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December 24, 2012
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Business Finance Today 
  • Holiday shopping in the U.S. weakens in final days
    Americans filled the malls in the final days of the holiday season, but many said they weren't in the mood to do much spending. ShopperTrak -- which calculates sales and foot traffic at 40,000 retail locations -- scaled back its holiday spending forecast from a 3.3% increase to 2.5% growth. ABC News/The Associated Press (12/24) LinkedInFacebookTwitterGoogle+Email this Story
  • IPO applicants start getting background checks in China
    China has begun investigating applicants for initial public offerings, including the credibility of their financial statements, according to the official China Securities Journal. The China Securities Regulatory Commission will disqualify any company that fails to meet its requirements, the newspaper reported. Reuters (12/23) LinkedInFacebookTwitterGoogle+Email this Story
Your Bottom Line 
  • FASB proposal would cause banks to set aside higher reserves
    The Financial Accounting Standards Board has proposed a rule for accounting for credit losses that would result in banks, financial firms and companies that offer financing having to increase their loan-loss reserves as much as 50% and recognize losses from nonperforming loans faster. The rule would call for them to estimate expected credit losses and set aside reserves based on those projections. The Center for Financial Research and Analysis said in a research note that the model could give companies more discretion in determining loan losses and "create a powerful earnings management tool." The Wall Street Journal/CFO Journal (tiered subscription model) (12/21), Accounting Today (12/20) LinkedInFacebookTwitterGoogle+Email this Story
In the C-Suite 
  • Why passion isn't always enough to drive success
    You can't just follow a passion and expect to be successful, Malcolm Munro writes. You also must do your homework and get the necessary skills to ensure that a new business can work. "[T]echnology enables us to be creative in how we build and promote businesses. It simply won't replace the difficult and sometimes common sense information you need to be successful though," he writes. Total Career Mastery (12/17) LinkedInFacebookTwitterGoogle+Email this Story
On the Move 
  • Andy LaFrence has been appointed vice president of finance and CFO at SurModics. Most recently, he was CFO of CNS Therapeutics. RTT News (12/21) LinkedInFacebookTwitterGoogle+Email this Story
  • David Owen will be CFO of JPMorgan Chase's consumer and community banking unit. He joined the company in 2011 as CFO of the consumer bank. Bloomberg (12/21) LinkedInFacebookTwitterGoogle+Email this Story
Off the Charts 
  • What Santa's trip would cost if mortals did it
    If Santa actually had to hire help to complete his rounds, instead of relying on magic, the cost and manpower would be astronomical. FedEx and UPS figure that Santa would need, for starters, 46 international distribution centers and 12 million employees, including 400,000 workers to load the sleigh. National Public Radio (12/19) LinkedInFacebookTwitterGoogle+Email this Story
Most Read by CFOs 

Top five news stories selected by SmartBrief for CFOs readers in the past week.

  • Results based on number of times each story was clicked by readers.
Editor's Note 
  • SmartBrief will not publish Tuesday
    In observance of Christmas, SmartBrief will not publish Tuesday. Publication will resume Wednesday. Enjoy the holiday! LinkedInFacebookTwitterGoogle+Email this Story
SmartQuote 
The existing model was cumbersome and not easily understandable or auditable. This change will give more timely recognition when a bank or lender thinks there is a problem with a loan."
--Peter Bible, chief risk officer at accounting firm EisnerAmper, as quoted by the Wall Street Journal's CFO Journal.
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