Five Things You Should Read

May 16, 2019

FASB offers fair value option to ease CECL transition and why the former CEO of Goldman Sachs is backing Trump.

GE CFO Says Power Unit Will Be 'Significantly' Cash Flow Negative

Yahoo Finance

GE CFO Jamie Miller said at an investor conference hosted by Goldman Sachs, “Power was a very significant negative cash flow generator last year. We expect it to be also significantly negative this year.” GE's forecasts do not include an economic downturn, in part because of long purchase cycles and large order backlogs on GE products, she added.

Why the Former CEO of Goldman Sachs is Backing Trump's China Tariffs

Fox Business

“Tariffs might be an effective negotiating tool. Saying it hurts us misses the point. China relies more on trade and loses more,” Former Goldman Sachs CEO Lloyd Blankfein tweeted on Tuesday evening. Amid warnings from corporate America, Main Street businesses, economists and others that tariffs on China will increase costs for U.S. consumers, Blankfein said they could “eventually switch their purchases to domestic or non-Chinese companies” or pay more as “part of the process to assert pressure to level the playing field.”

CEO and CFO Quit Jet Airways

Quartz

India’s oldest private airline Jet Airways has announced that three of its top executives have decided to move on. The CEO, his deputy, and the CFO have all resigned on personal grounds. The airline’s company secretary and compliance officer has also quit. The exodus comes nearly a month after Jet was grounded due to non-payment of dues.

FASB Offers Fair Value Option for CECL Transition

Accounting Today

The new accounting standards update provides an option for preparers to irrevocably elect the fair value option, on an instrument-by-instrument basis, for eligible financial assets measured at amortized cost basis upon adoption of the credit losses standard. The update potentially reduce costs for financial statement preparers while giving more useful information to investors and other users.

3 Summer Reading Recommendations from Barack Obama

Inc.

Recently, former President Barack Obama took to Facebook to offer a short but eclectic list of must read titles for spring. He included Melinda Gates' 'The Moment of Lift,' 'Pachinko' by Min Jin Lee, and 'The Shadow of Sirius' by W. S. Merwin.