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Former Trump Organization Chief Financial Officer Allen Weisselberg was released early on Friday after serving five months for perjury. He had previously been imprisoned for tax fraud, marking his second time in prison.

The Financial Accounting Standards Board (FASB) confirmed at a Wednesday meeting an update proposal aimed at clarifying the accounting for the settlement of certain convertible bonds, addressing concerns from the Big Four accounting firms. The proposed update is expected to be effective for fiscal years beginning after December 15, 2025.

The U.S. Consumer Financial Protection Bureau (CFPB) proposed an interpretive rule on Thursday to classify certain fee-based wage advance services as "consumer loans," thereby subjecting them to consumer protection regulations such as the Truth in Lending Act. The agency's research shows that workers use such services an average of 27 times per year, with annual percentage rates exceeding 100%. This move has elicited mixed reactions from industry and consumer groups.

The U.S. Securities and Exchange Commission's (SEC) climate risk disclosure rule, after two years of setbacks, was passed in March 2024 by a 3-2 vote, but was stayed in April following immediate legal challenges. Amid the rule's uncertain future, California's two climate bills and the EU's Corporate Sustainability Reporting Directive (CSRD), among other domestic and international requirements, continue to advance. Last Thursday, ESG Dive and CFO Dive co-hosted an online seminar inviting experts from Morningstar, Ceres, and Morgan Lewis to discuss how companies can prepare in a fragmented regulatory environment, compare the SEC rule with other frameworks, address compliance challenges, and examine the impact of the Supreme Court overturning the Chevron doctrine.

After the U.S. Securities and Exchange Commission (SEC) passed climate risk disclosure rules in March, Corpay Chief Accounting Officer Alissa Vickery stated that the rule has become a significant catalyst for the company to advance ESG data collection and reporting. Although the rule is currently stayed by the court, the company has decided to expand its partnership with Workiva to address multiple upcoming disclosure requirements, including those in California and the EU's CSRD.

Moody's Ratings noted on Monday that AT&T's recently disclosed massive data breach constitutes a 'credit negative' factor, raising serious questions about its network risk management practices. The breach involved call and text records from nearly six months in 2022, affecting 'almost all' AT&T cellular network customers. Moody's warned that customers may switch to competitors due to privacy concerns. AT&T already faces a proposed class-action lawsuit, and a separate data breach disclosed in March has already triggered multiple lawsuits.

In July, the UK Financial Reporting Council (FRC) announced sanctions against Sushovan Hussain, former CFO of Autonomy, following his fraud conviction in the US in 2018. Hussain agreed to a 20-year ban from membership of the Institute of Chartered Accountants in England and Wales (ICAEW), backdated to 2018, and to pay £450,000 in investigation costs. The case stems from Autonomy's sale to Hewlett-Packard in 2011 for approximately $11.7 billion, with Hussain accused of inflating revenue through methods such as backdating contracts.

ADM announced the appointment of Monish Patolawala as Executive Vice President and Chief Financial Officer, effective August 1. This move is seen as a key signal of the company seeking fresh external talent to reshape its financial leadership after undergoing an accounting investigation and SEC review.

Artificial intelligence is becoming a key tool for corporate financial transformation. SAP Concur's 2024 CFO Insights survey shows that 51% of CFOs plan to invest in AI this year, but most have limited awareness of its applications in finance. This article focuses on the expense management scenario, analyzing how AI reduces policy violations, enhances employee experience, deepens tax calculations, and warns of data privacy risks, recommending that CFOs choose vendors with strong privacy protection agreements.

The U.S. Department of Labor issued a proposed rule on Tuesday aimed at protecting millions of indoor and outdoor workers from extreme heat. The rule requires employers to establish heat injury and illness prevention plans, provide water, rest, and cooling measures, and seeks public comment.