Confidential to Sir David Tweedie: Mary Schapiro Isn’t Hearing Encouraging Words on IFRS

Posted on by Caleb Newquist

Speaking at The Wall Street Journal’s annual CFO Network meeting in Washington D.C., Schapiro readily admitted that there isn’t a big push from either multinationals or shareholders to move to international financial reporting standards.

In response to a question from Bank of America’s CFO, Chuck Noski, Schapiro said, “We have not heard from a lot of shareholders that we have to go (to IFRS). We’ve heard the contrary… ‘Why would we take this step toward international accounting standards?’” [CFOJ]

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Any Budding CFOs Who Had Dreams of Being an Astronaut Should Get Their Résumés in Order

Virgin Galactic is racing to be the first company to launch a commercial space flight and since these sort of things usually need someone that’s good with numbers, the company is CFO shopping:

Virgin Galactic, a leader in the race to launch commercial space flights, is looking to hire the first CFO in a brand-new industry sector. “It’s a historic thing,” says George Whitesides, the former NASA chief of staff who is the company’s chief executive. “The executives here are thinking back to the early days of aviation, when companies like American Airlines were getting started. For the right person, it would be tremendously exciting.”

Naturally, this particular job isn’t for just any ol’ finance and accounting sage. You need experience in aerospace, raising both private and public money, and a little exuberance might be nice:

The right person will have strong experience in raising funds from private-equity investors and public offerings, ideally some prior experience or relationship with the aerospace industry, and a hint of merriment.

Virgin Galactic wants a CFO who “fits the Virgin brand,” which means someone who is hard-working but also dynamic and able to integrate work and fun, à la company founder and committed thrill-seeker Richard Branson. Yes, this will not only be the first CFO in a new sector, but quite possibly the first one to rocket into space.

So for you buttoned-up types, just keep moving along. Virgin will be needing for someone who won’t be ashamed by wearing adult diapers and projectile vomiting in front of the billionaire boss.

Virgin Territory for One Lucky CFO [CFO]

Florida CFO to Solve Budget Crisis with Paper Clip Exchange

CFOs have a tough job. Oh sure maybe a select few get to globe-trot with the Fab Four to the likes of Davos but the lion-share of them have to deal with less sexy tasks like, say, saving money.

Or solve a state fiscal crisis! Enter Florida’s CFO, Alex Sink. Ms. Sink is taking cost saving initiatives to levels that the Big 4 either considered and found ridiculous (even for them) or will be implementing them in the near future.


Last year Ms. Sink had her staff count paper clips in order to reduce costs. No, seriously. “Her staff spent untold hours determining the Department of Financial Services has 537 pounds of paper clips, 37,601 binder clips and 17,425 pens.”

The staff that were found to hogging more than a reasonable amount of suppliers were fired on the spot. Okay, not really but yeah, staff were counting counting paper clips. Makes you glad to be working at public accounting, no?

The latest idea from the CFO of the FLA that is the creation of the “CFO Depot”. This will allow employees to swap supplies as needed, as opposed to rummaging through every drawer at the their desk. Presumably this will cut down on violence in the workplace and will save the state money. Ms. Sink is encouraging other state agencies to set up similar systems, as this may save the state $14 million.

Here’s the pitch:

GM CFO Says Company Is Committed to ‘Low-debt Strategy’ For Real This Time

General Motors Co’s new chief financial officer told analysts the automaker remains committed to the low-debt strategy and discipline on vehicle pricing emphasized by his predecessor. In a dinner meeting with analysts on Thursday, Dan Ammann said GM faced limited impact from the Japan crisis, was increasing its auto credit capabilities, and was reducing its exposure to incentives in the U.S. market, according to research notes from Barclays Capital and J.P. Morgan. “Dan emphasized fundamental continuity around GM’s financial strategy and philosophy with his predecessor,” Barclays analyst Brian Johnson said. “Dan plans to continue the low-debt strategy of his predecessor.” [Reuters]