The Financial Accounting Standards Board is expected to issue a proposal on how companies should disclose when their viability as a going concern is at risk. The exposure draft, which FASB indicated this year would be released in late March or early April, is expected to direct management to provide disclosures in financial statements that they more than likely will be unable to meet business obligations due to events or conditions.
Finance executives are not satisfied with some of the skills of the majority of their direct reports, according to a survey by CEB. The company queried managers about how their staff rates on 75 technical skills and 90 soft skills. Only 5%, for example, were found to be effective at communicating views clearly and tailoring communicating styles when needed. The survey attributes manager dissatisfaction with their direct reports to a finance talent shortage.
Humberto Alfonso will become the new president of international business for Hershey as the company seeks to become more competitive across the globe. Alfonso is currently the chief financial officer and chief administrative officer. He will be succeeded as CFO by David Tacka. The company also named Michele Buck as the new president of its North American business.