Latest news with #USGAAP
Yahoo
3 days ago
- Business
- Yahoo
Viatris (VTRS) Announces Positive Top-line Results from VEGA-3
Viatris Inc. (NASDAQ:VTRS) is one of the The company announced positive top-line results from VEGA-3, which is the second pivotal Phase 3 trial evaluating MR-141 (phentolamine ophthalmic solution 0.75%) in treating presbyopia. To give a brief overview, presbyopia happens to be a progressive loss of the ability to focus on close objects, which leads to blurred near vision and eye strain, mainly in dim lighting conditions. A healthcare worker in a lab coat, holding a microscope and reflecting on the diagnosis of a patient. As per Viatris Inc. (NASDAQ:VTRS)'s Chief R&D Officer, presbyopia is a very common condition that affects ~90% of adults in the US over the age of 45. Viatris Inc. (NASDAQ:VTRS) expressed optimism with the positive results from the second pivotal Phase 3 trial, which reinforce the company's confidence in MR-141 and its benefit-risk profile as a potential, non-invasive option to help millions of patients. Furthermore, Viatris Inc. (NASDAQ:VTRS)'s growing pipeline, capital discipline, operational execution, and strong global scope provide confidence to navigate the periods of volatility and uncertainty. Viatris Inc. (NASDAQ:VTRS) continues to generate strong cash flow. Its net cash provided by operating activities (US GAAP) came in at $535 million, and FCF was $493 million, which includes $43 million in transaction-related costs. While we acknowledge the potential of VTRS as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 13 Cheap AI Stocks to Buy According to Analysts and 11 Unstoppable Growth Stocks to Invest in Now Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
09-07-2025
- Business
- Yahoo
Non-US firms are shrewd accounting standards shoppers
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. When choosing whether to use U.S. Generally Accepted Accounting Principles or International Financial Reporting Standards to file financial reports, many non-U.S. companies listed on U.S. stock exchanges are shrewd shoppers, according to a recent study from the Hebrew University of Jerusalem. 'This research shows that accounting regime selection is not merely a matter of regulatory compliance,' the lead researcher Dr. Heylel-li Biton of the Hebrew University Business School said in a July 2 release on the findings that were published in The International Journal of Accounting. 'It reflects calculated decisions by firms to align their financial reporting with operational goals and cost structures.' Since 2007, it's gotten easier for so-called foreign private issuers to use IFRS in the U.S. That's the year the Securities and Exchange Commission eliminated a requirement that FPIs reconcile any reports filed using IFRS accounting methods with U.S.-based GAAP. The change was expected to smooth the path for more foreign companies to list their shares in the U.S., to foster cross-boarder acquisitions, as well as to reduce reporting compliance costs, according to a report at the time from the law firm Clearly Gottlieb. U.S. GAAP has been a key choice for many filers who have stuck with it over the years. Out of a sample selection of 413 FPIs registered with the SEC from 1995 to 2015 who consistently report financials using the same accounting standard, the majority (325) use U.S. GAAP, 73 go with IFRS and just 15 use a domestic version of GAAP from their home countries, according to the study. But a review of a sample of non-U.S. firms who opted to switch accounting standards after the 2007 regulatory change on IFRS reconciliation shows a 'significant trend toward IFRS,' with 273 firms transitioning from domestic GAAP to IFRS and 82 from U.S. GAAP to IFRS. While the study found that some firms may favor U.S. GAAP because they associate it with lower compliance costs, data indicates firms from capital-intensive industries such as manufacturing and mining prefer IFRS. Of a total of 261 mining FPIs, 127 chose to report using IFRS, 108 went with a form of their country's GAAP while just 26 chose U.S. GAAP. The firms may be choosing a preference tied to rules that affect them. In comparing accounting standard guidance on long-lived assets' revaluations, IFRS provides 'more options to communicate fundamental value; thus, firms with more assets are likely to choose IFRS for the option of implementing fair-value accounting,' the study states. But U.S. GAAP may also provide some benefits from an enforcement standpoint because the SEC isn't as familiar with IFRS, increasing the likelihood that firms reporting with IFRS might be more likely to receive comment letters and requests for amendments, according to the report. In recent years the Financial Accounting Standards Board that sets and updates GAAP rules has stepped away from a push to converge U.S. GAAP with international standards, CFO Dive previously reported. Recommended Reading Restatements decline, with small companies more prone to error: CAQ
Business Wire
09-07-2025
- Business
- Business Wire
Bill Maloney Appointed as Texas Market Lead and Dallas Office Managing Partner at CrossCountry Consulting
MCLEAN, Va.--(BUSINESS WIRE)-- CrossCountry Consulting, a leading business advisory firm, today announced the appointment of Bill Maloney as the Texas Market Lead and Dallas Office Managing Partner. Maloney will lead the firm's strategy and operations across the Texas market, with a focus on delivering robust solutions tailored to the Office of the CFO, building strategic client and partner relationships, and driving sustainable growth in the region. As we continue to expand our presence in the Texas market, Bill's expertise and strategic vision will be pivotal in driving our growth and delivering exceptional service to our clients. Maloney brings more than 25 years of distinguished experience across financial, operational, and strategic leadership roles. His depth of knowledge spans key areas such as US GAAP and IFRS accounting, financial reporting, business growth strategies, and internal controls. Maloney's extensive experience in steering teams through significant business transformations and intricate financial reporting complexities sets the stage for the firm's accelerated growth in the Texas market. 'Bill is an outstanding addition to CrossCountry Consulting,' said Erik Linn, Co-Founder and Managing Partner at CrossCountry Consulting. 'His wealth of experience, proven leadership, and dedication to helping clients solve complex challenges align perfectly with our commitment to excellence. Bill also embodies the collaborative and people-focused culture that CrossCountry values, making him an ideal fit for our team. As we continue to expand our presence in the Texas market, Bill's expertise and strategic vision will be pivotal in driving our growth and delivering exceptional service to our clients.' Prior to joining CrossCountry Consulting, Maloney held several senior leadership roles, including serving as the National Practice Leader of Financial Advisory Services and Chief Operating Officer of Advisory Services at Riveron. He also held the position of Vice President of Reporting and Technical Accounting at Orthofix International and spent nearly 13 years at PwC, where he gained extensive experience in audit, transaction services, and global accounting consulting. 'I am excited to join CrossCountry Consulting and contribute to the firm's growth in the Texas market,' said Maloney. 'Their reputation for delivering top-tier advisory services, continued investment in their people, and commitment to innovation and client success, creates immense potential for growth and positive impact within the Texas market. I look forward to working closely with our talented teams and helping clients achieve their strategic objectives.' CrossCountry Consulting officially opened an office in Dallas in early 2024 in response to greater market demand across the Southwest region. They have been steadily adding clients and hiring team members in Texas for the past several years – leveraging their teams in Dallas-Fort Worth, Houston metro, and Austin-San Antonio to serve companies across the region. Learn more about CrossCountry Consulting.
India.com
07-07-2025
- Business
- India.com
Who is Elon Musk party's new Treasurer? The Indian-origin man who earns more than Satya Nadella, Mark Zuckerberg, his net worth is…, worked as…
Sleepless nights for Trump as Elon Musk launches new political party, can he run for President in…? New Delhi: Indian-origin Vaibhav Taneja, Tesla's Chief Financial Officer, has emerged as a key figure in Elon Musk's newly announced political venture, the America Party (AMEP). Tesla owner Elon Musk on Sunday announced a new political party called the 'America Party'. In the official filing of this party, Musk named Vaibhav Taneja as the Custodian of Records and Treasurer. According to a report by The Wall Street Journal, Vaibhav Taneja, Tesla's Chief Financial Officer (CFO), has earned a staggering USD 139 million in total compensation in 2024 — making it the highest in the world for any CFO. The salary pay package exceeded the earnings of Microsoft CEO Satya Nadella and Google CEO Sundar Pichai, placing Taneja in the spotlight as one of the most highly paid finance executives in corporate history. Before joining Tesla, he served a year at SolarCity, the solar energy company Musk co-founded, and nearly 17 years at PricewaterhouseCoopers, advising Fortune 500 clients on financial controls and IPO preparation. BREAKING – FEC paperwork has been filed to create the 'America Party,' but the listed treasurer is an Indian-born man named Vaibhav Taneja. — Right Angle News Network (@Rightanglenews) July 6, 2025 All You Need To Know About Vaibhav Taneja's Professional Journey: Vaibhav Taneja's professional journey began in India He earned a Bachelor of Commerce degree from Delhi University in 1999. The following year, he became a Chartered Accountant through the Institute of Chartered Accountants of India In 2006, Vaibhav became a Certified Public Accountant (CPA) in the United States. He spent nearly 17 years at PricewaterhouseCoopers (PwC), working in both India and the US In 2016, Taneja made a pivotal career move by joining SolarCity, a solar energy company that was later acquired by Tesla — marking the start of his journey with the electric vehicle leader. Career highlights and expertise Taneja is a Certified Public Accountant (CPA) and a Chartered Accountant, with deep experience in: US GAAP financial reporting SEC compliance and regulatory filings Internal controls and audit oversight Supporting C-suite leaders and boards of directors Guiding companies through IPOs and major public offerings Streamlining business processes to prevent revenue leakage Vaibhav Taneja and his journey at Tesla In 2017, after the merger of SolarCity with Tesla, Vaibhav joined Elon Musk's company as Assistant Corporate Controller. In 2018, he became Corporate Controller A year later he was appointed Chief Accounting Officer and ascended to the role of Chief Financial Officer in August 2023, succeeding Zach Kirkhorn. In addition to his global responsibilities, Taneja also serves as a director at Tesla India Motors and Energy Private Limited, where he plays a pivotal role in shaping Tesla's expansion strategy in India.
Time of India
06-07-2025
- Business
- Time of India
Who is Vaibhav Taneja, Indian-origin Tesla CFO declared Treasurer of Elon Musk's party?
Image credits: X Elon Musk , the world's richest man and a former close advisor and ally of the American President Donald Trump has had quite a time paving a lane away from his former supporter and slowly creating a stand against everything he previously sponsored. While he has been vocal on X about the POTUS's actions like the Big Beautiful Bill recently made a big move against him by launching his very own political party- America Party. According to the screenshots of the FEC form viral on social media, the America Party is headquartered at 1 Rocker Road, Hawthorne and Musk's name is mentioned as the single candidate. Under the form, Indian-origin Tesla CFO Vaibhav Taneja is listed as the treasurer and the custodian of records, with a Texas address being listed as his. Who is Vaibhav Taneja and how is he so close to Musk? Know all about him below! Who is Vaibhav Taneja? Image credits: X Vaibhav Taneja is the Chief Financial Officer (CFO) of Tesla. The 47-year-old assumed the role in August 2023 after the departure of Zach Kirkhorn. Taneja joined the company in 2017 through its acquisition of SolarCity, where he was serving in a senior finance role. He began as an Assistant Corporate Controller and rose to the ranks of Corporate Controller, Chief Accounting Officer, and now Chief Financial Officer. Over the years has played an eminent role in its financial operations and accounting. Before SolarCity, he worked at PricewaterhouseCoopers (PwC) for almost 17 years in both India and the United States. In terms of education, he holds a Bachelor's Degree in Commerce from the University of Delhi in India and qualified in chartered accountancy from the Institute of Chartered Accountants of India in 2000 and became a certified public accountant in 2006. Recently, he also came into light due to his viral compensation package of a whopping $139 million in 2024, surpassing top CEOs such as Satya Nadella and Sundar Pichai. Much of his package consists of stock options and equity grants which were issued upon his promotion to CFO in August 2023. With over 17 years of experience in technology, retail and telecommunication, Taneja is a master of US GAAP, financial statement audits and SEC filings. He has gradually gained experience through various positions and risen in rank at successful multi-national companies.
