Why the iPhone is now Apple's most important product Oct 22, 2008
Apple uses a subscription-based accounting method to recognize the revenue from the sale of an iPhone or an Apple TV unit. Remember to unlock the faster Wi-Fi chip hidden inside their notebooks. (CNET News)
DOT's debt slows new road construction Oct 18, 2008
He disagreed with accounting methods mandated by the state auditor that declared DOT in deficit. Doss added that DOT s slowdown had cost 10,000 jobs in the road building and engineering industry. (Atlanta Journal-Constitution -- Metro)
Ask the HOA Expert Oct 15, 2008
Question: Which accounting method is preferred for HOAs, the Cash Method or the Accrual Method ... In the final analysis, the board needs to adopt an accounting method which it can understand and deal with. (RealtyTimes)
Post First Comment Oct 10, 2008
Other provisions include tax breaks, changes to U.S. Security and Exchange Commision (SEC) oversight of accounting methods and the creation of two oversight committees. The bailout has met mixed reactions - both nationally and on campus. (Gamecock Online, SC)
Memo From Tokyo: Scarred by past woes, Japan sees U.S. bailout as a first step Oct 10, 2008
America's more transparent financial system exposed underlying problems relatively quickly, while Japan spent years understating the losses at its banks with fuzzy accounting methods. Still, one striking similarity was the intense public resistance in Japan to a taxpayer-financed bailout, even after it became apparent that financial companies were in trouble. (International Herald Tribune)
Kennedy ties helped secure waiver Oct 8, 2008
Ultimately, Washington allowed Massachusetts to keep the disputed $2 billion but insisted that it change its accounting method. So why was Washington so generous with the Bay State. (Boston Globe)
Bailout Bill Passes; Now For The Hard Part Oct 5, 2008
--Gives the chairman of the Securities and Exchange Commission the authority to suspend mark-to-market accounting and requires the agency to complete a study on the effectiveness of this accounting method. --Requires the president five years from now to devise a plan to recoup net losses, if there are any. (Forbes -- Business)
Prison for former Network Associates CFO Oct 4, 2008
Goyal was the company's CFO at its founding in 1997 but was forced out along with other top managers in December 2000 after the company reported a loss and changed its accounting methods. The company, acquired by McAfee Inc., paid $50 million in 2006 to settle civil charges by the SEC of inflating revenue by $622 million. (San Francisco Chronicle -- Technology)
LETTER: Cartoons insulting Palin help McCain gain votes Sep 23, 2008
Mike P wrote on Sep 22, 2008 9:20 PM:" Polls took a bit of a swing, today. Five plus points, difference to the post convention/Palin distraction bounce. Must have been a slow week, for cartoons, and SNL didn't replay Palins one speech for her. Most people do get it. Some never will. Hopefully two generations from now, this mess is paid off, and behind us. Eleven trillion, is likely to be twelve plus, since GWB has four months left of emergency discresionary spending left. Deregulation, and... (Mattoon Journal-Gazette, IL)
Progressive Voice/Pete Jackson: More red ink . . . and more to follow Sep 19, 2008
The Treasury Department, in reviewing the (cooked) books, has determined that both Fannie's and Freddie's accounting methods overstate their capital positions. Looks like Arthur Anderson, Enron's favorite accounting expert, has been brought back from the dead. (Heber Springs Sun-Times, AR)
Maine senator questions defense audits Sep 11, 2008
One auditor told the Senate Homeland Security and Governmental Affairs Committee of a case in which the agency helped Boeing recover 270 million dollars in losses for its failed commercial satellite business by approving flawed accounting methods. Collins said thorough, accurate, and tough audits are essential, and the agency's work must be untainted by pressure or conflicts of interest. (Seacoast New Hampshire)
Just the facts Sep 9, 2008
Global Credit Market Dislocation Watch September 7 - Bloomberg (Dawn Kopecki and Alison Vekshin): "Treasury Secretary Henry Paulson decided to take control of Fannie Mae and Freddie Mac after a review found the beleaguered mortgage-finance companies used accounting methods that inflated their capital, according to people with knowledge of the decision. Morgan Stanley, hired by the Treasury to probe the companies' finances, concluded the accounting, while legal, enabled Freddie, and to a lesser... (Asia Times Online)
McCain or Obama to pick up Freddie, Fannie tab Sep 9, 2008
Paulson's decision, taken after consulting with Bernanke, followed a review that found Washington-based Fannie and McLean, Virginia-based Freddie used accounting methods that inflated their capital, according to people with knowledge of the decision. Paulson, 62, hired Morgan Stanley a month ago to probe the companies' finances. (Sydney Morning Herald -- Business)
U.S. Bails Out Mortgage Giants Sep 9, 2008
Reports Sunday say Morgan Stanley uncovered accounting methods that, while legal, made it look like Freddie, and to a lesser extent, Fannie, had more capital than they would have using different accounting. That discovery is believed to be the catalyst for the Treasury's actions this weekend. (Forbes -- Business)
Why U.S. moved on mortgage giants Sep 8, 2008
The U.S. government's planned takeover of Fannie Mae and Freddie Mac came together hurriedly after advisers poring over the companies' books for the Treasury Department concluded that Freddie's accounting methods had overstated its capital cushion, according to regulatory officials briefed on the matter. The proposal to place both mortgage giants, which own or back $5. (International Herald Tribune -- Technology)
Paulson engineers U.S. takeover of Fannie Mae, Freddie Mac Sep 8, 2008
-based Freddie used accounting methods that inflated their capital, according to people with knowledge of the decision. Paulson, 62, hired Morgan Stanley a month ago to probe the companies' finances. (Republican-American)
Treasury takes control of Fannie and Freddie Sep 8, 2008
Paulson's decision, taken after consulting with Federal Reserve chairman Ben Bernanke, followed a review that found Fannie and Freddie had used accounting methods that inflated their capital, according to sources. Morgan Stanley, hired by the treasury to probe the companies' finances, concluded that the accounting, while legal, enabled Freddie, and to a lesser extent Fannie, to overstate the value of sources of their reserves, the sources said. (Business Report, South Africa)
Freddie Mac's inaccuracies spurred feds Sep 7, 2008
Advertisements Gretchen Morgenson and Charles Duhigg, The New York Times The government's planned takeover of Fannie Mae and Freddie Mac, expected to be announced as early as this weekend, came together hurriedly after advisers poring over the companies' books for the Treasury Department concluded that Freddie's accounting methods had overstated its capital cushion, according to regulatory officials briefed on the matter. The proposal to place both mortgage giants, which own or back $5. (News & Observer)
Another inquiry Sep 5, 2008
Staff from the controller's office asked that college staff ready financial audits, statements, ledgers, journals, payroll records, vendor invoices, written policies for accounting methods and meeting minutes from various involved committees. "Delta Community College Trustees have disappointed the public," Machado said in a mid-August statement calling the state to conduct another investigation. (Lodi News Sentinel, CA)
Meet Sal Grosso Aug 17, 2008
So he got involved investigating local governance and its accounting methods. He started in with the municipal water system. (Townhall.com)
Restatement Pulls GeoEye's Goals Back Down to Earth Aug 16, 2008
But GeoEye said it would register $31 million in additional earnings in 2008, wiping out the financial impact of the restatement, after filing an application with the IRS to change its accounting methods. GeoEye said profit in the second quarter of 2008 was $2. (Washington Post -- Technology)
CVR Energy Reports Profitable Second Quarter as Nitrogen Fertilizer Business Balances Refining Results Aug 14, 2008
Under our FIFO accounting method, changes in crude oil prices can cause fluctuations in the inventory valuation of our crude oil, work in process and finished goods, thereby resulting in FIFO inventory gains when crude oil prices increase and FIFO inventory losses when crude oil prices decrease. Refining margin adjusted for FIFO impact is a non-GAAP measure that we believe is important to investors in evaluating our refinery's performance as a general indication of the amount above our cost of... (PR Newswire)
GeoEye Releases Second Quarter 2008 Earnings and Explanation of Financial Restatements Aug 13, 2008
The Company completed a detailed study analyzing its tax accounting methods in which the Company discovered that it had not correctly included cost-share payments received from the U.S. Government under the NextView program in its taxable income. As a result, the Company must include previously unrecorded expenses for interest and penalties on unpaid taxes which will reduce net income for 2005, 2006 and 2007 and create a deferred tax asset and corresponding liability on the balance sheet, as... (PR Newswire)
Why are conservatives so angry? Aug 11, 2008
hetfield wrote on Aug 10, 2008 10:21 PM:" Why are conservatives angry? Speaking for myself, it is not anger. It is pure disgust of the leftist, liberal, anti-american platform. Let me spell it out for you, Scotty.A is for Abortion. Killing the unborn while rewarding promiscuity is immoral.B is for Bill of rights. Liberals and socialist want nothing more than to take away our rights as written. The fact that 4 justices actually tried to remove our rights is dangerous and dispicable.C is for... (Waterloo-Cedar Falls Courier)
S1 Corporation Reports 7 Percent Increase in Second Quarter Revenue and GAAP EPS of $0.09 Aug 6, 2008
We believe that Adjusted EBITDA is widely used by investors to measure a company's operating performance without regard to items such as interest expense, taxes, depreciation and amortization, and stock-based compensation expense which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired. Our management uses Adjusted EBITDA as a measure of operating performance to assist in... (PR Newswire)
Major Japan Refiners Face Tougher Conditions Aug 5, 2008
All the companies except Idemitsu use an accounting method that gives them a sharp rise in valuation profits on oil inventories at a time when oil prices keep rising. Nippon Oil's valuation profit totaled 92. (JCN Network, Japan)
Sony's income plunges, but Matsushita's surges Jul 29, 2008
Sony raised its forecast for full-year operating profit to reflect a change in its accounting method; Matsushita, which owns the Panasonic brand, reaffirmed its annual outlook, which surpasses market expectations ... For the year through March, Sony upwardly revised its operating profit forecast to 470 billion from 450 billion because profits and losses from its equity-method companies, or companies in which Sony has stakes of 20 to 50 percent, are now included in group operating profit under... (International Herald Tribune -- Technology)
Sony Q1 Profit Down 39 Pct on Weak Mobile Phone Sales Jul 29, 2008
Despite the loss, the electronics and entertainment conglomerate raised its annual outlook to reflect a change in its accounting method. The U.S. economic slowdown, the yen's appreciation and higher fuel and raw materials prices are eating into profits at Sony and other Japanese exporters, and thwarting cost-cutting plans. (ABC News -- Wire)
West Penn Allegheny overstated payments Jul 29, 2008
WPAHS President and Chief Executive Officer Dr. Christopher Olivia sent a system-wide e-mail yesterday morning assuring staff that the reductions "have no direct implications on the System's pension plan" and that WPAHS has "now adopted an industry 'best practice' accounting methodology to help ensure a mistake of this nature does not reoccur.". Mr. Schaub said hospitals have to estimate revenues for patient services because payments generally don't match hospital charges, but in this case West... (Pittsburgh Post-Gazette, PA)
Sony cuts outlook as profit drops Jul 29, 2008
Sony revised up its operating profit forecast for the year to March to 470-billion yen from 450-billion yen to account for a new accounting method. That is above a consensus of 445. (Globe and Mail -- Business)
Freddie's Ready For The SEC Jul 23, 2008
After roughly five years of trying to improve accounting methods, Freddie returned to timely and quarterly filing on Feb. 28 when it reported its full-year 2007 results. The SEC registration imposes specific reporting rules, including trading in the company's shares by corporate insiders. (Forbes)
Opinion Nuggets: Shortchanging kids Jul 19, 2008
Provide oversight: Given the public's lack of trust in government, having a special nonprofit group run the programs would both help keep costs low and provide a separate accounting method. This becomes an even worse inequity considering that the state of Florida is near the bottom of the 50 states in funding of public education, and Jacksonville is near the bottom of Florida. (Florida Times-Union)
CPA's theories assailed Jul 17, 2008
Mayne questioned the legitimacy of some transactions and the validity of Deller's accounting methods. Here are a few examples. (Modesto Bee, CA)
Accountant-General lists points of corruption in govt Jul 14, 2008
They are insufficient information on activities of the Nigerian National Petroleum Corporation (NNPC) and oil revenues, leakages in tax revenues, differential accounting methods by the Federal Inland Revenue Service (FIRS) and the Central Bank of Nigeria (CBN); leakages in Nigeria Customs Services (NCS) revenues and Federal Government and independent sources ... " Turning to the differential accounting methods between FIRS and CBN, the AGF said: "FIRS records tax revenue on gross basis in its... (Guardian News, Nigeria)
Press Briefing by James Connaughton, Chairman of the Council on Environmental Quality Jul 7, 2008
Now we need to have the capacity and the -- actually, the accounting methods that are in common. The discipline of greenhouse gas accounting is still an evolving one; it is not nearly of the caliper that we use in the financial system, for example. (White House News Releases)
HECO seeks 5.2 percent rate hike Jul 5, 2008
96 percent due to a change in the rate accounting method in the 2005 case. Adjusted in June of this year from $41 million and 3. (Honolulu Star-Bulletin)
Cost of ESOPs may rise Jun 30, 2008
"ESOPs are never given with a view on accounting. They are basically given to attract and retain talent and make employees a co-owner. I would not think companies would slow down on ESOPs due to changes in accounting method," he said. Also, he said companies might actually not have to account for the full value arrived by the fair value method. (India Times, India)
Bloomington to have meeting on downtown redevelopment plan Jun 28, 2008
The Cats wrote on Jun 27, 2008 10:53 PM:" The last plan was billed as a master plan. What's another $200k as long as city employees do not get laid off and continue to get their raises? While we are at it let's spend a few million more so that another group of private business owners can make money. This city government is truly amazing. What is more amazing is that we put up with it. BTW after they spend the money they will then change the accounting method so they can tell us the funds are... (The Pantagraph newspaper)
What next? A range of possibilities remains open to the world Jun 24, 2008
Sanctions being proposed would use more creative ways of tracking down their money, using investigative accounting methods the US has developed in pursuit of Mafia and al-Qaeda funds. An effort will also be made to eject the children of the elite from their places at Western schools and universities. (Sydney Morning Herald -- World)
'India Inc not ready for global accounting' Jun 20, 2008
Also, while IFRS uses the fair value concept while dealing with business combinations and financial instruments like investments, derivatives and others, the Indian accounting method is mostly based on the cost/carrying value approach. Changes would need to be made over treatment of employee benefits and share-based payments as well as related party disclosures and revenue recognition. (India Times, India -- Intl Business)
With shares battered, AIG ousts leader Jun 16, 2008
It has had to revise its accounting for complex transactions involving securities backed by home loans, generating huge paper losses and leading investors to worry that other companies that made similar investments might also adjust their accounting methods. The removal of Sullivan is an attempt to calm fears of new surprises from the company. (International Herald Tribune)
Massive state and local government fraud or malfeasance in Wisconsin Jun 8, 2008
lkel wrote on Jun 7, 2008 9:06 AM:" Just remember the recently completed budget repair bill uses accounting methods that would land a private company in court. Rmember Enron, they also delayed payments and booked income that violated the GAAP (Generally Accepted Accounting Princilies)requirements. Our legislators should be ashamed of a bill that puts over $1 billion into the next budget cycle. We have a constitutional requirement to have a balanced budget, in my mind the legislature has not... (La Crosse Tribune, WI)
Forest City Reports Fiscal 2008 First-Quarter Results Jun 6, 2008
Pro-Rata Consolidation Method This press release contains certain financial measures prepared in accordance with GAAP under the full consolidation accounting method and certain financial measures prepared in accordance with the pro-rata consolidation method (non-GAAP). The Company presents certain financial amounts under the pro-rata method because it believes this information is useful to investors as this method reflects the manner in which the Company operates its business. (PR Newswire)
Certicom Reports Year-end Results for Fiscal 2008 Jun 5, 2008
In accordance with GAAP, the Company will recognize the revenue related to this payment prospectively using the subscription accounting method, in which $500,000 will be recorded in each quarter of fiscal 2009. Revenue from subsequent payment commitments from the IBM agreement will also be recognized using the subscription method. (PR Newswire)
Taxing small companies. By Simon Sweetman May 23, 2008
One thing that may happen is the development of a common corporate tax base across the EU, which may be easier as accounting methods are increasingly responsive to international standards. But this makes less sense at the bottom end of the corporate scale. (Accounting Web, UK)
Few athletics programs in black; most need aid May 16, 2008
Schools' differing accounting methods have made it difficult for university administrators to have numbers they could compare. "There are so many questions being asked about the amount of money that's going into athletics," Nosek says. (USA Today -- Sports)
More losses at Freddie Mac; stock price rises May 15, 2008
Other accounting methods let the company pick and choose which assets and liabilities to measure at market value, adding $1 billion to the firm's retained earnings. A spokesman for the company, Michael Cosgrove, said those accounting methods were proper and had withstood the scrutiny of multiple parties, including an auditor. (International Herald Tribune -- Business)
Celizic: Getting Griffey back in Seattle an ideal ending May 14, 2008
And by most accounting methods, Griffeys had a great life. Just the same, if you wanted to say he deserves better, I wont argue with you. (MSNBC -- Sports)
Growing deficits threaten pensions May 12, 2008
Public pensions have broad leeway in their accounting methods because, unlike their counterparts in the private sector, they have no federal oversight. Private pension funds were forced by regulators starting a generation ago to use far more conservative forecasts in their pension calculations and follow uniform guidelines set by the federal government. (MSNBC -- Business)
Accord reached on '08 farm bill May 10, 2008
Saxby Chambliss, R-Moultrie, ranking minority member on the Senate Agriculture Committee, said Thursday, however, that the accounting methods being employed pass muster. While every reform the administration has demanded hasn t been met, lawmakers clearly moved toward the president s positions, he said. (Albany Herald)
Toyota hit by 'severe' forecast May 9, 2008
Welcome to The Sydney Morning Herald. Skip directly to: Search Box, , , Text Version. (Sydney Morning Herald -- Business)
U.S. Firm: Send The Check To The Caymans May 8, 2008
had less success representing a former CSA Ltd. business manager who charged the company had retaliated against her after she objected to its accounting methods. Gadd's client, Debbie Einmo, a Winter Haven, Fla. (CBS News -- US)
Fannie Mae Loses $2.2B in 1Q May 7, 2008
The huge decline was attributed to falling home prices and changes made to reflect new accounting methods. The assets are not counted toward the overall loss. (Time.com)
Decriminalizing pot use is wise May 2, 2008
So Smart wrote on May 1, 2008 12:21 PM:" Sure is a lot of people who want to legalize pot and outlaw cigarettes nowadays. Inhaling carbon monoxide and other chemicals from any smoke is not good. Legalize marijuana and then get busy passing secondary smoke laws. Soon the question will be whether it is child abuse to smoke pot in the same room or vehicle the kids are in. Then Johnny will be given some drug at school to increase his attention because his parents smoke pot? When Susie grows up she... (Bismarck Tribune, ND)
Editors: Vital Vioxx Details "Manipulated" Apr 16, 2008
"These analyses were not submitted to the FDA or the public in a timely fashion, and when Merck did submit the data to the FDA, they used accounting methods that minimized the appearance of risk," he says. Specifically, Psaty says the company's April 2001 analysis of pooled data from two trials identified 34 deaths among 1,069 Vioxx patients and 12 deaths among 1,078 patients in the placebo arms of the studies. (CBS News)
San Diego pension mess is lesson to other municipalities Apr 13, 2008
They aggressively posted investment gains and delayed reporting the increased pension costs, using accounting methods not sanctioned by the Government Accounting Standards Board (GASB). Marcia Fritz, an accountant and a member of the GASB pension advisory committee, warns that other local governments and the state itself, struggling to pay off mounting pension obligations, may be treading close to the line that the SEC says San Diego officials crossed. (Fresno Bee)
ThinkCapital Management, LLC Today Announced the Launch of Their ... Apr 1, 2008
The ThinkFunds invest in foreign securities which will involve political, economic and currency risks, greater volatility, and differences in accounting methods. These risks are heightened by investments in emerging markets. (Business Wire (press release), CA)
Blowing the whistle can help FSA nail the cheats Mar 29, 2008
In July 2001 she became nervous of the accounting methods it practised. She testified before Congress and was one of Time magazine's three People of the Year in 2002. (Times Online)
Maurel & Prom: Fiscal Year 2007 Activities and Results Mar 27, 2008
55 Production, Maurel share (bbl/d) 14,552 16,507 Production available for sale (bbl/d) ** 12,366 14,227 (*)restated with the assets sold to Eni in Congo and changes in accounting method (**)production after all oil tax in kind = entitlement Highlights and changes in consolidation On February 22, 2007 Maurel signed an agreement with Eni Congo SA, a subsidiary of the Italian group Eni S.p.A, for the sale of its interest in Congo in the exploitation permits of M'Boundi and Kouakouala, and a... (PR Newswire)
Electricity inquiries show no spark Mar 26, 2008
If private sector accounting methods were used, returns could nudge 30 per cent. These profits will hardly be compensated by the fees the Government can charge for the use of poles and wires that are supposedly to be left in government hands. As dominant players, the state's electricity businesses are not exposed to significant risks, unless they choose to gamble in the national electricity market. (Sydney Morning Herald -- Opinion)
Tiffany earnings fall on charges, but shares climb as adjusted profit, outlook beat estimates Mar 26, 2008
The increase in guidance is due to strong 2007 results, as well as a boost from a change in its accounting method, Tiffany said. Beginning in the first quarter of 2008 it will stop valuing the last-in-first-out inventory accounting method, which assumes products acquired last are the ones sold or disposed of first, and begin using an average cost method, which values the cost of inventory is based on the average cost of goods. (San Diego Union-Tribune -- Business)
Carter & Carter shareholders to get nothing Mar 21, 2008
PricewaterhouseCoopers, Carter & Carter's auditor, was subsequently called in to check on its accounting methods. In February, Carter & Carter said it had hired City law firms Herbert Smith and DLA Piper to undertake investigations into the group's operations. (Times Online)
Twin Butte Energy Reports Fourth Quarter & Year End 2007 Results Mar 20, 2008
QUICK SEARCH BY ORGANIZATION. FREE SUBSCRIPTION SERVICES. (Canada Newswire)
Divestco Inc. Reports Record Revenue for Fiscal 2007 Mar 20, 2008
The Company believes EBITDA assists investors in comparing a company's performance on a consistent basis without regard to financing decisions, and depreciation and amortization, which are non-cash in nature and can vary significantly depending upon accounting methods or non-operating factors such as historical cost. EBITDA is not a calculation based on Canadian GAAP and should not be considered an alternative to Operating income or Net income in measuring the Company's performance, nor should... (CCNMatthews Press Releases)
Our view: The pressure's on Mar 4, 2008
"It called the Pentagon's accounting methods a disaster "that would put any civilian company out of business. "GAO reports on mega-weapon systems back that up, the The New York Times reported.The Joint Strike Fighter for the Navy, Marines and Air Force was $10 billion over budget and about a year behind schedule from 1999-2003, and the Air Force's F-22 fighter $10 billion over budget and two years late during the same period.Meanwhile, Northrop Grumman and partner Lockheed Martin came under... (Florida Today)
