What CFOs say is the biggest story of 2014

In the latest CNBC Global CFO Council poll, members gave their thoughts on what the most important business news story of 2014 was. Topping the list: falling oil prices.

The CFO Council represents some of the largest public and private companies in the world and collectively manages more than $2 trillion in market capitalization across a wide variety of sectors.

When asked whether or not oil prices would continue to fall, nearly half of council member respondents said that crude oil prices would fall below $60 per barrel before rebounding. On Thursday, those respondents were proved right. (The survey closed on Wednesday).

When council members were asked what impact the falling price of oil will have on their bottom line next quarter, the answer was split: Nearly 48 percent of respondents said that the recent 50 cent drop in retail gas over the last year will have a slightly positive impact on their firm's earnings, while nearly 43 percent predict it will have no impact at all.

The macro environment

When it comes to a more macro view, nearly 43 percent of respondents said the global economy is in a modest decline. Eastern Europe and Russia topped the CFO Council members' list of global regions where the overall business climate will decelerate.

The group had a more positive outlook on the economic situation here at home, with just under 68 percent of the council saying the U.S. economy is modestly improving; less than 5 percent said it is in decline.

CNBC Global CFO Council survey complete results below: