Five Things You Should Read

May 22, 2020

Don't ruin your career with this quarantine mistake.

Macy's Appoints Interim CFO, Braces for $1B Loss

Market Watch

Macy's announced this week that it has appointed the company's controller and risk management officer Felicia Williams as its interim CFO, effective June 1. Williams will succeed Paula A. Price who, as previously announced, will leave on May 31. The retailer said on Thursday it could rack up operating losses of up to $1.11 billion in the first quarter, as the department store operator was forced to shut stores due to lockdowns aimed at curbing the spread of the new coronavirus.

Prepare to See An Explosion of PPP Fraud Cases

Banking Dive

The speed with which the SBA and Treasury Department set up the Paycheck Protection Program (PPP), and the volume of loans funneled through it, means more fraud cases are likely to follow. "The kinds of cases that we've just seen are really low-hanging fruit — the fraudster trying to get a loan under false and fraudulent pretenses," Sara Lord, a partner at Arnall Golden Gregory LLP, says. According to Lord, more complex PPP schemes could take years to uncover.

FASB Pushes Back ASC 606, 842 Adoption for Nonpublic Entities and Considers Accounting for PPP Loans

Journal of Accountancy

After receiving considerable feedback from the broader accounting community, the FASB voted to further delay the effective date for ASC 606 (Revenue Recognition) and ASC 842 (Leases) by one year for all nonpublic entities. After the delay is written into a coming ASU, nonpublic preparers could delay adoption potentially until 2022. In addition to the decision to delay these standards, the Board considered accounting for PPP loans. Right now, it appears that the Board is waiting for a coming AICPA Q&A before offering up any guidance in this area.  

Why are Higher-Earning Women Taking On a Larger Proportion of Homeschooling?

Quartz

In March and April 2020, scientists from the universities of Oxford, Cambridge, and Zurich set out to study inequality in the impacts of coronavirus, via surveys of more than 20,000 people in Germany, the US, and UK. One surprising finding is the higher-earning the woman, the more likely she is to be doing a larger proportion of homeschooling than men who earn a similar amount. Higher-earning women are statistically likely to be better-educated than those with lower incomes. But they’re also likely to be in positions as demanding as high-earning men.

Don't Ruin Your Career With This Quarantine Mistake

Ladders

Like any social media error, posting a photo of yourself not following social distancing rules can hurt your chances of impressing an employer. “When you portray ‘social distance rule-breaking photos’, the first bias that comes into my mind as a recruiter and hiring manager is ‘if this person ignores the rules set by the government, what’s the likelihood they’re actually going to play by the rules inside of my company?'” Job coach and talent acquisition expert Lindsay Mustain said.