Tesla Inc. shares closed 10% below their intraday high after hedge fund manager David Einhorn publicly questioned Elon Musk again over the electric-car maker's accounting practices.
Einhorn, who five months ago told Musk he was "beginning to wonder whether your accounts receivable exist," said Tesla had claimed in the past that its balance of money owed was elevated by sales being highly concentrated at the end of each quarter. The Greenlight Capital president questioned how that could have been the case at the end of March given the shutdowns that Musk, 48, excoriated on Wednesday.
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Chubb Appoints Annmarie Hagan Chief Accounting Officer; Paul Medini to Retire
Ms. Hagan succeeds Paul Medini , who is retiring from the company. Mr. Medini, a Chubb Group Senior Vice President who has served as Chief Accounting Officer since 2003, will remain with the company until August 2020 to assist with the transition and related matters. Ms. Hagan will report to Philip Bancroft, Executive Vice President, Chubb Group and Chief Financial Officer.
"I have known and worked with Paul personally for many years and depended on his technical expertise and leadership as a career finance executive," said Evan G. Greenberg , Chairman and Chief Executive Officer. "I want to thank him for his service and wish him and his family much happiness in his retirement. Over the years, Paul built a strong team around him and he is leaving the chief accounting officer responsibilities in the very capable hands of Annmarie.
Hub Group announces accounting succession | Article | Compliance Week
Transportation management firm Hub Group announced Terri Pizzuto, executive vice president, chief financial officer and treasurer, has decided to retire effective June 30.
Pizzuto will be succeeded by Geoff DeMartino as executive vice president and chief financial officer and Kevin Beth as executive vice president and chief accounting officer. Both appointments will be effective as of July 1.
Accounting Today seeks Best Firms for Technology submissions | Accounting Today
Accounting Today is accepting submissions for its report recognizing the Best Accounting Firms for Technology. This is the second year the publication will recognize firms in this category.
The original deadline for submissions has been extended due to firms needing to handle their pandemic responses.
Given the growing importance of technology to the profession, the report will highlight a range of firms of different sizes that represent the cutting edge of the digital, technological revolution in accounting.
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He Said, She Said: Facing a tipping point | Accounting Today
The COVID-19 global pandemic and the potential economic downturn have created an unprecedented level of business disruption. Navigating the challenges created by this disruption and turning them into opportunities will determine what our firms will look like after this crisis is over.
He said: We are facing a great unknown. The country has been through several crises. We know how to deal with them. We're resilient. We worked our way through 9/11 and eventually became comfortable with travel and other restrictions. We got through the 2008 financial crisis. Now the COVID-19 pandemic, which presents both health and financial risks, is causing businesses to rapidly change.
The vertical coronavirus pandemic | Accounting Today
With grocery stores and their workers on the frontlines of the pandemic, myriad issues have arisen for an industry that, while often limiting hours and taking new precautions, has had to remain open to serve the public.
These challenges fall into a few broad categories, according to Jason Melillo, a principal at Southern California-based Krost CPAs, where he is an expert in the firm's grocery industry niche. Krost serves "a handful" of middle-market grocery stores in the southern California region and one larger, privately held grocery chain.
IRS PLR: Accounting Method Change Extension Granted (IRC §263A)
A domestic S corporation received extra time to properly file Form 3115, Application for Change in Accounting Method , on behalf of its wholly owned subsidiary, pursuant to the automatic change procedures set forth in Revenue Procedure 2015-13 , as determined by a retained accounting firm.
FASB staff Q&As address hedge accounting amid the pandemic - Journal of Accountancy
FASB's staff addressed hedge accounting issues related to the coronavirus pandemic in a staff Q&A document posted to the board's website Tuesday.
Stakeholders have asked FASB how the postponement or cancellation of forecasted transactions related to the effects of the pandemic should be considered when applying cash flow hedge accounting under FASB ASC Topic 815, Derivatives and Hedging .
Happening on Twitter
Tesla declines to give an update on April cash burn when directly asked by Adam Jonas. CGrantWSJ (from New York) Wed Apr 29 23:08:15 +0000 2020
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