October 2007 - Posts
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But they may have to, as regulators consider giving U.S. companies the choice to use IFRS before it's fully converged with American accounting principles. A majority of finance executives born and bred on U.S. GAAP and its many iterations would be reluctant...
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An agreement to pay $18 million quells noteholders' impatience for the company to file its delinquent financials. Beazer Homes USA said it has reached an agreement with creditors that enables it to avoid being in default on loans. The homebuilder could...
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New York congressman's controversial bill frames the upcoming debate over corporate tax issues. Rep. Charles Rangel (D-NY) hit a corporate nerve when he issued his new tax reform bill last Friday. Since Rangel chairs the House Ways and Means Committee...
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The company had stood accused of deceiving the United Nations about its contracts with the Iraqi government under the U.N.’s Oil for Food Program. Ingersoll-Rand Co. has agreed to pay $6.7 million to settle charges that subsidiaries paid illegal...
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The first legal shots are fired in the brokerage company’s $8 billion investment debacle. At least two class-action lawsuits have been filed on behalf of shareholders against Merrill Lynch and company officers and directors following the company’s...
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The commission will take no action against the company. PMC-Sierra, one of a reportedly more than 200 companies implicated in the backdating scandal, is no longer the subject of a federal probe. Last week, the Securities and Exchange Commission told the...
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The chipmaker's audit committee had found that there were times when it used incorrect measurement dates for grants. The Securities and Exchange Commission has ended its probe into the stock-option practices of NVIDIA Corp. and taken no enforcement actions...
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Long overdue financial results are restated and filed with the SEC as the computer maker plans to start repurchasing stock later this year. Dell is finally current with its regulatory filings. The struggling computer maker on Tuesday filed its past due...
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Proposal would increase jail terms for public company executives from three to six years. A bill wending its way through the Italian Parliament aims to increase the penalties now in place for executives convicted of falsifying public company accounting...
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When a company's material-weakness disclosures rise, the CFO's bonus falls, according to a new study. While the pay of chief executive officers may be based on bold metrics like their companies' bottom lines, CFO compensation requires a more intricate...
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Has the time come for companies to appoint executives in charge of environmental issues? The "chief carbon officer" designation is not yet in widespread use, but it can only be a matter of time. Such is the speed at which the carbon issue is zooming up...
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Investors, GM, unsecured creditors, and common stockholders all will get a little bit less to help the company out of bankruptcy. Delphi Corp. has filed a number of amendments to its reorganization plan, including changes to its agreements with General...
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American Italian Pasta settles its investor class-action suit; meanwhile the company plans to take a goodwill charge for brand value lost in 2005 and 2006. American Italian Pasta Company said it will pay $25 million to settle a class action lawsuit related...
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The ceiling income from pension plans terminating in 2008 will be 4.5% more than those winding up this year. The Pension Benefit Guaranty Corporation has raised the maximum insurance benefit for participants in underfunded pension plans terminating...
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In the wake of the subprime crisis and Stan O'Neal's sudden retirement, Merrill's finance chief Jeffrey Edwards said he too would step aside. As widely expected, Stan O'Neal is out as chairman and chief executive officer of Merrill Lynch & Co. The...
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Pertamina’s finance chief falsely stated that money in company accounts belonged to the Indonesian government, influencing the result of arbitration over a canceled project. Indonesia's state oil company was fined $500,000 by a New York court for...
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Ex-Countrywide executive knew of an impending poor earnings report and sold short company stock in his wife’s brokerage account, the SEC says. The Securities and Exchange Commission has settled insider trading charges against the former executive...
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Global companies cried 'foul' this summer when the U.S. government incorrectly listed them as supporters of terrorist states. The Securities and Exchange Commission's attempt to publicize a list of companies with business ties to terrorist-sponsoring...
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Finance chiefs try to cope with a new cadre of finance and accounting employees who just can't sit still. Enter the "millennium generation" of finance and accounting professionals. Born in 1982 and later, they're high-maintenance types, requiring a great...
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Though Sarbanes-Oxley boosted in-house auditors' status and anxiety over the act has waned, they can't get too comfortable. Amid a talent crunch, more is expected of them than ever. While "Sarbanes-Oxley Act" may conjure negative thoughts about the initial...
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Tom Hohman is the second executive to leave the audit-firm overseer in the past three months. Tom Hohman, the Public Company Accounting Oversight Board's CFO, has resigned after four years with the fledging organization to become the CFO of a private...
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In our M&A Roundup for the week ended Oct. 28, it makes at least a limited return in the form of four billion-dollar deals to boost overall dealmaking to $11.28 billion. Four private-equity deals of $1 billion or more gave a boost to the week's acquisition...
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Joint ventures in China require a lot of care and attention. What is it about joint ventures in China? They're hard to set up, difficult to manage, and almost impossible to unwind if things go wrong. Just ask Emmanuel Faber, the former CFO of French yogurt...
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Douglas lands the post permanently on the same day the company announces record third-quarter revenue. Hertz Global Holdings has removed the “interim” qualifier from Elyse Douglas’ title, 14 months after she temporarily replaced the...
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The trading activities of executives are deemed not worthy of action, despite a plethora of shareholder lawsuits. The Securities and Exchange Commission has terminated an informal investigation of Jones Soda Co. and does not intend to recommend any enforcement...
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