated in court documents that the company relies heavily on overseas suppliers, and the tariff policy has had a 'significant impact' on it.
SEC appoints former staffer Kurt Hohl as new chief accountant
The SEC announced on Friday the appointment of Kurt Hohl as its new chief accountant, effective July 7. Hohl previously worked at the SEC (1989-1997) and spent 26 years at Ernst & Young. He will succeed Paul Munter, who stepped down in January. SEC Chair Paul Atkins stated that Hohl's experience and integrity will benefit markets and investors.
New York Passes CPA Licensure Pathway Bill, Florida Delays Consideration
The New York State Senate passed a bill on Thursday offering an additional pathway to becoming a licensed Certified Public Accountant (CPA), and the bill has been sent to Governor Kathy Hochul for signing. Meanwhile, Florida has temporarily shelved CPA pathway reform after the bill was merged into broader controversial legislation.