April 2008 - Posts
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Former president, too, is cited in SEC case, and is hit also with federal criminal claims. The Securities and Exchange Commission charged the former controller and the former president of Monster Worldwide Inc. for their alleged roles in a multiyear scheme...
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FEI study finds that companies continue to spend less on 404 compliance, and audit fees, but hourly audit rates climb 5 percent. Corporate spending on compliance with the Sarbanes-Oxley Act's Section 404 fell sharply again last year, and so did overall...
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Many outside the U.S. would rather American companies and auditors stick to their own accounting standards, says a panel of experts The idea of forcing American companies to file results using international financial reporting standards makes preparers...
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After four years, the concept of health saving accounts is still floundering. In fact, workers are using the plans for the wrong reasons, says a new government report. Health savings accounts were created on the premise that they would make employees...
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Earnings report by Daimler, which still holds 19.9 percent of the Cerberus-controlled carmaker, shows impact of international accounting standards. International accounting standards helped cause Daimler AG's Chrysler unit to report its huge loss...
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The state of the audit/non-audit fee debate. It was the last thing accounting professor Vivien Beattie expected when she hopped into a taxi in Cardiff, Wales, a few years ago. When the driver learned what she did, he launched into a tirade on the recent...
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Monolithic Power Systems will restate after improperly recording the tax effect of stock-based compensation. A niche semiconductor maker said it will restate its results for the past two years to correct an error in its tax provision. At issue is erroneous...
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The credit crunch has revealed how tough it is put a price on downside risk when there's no one around to buy it, say top insurance managers. The subprime crisis has exposed two major deficiencies in how fair-value accounting has been implemented...
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Citigroup and BofA join big competitors in efforts to raise new billions through stock sales. Two more large banks have passed the hat in a bid to strengthen their capital position. Citigroup priced $4.5 billion of common stock — 50 percent more...
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A class assignment to vet the plan to bring IFRS to America is met with skepticism. Aside from listening to Buckcherry and driving Scion tCs around campus, accounting majors also are asking some pointed questions about international financial reporting...
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Law firm hired by scandal-plagued German conglomerate says its investigation was aided by amnesty program, and finds no evidence that audit committee "tolerated reported violations in any way." A prominent international law firm hired by scandal...
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Apollo Management's guru says LBO deals will resume within six months. The recent, extraordinary lull for private equity deals appears to be ending. During a panel discussion on Tuesday, Apollo Management founder Leon Black said investment banks will...
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The market for auction-rate securities remains largely stuck, but a secondary market is slowly budding. The frozen market for auction-rate securities is showing a few signs of thaw in a new secondary market, as transactions are slowly starting to pick...
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But firms should share information about their fair-value assumptions, says Fitch Ratings, and quit trying to change the rules. The philosophy of fair-value accounting has been put through the ringer in the first few months of 2008, as turmoil in the...
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The search is on for common standards in accounting for intangible assets. The debate over accounting for intangible assets rumbles on, as common standards on how to measure trademarks, brands, databases and the like have yet to materialise. Next month...
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Global climate change could alter business models. One answer may be "weather hedging." Among all the other havoc that global climate change is expected to wreak, it also could take a toll on corporations’ business models. At least, that...
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Fannie Mae and other mortgage loan originators and buyers get an unexpected windfall from the tax man. On August 7, 2006, the Treasury Department and the Internal Revenue Service published proposed rules ( Prop. Reg. Section 1.1221-1(e) ) under Section...
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Ex-CFO Ann Mather may be charged by SEC in stock-option backdating case at the animation studio, now a part of Disney. The former chief financial officer of Pixar Animation Studios is likely to be charged by the Securities and Exchange Commission stemming...
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Jackson Hewitt and H&R Block have more in common than their line of work. After being rocked by scandals, both have new CFOs. To say that 2007 was taxing for Jackson Hewitt Inc. and H&R Block is an understatement. Both tax-preparation companies...
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Moody's report notes 35 issuer downgrades there in Q1, double the number of upgrades. The global credit crunch is clearly taking a toll on European companies. In the first quarter of 2008, Moody’s Investors Service downgraded 35 issuers in Europe...
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Moody's notes fast-deteriorating measure: downgrades outnumber upgrades by 3-to-1, while it was "only" 2-to-1 the prior quarter. Another measure of global credit quality plunged in the first quarter, as the ratio of downgrades-to-upgrades...
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FASB and IASB search for a fix to future credit crunches, and take aim at a familiar culprit. "Kill the Q," was the Financial Accounting Standards Board's response to a self-examination about how to prevent a future subprime mortgage crisis...
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But large companies are less likely than ever to be audited, while small ones are bearing the brunt of the IRS's enforcement activity. The Internal Revenue Service reviewed more corporate tax returns filed during the government's 2007 fiscal year...
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In our M&A Roundup for the week ended April 27, Liberty's Safeco purchase and that Wendy's-Arby's combo help lift overall values. For the third straight week, North American dealmaking benefitted from some sizable, high-profile M&A...
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The former exec, fired for not telling the private company of her legal problems, wants BlueRay to disclose financial records. A former BlueRay Technologies Inc. finance chief, fired last year in part for not disclosing prior legal problems, is suing...
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