FEI Weekly

November 16, 2018

FASB issues CECL ASU, and how 'NextMapping' can change your company's culture.

Can PG&E Cover $13B in Losses from CA Wildfire?

Fox Business

PG&E disclosed in an SEC filing this week that, while it had renewed its liability insurance coverage for wildfire events in its most recent quarter to $1.4 billion, it could be facing a much larger bill. Some early estimates say the amount could exceed $13 billion.

FASB to Allow Non-Public Business Entities to Implement CECL One Year Later

ABA Banking Journal

The FASB has issued an accounting standards update to allow non-public business entities to implement CECL on Jan. 1, 2022, instead of Dec. 31, 2021, as originally required. The one-day change effectively gives the qualifying entities an additional year to implement CECL.

Patisserie Valerie Replaces Boss With Turnaround Specialist

The Guardian

The CEO of Patisserie Valerie Paul May has quit and been replaced by turnaround specialist Stephen Francis, weeks after shareholders backed a rescue deal for the company. The company said Francis had engineered four business turnarounds since 2005. Finance director Chris Marsh was arrested after the company revealed it had found “significant, and potentially fraudulent”, accounting irregularities that meant it was nearly £10m in debt instead of having £28m in the bank

How 'NextMapping' Can Change Your Company's Culture

Forbes

According to Future of Work Expert Cheryl Cran, NextMapping is a proprietary process that allows organizations to implement business transformations including digital transformation in a very holistic, people-first way. Cran says that when companies focus on the technology alone versus how this is going to affect and help their people that they lose people and can’t recruit as well.

The Path to Career Success Begins With This Surprising Life Decision

Fast Company

According to a new survey, an astounding 93% of the C-suite executives surveyed grew up with a pet, and 78% partially attribute their career success in part to owning a pet as a child. Additionally, nearly a quarter (24%) say that their childhood pet taught them more valuable lessons than their first internship. Even if you weren’t lucky enough to grow up with an animal around the house, it’s not too late to benefit from a trip to the shelter: 80% of people surveyed said they felt more connected to colleagues who own pets, and 79% believing that colleagues with pets are hard workers.