Asian Stocks Drop as Crude Oil Falls, Japan Enters Recession; BHP Declines Nov 17, 2008
The Group of 20 nations set a March deadline for recommendations on strengthening accounting standards, derivatives markets and oversight of hedge funds and debt-rating companies. The G-20 meeting ``was disappointing that they created a sense of panic and urgency without following it up with a set of action points,'' said , a Sydney-based strategist at AMP Capital Investors, which manages about $85 billion. (Bloomberg -- Asia)
GOL Reports Operating Profit of R$ 61.2mm for 3Q08 Nov 17, 2008
IFRS is the most widely accepted accounting standard internationally. Quarterly information does not include the changes in accounting practices provided by Law No. 11,638, as permitted by the Brazilian Securities and Exchange Commission (CVM) in this period of transition. (PR Newswire)
India's Chidambaram to Speak at Economic Summit: Week Ahead Nov 17, 2008
The group set a March deadline for recommendations on strengthening accounting standards, derivatives markets and the oversight of hedge funds and debt-rating companies. India's economic growth is expected to slow to 7 percent to 7. (Bloomberg)
MASB issues three new FRS Nov 17, 2008
KUALA LUMPUR: The Malaysian Accounting Standards Board (MASB) has issued three new financial reporting standards (FRS) and two interpretations relating to financial instruments ... IFRS are standards and interpretations adopted by the International Accounting Standards Board (IASB). (The Star Online, Malaysia)
In desperate need of repair Nov 17, 2008
BRIAN MILNER AND BARRIE MCKENNA AND HEATHER SCOFFIELD. From Saturday's Globe and Mail. (Globe and Mail)
Analysis: G-20 economic summit reshapes global politics Nov 17, 2008
And they promised to rewrite accounting standards and some regulations by the end of March and gather for a second summit by the end of April. When they do, they will face debates on a bulging agenda, a new U.S. president, and a global economy still struggling to shake off its ills. (USA Today -- Money)
Toasting a new economic order? Nov 17, 2008
Improve accounting standards. More disclosure on complex financial products. (Globe and Mail -- Business)
Australian, New Zealand Dollars Slide on U.S. Economy, Inaction From G-20 Nov 17, 2008
The G-20 meeting set a March deadline for recommendations on strengthening accounting standards, derivatives markets and oversight of hedge funds and debt-rating companies. Japan's economy shrank an annualized 0. (Bloomberg -- Australia & New Zealand)
World Leaders Seek to Head Off Deep Recession Nov 16, 2008
Many of the short-term actions called for by the G-20 were directed at international accounting bodies such as the International Accounting Standards Board, which appears to have its hands full in the coming months. The statement asked for enhancements in rules on valuing securities, in particular illiquid ones; stronger governance; and stricter disclosure standards. (Fox News)
RAW DATA: Declaration Issued After World Summit Nov 16, 2008
Reviewing and aligning global accounting standards, particularly for complex securities in times of stress ... The key global accounting standards bodies should work to enhance guidance for valuation of securities, also taking into account the valuation of complex, illiquid products, especially during times of stress ... The key global accounting standards bodies should work intensively toward the objective of creating a single high-quality global standard. (Fox News)
Press Briefing by Senior Administration Officials on Summit on Financial Markets and the World Economy Nov 16, 2008
And as part of the action plan, there was a specific commitment made that by March 31st of 2009, regulators and accounting standard setters should have required enhanced disclosure of complex instruments by firms to market participants ... The third aspect is the -- again, not so much the content of the actions, because people don't follow valuation of securities and FASB and accounting standards so closely -- but how detailed and concrete and immersed in the detail these leaders were. (White House News Releases)
Fact Sheet: Summit on Financial Markets and the World Economy Nov 16, 2008
Reviewing and aligning global accounting standards, particularly for complex securities in times of stress. Strengthening transparency of credit derivatives markets and reducing their systemic risks. (White House News Releases)
World leaders urge fast action on financial crisis Nov 16, 2008
The leaders set their finance ministers an aggressive work schedule -- a review of global accounting standards, colleges of supervisors for major global banks, new standards for credit rating agencies and ways to limit bankers' pay by tying it to a company's risk profile. But much of the list already is being worked on. (International Herald Tribune)
Billions more to fight crisis Nov 16, 2008
These include making markets for complex financial instruments more transparent, reforming each country's prudential regulations and accounting standards, tackling excessive executive pay and restarting global trade talks. Speaking after the meeting, the Prime Minister, Kevin Rudd, flagged spending more of the budget surplus than the $10. (Sydney Morning Herald -- Australia)
Over to you, chief: now the buck stops with Barack Nov 16, 2008
Who should set, and police, better accounting standards. And who should be on the boards of important institutions such as the International Monetary Fund. (Sydney Morning Herald -- World)
Halting the slide, averting a repeat Nov 16, 2008
The group set a March 31 deadline for recommendations on tightening accounting standards, strengthening derivatives markets and increasing oversight of hedge funds and debt-rating firms ... Accounting standards should be harmonized around the world, the group said, and regulators should consider whether current rules properly value securities, particularly complex, illiquid products, during times of stress. (Sydney Morning Herald -- Business)
Common regulatory norms needed: FM Nov 15, 2008
ON BOARD PMS SPECIAL AIRCRAFT: India will pitch for a common prudential and regulatory standards for all financial institutions in the world and a convergence of accounting standards to prevent collapse of global financial institutions at the summit of world leaders on global economic and financial crisis in Washington starting Saturday. PM Manmohan Singh will articulate Indias views at the summit called by US President George W Bush. (India Times, India -- Intl Business)
R.H. Donnelley Receives Notice Regarding NYSE Listing Nov 15, 2008
Such risks and other factors, which in some instances are beyond RHD's control, include: our ability to generate sufficient cash to service our significant debt levels; our ability to comply with or obtain modifications or waivers of the financial covenants contained in our debt agreements, and the potential impact to operations and liquidity as a result of restrictive covenants in such debt agreements; our ability to refinance our debt on reasonable terms and conditions as might be necessary... (PR Newswire)
The G-20 Summit: A Vote of Confidence for Capitalism? Nov 15, 2008
It is the potential for a unified response by the G-20 countries that will like coordinating accounting standards, increasing transparency and launching coordinated economic stimulus programs. Whether or not they manage that remains up in the air; the conference is more likely to produce a predictable statement of principles rather than any new concrete actions. (Time.com)
COMMENT: We Cannot Afford To Fail Nov 15, 2008
Ultimately, institutions defining financial accounting standards should be reformed so that there may be a real dialogue with prudential authorities. Third, a better understanding of risks is required to prevent crises. (India Times, India)
Escalon(R) Reports First Quarter Fiscal 2009 Results Nov 14, 2008
" Non-GAAP Measures To supplement the Company's consolidated financial statements presented in accordance with GAAP, the Company has begun providing certain non-GAAP measures of financial performance. These non-GAAP measures include non-GAAP net loss and non-GAAP loss per fully diluted share. The Company's reference to these non-GAAP measures should be considered in addition to results prepared under current accounting standards, but are not a substitute for, nor superior to, GAAP results. These... (PR Newswire)
Bank of the Carolinas Corporation Reports Third Quarter Financial Results Nov 14, 2008
Other factors that could influence the accuracy of such forward-looking statements include, but are not limited to, (a) pressures on the earnings, capital and liquidity of financial institutions resulting from current and future adverse conditions in the credit and equity markets and the banking industry in general (b)changes in competitive pressures among depository and other financial institutions or in the Company's ability to compete successfully against the larger financial institutions in... (PR Newswire)
Bush resists state intervention call Nov 14, 2008
EU leaders will call on Saturday's summit to agree immediately on five principles: submit ratings agencies to more surveillance; align accounting standards; close loopholes; set banking codes of conduct to reduce excessive risk-taking; and ask the International Monetary Fund to suggest ways of calming the turmoil. The summit will be the first in a series, although Europeans are calling for a 100-day deadline by which the world's leading economies should decide urgent global finance reforms. (India Times)
South Africa: Market Regulation [editorial] Nov 14, 2008
com: South Africa: Market Regulation (Page 1 of 1). Enter your search terms. (allAfrica.com)
Japan Ready to Lend $100B to IMF Bailout Fund Nov 14, 2008
Japan ready to lend up to $100 billion for IMF bailout fund at weekend summit. By TOMOKO A. HOSAKA Associated Press WriterTOKYO November 14, 2008 (AP) The Associated Press FONT SIZE. (ABC News -- Wire)
Brazil as a new kind of oil giant Nov 14, 2008
The government owns the majority of voting shares, but today 70 percent of total equity is in the hands of private investors, making it much more responsive to global accounting standards and corporate governance. "When it opened up, Petrobras could begin to act as an oil company. The lesson from Brazil is opening up the system," says John Forman, the former director of Brazil's oil and gas regulator and today an independent consultant at J. Forman Consultoria. (Christian Science Monitor)
Summit challenge Nov 14, 2008
What some leaders want, especially European Union members, is a more comprehensive global regulatory scheme, including coordination of financial oversight across national boundaries, global supervision of rating agencies and a convergence of accounting standards, among other measures. Some are urging another Bretton Woods, after the 1944 meeting in the New Hampshire town of the same name that laid the foundation for the current global financial order, including the International Monetary Fund... (San Diego Union-Tribune -- Opinion)
Japan ready to lend $100-billion to IMF Nov 14, 2008
Finance Minister Shoichi Nakagawa said last month that Japan would offer cash along with proposals about accounting standards and other regulatory changes needed to reform the international financial system. The IMF has about $210-billion, but that may not be enough, he said. (Globe and Mail -- Business)
Celtic Tiger chained by Europe Nov 13, 2008
Pressing for everything from global guidelines on executive pay to universal accounting standards, they are calling on the United States and other major nations to sign on to their plan within 100 days. Their urgency stems from the fast-deteriorating economic picture at home. (MSNBC -- International)
Sterling Shoes Income Fund Announces Third Quarter 2008 Results and Reduction in Distribution Nov 13, 2008
3 million increase in inventory valuation at January 1, 2008 resulting from the application of a change in accounting standards. Changing inventory valuation methodology has also changed the timing of the realization of markdowns in cost of sales. (CCNMatthews Press Releases)
UniCredit Reports 54% Decline in Third-Quarter Profit on Writedowns, Fees Nov 12, 2008
The Italian lender also said earnings benefited from new international accounting standards. To contact the reporter on this story: at. (Bloomberg -- Europe)
TAM, Brazil's Biggest Airline, Posts 3rd-Quarter Net Loss of $216 Million Nov 11, 2008
The airline reports under U.S. accounting standards. Growing Abroad. (Bloomberg -- Latin America)
Apple's iPhone passes Motorola's Razr to become top consumer phone Nov 11, 2008
7 billion, when setting aside an accounting standard in which revenue from the iPhone and the Apple TV set-top box is spread out over two years. The Razr took second place last quarter and was followed by Research In Motion's BlackBerry Curve and two LG Electronics models. (Seattle Times)
Why banks are boosting credit card interest rates Nov 10, 2008
A proposal by the Financial Accounting Standards Board could lead banks to keep more card debt on their balance sheets, and hold more capital in case those loans sour. Banks' inadequate capital levels have prolonged the economic crisis, analysts say. (USA Today)
FirstCity Financial Reports Third Quarter 2008 Results and Other Activities Nov 10, 2008
Such factors include, but are not limited to, changes in general economic conditions in the United States and local economic conditions in the geographic regions and industries in which the Company operates; foreign social and economic conditions; performance of the Company's subsidiaries and affiliates; availability of investments and investment opportunities; the Company's ability to project future cash receipts and develop critical assumptions and estimates underlying asset performance;... (Primezone Releases)
Will president-elect Barack Obama go along with the G20 confidence trick? Nov 10, 2008
In this context all roads to DC go via the Financial Stability Forum, an offshoot of the Swiss-based Bank of International Settlements and the London-based International Accounting Standards Board. But let us first revisit that business in Sydney. (Sydney Morning Herald -- Business)
Concern over high capital expenditure Nov 10, 2008
Its an accounting standard. We completed the Borsig acquisition in June so for the second quarter results, we can only recognise one month of Borsigs contribution, he added. (The Star Online, Malaysia -- Business)
* IBM wins order forcing iPod executive to quit Nov 9, 2008
89 million iPhones last quarter and that, after setting aside a subscription accounting standard, iPhone sales were about US$4. 6 billion, or 39 percent of Apples total business. (Taipei Times, Taiwan -- World)
'World has 100 days to fix crisis' Nov 8, 2008
EU lead 00004000 ers will call on the Nov 15 summit to agree immediately on five principles: submit ratings agencies to more surveillance; align accounting standards; close loopholes; set banking codes of conduct to reduce excessive risk-taking; and ask the International Monetary Fund to suggest ways of calming the turmoil. To date, European governments alone have committed some 2 trillion euros ($2. (India Times, India -- Intl Business)
Prosperity Bank(R) to Acquire All Deposits of Franklin Bank From FDIC Nov 8, 2008
Other risks include, but are not limited to: the possibility that credit quality could deteriorate; actions of competitors; changes in laws and regulations (including changes in governmental interpretations of regulations and changes in accounting standards); a deterioration or downgrade in the credit quality and credit agency ratings of the securities in Prosperity's securities portfolio; customer and consumer demand, including customer and consumer response to marketing; effectiveness of... (PR Newswire)
EU: 100 Days To Fix System Nov 8, 2008
EU leaders will call on the Nov. 15 summit to agree immediately on five principles: submit ratings agencies to more surveillance; align accounting standards; close loopholes; set banking codes of conduct to reduce excessive risk-taking; and ask the International Monetary Fund to suggest ways of calming the turmoil. Brown also said more oversight of the world's 30 largest financial group "can be set up very quickly." He wants regulators to talk regularly with counterparts in other nations about... (San Francisco Chronicle -- Business)
Former Tyco chiefs jailed for $150m corporate theft Nov 8, 2008
int accounting standards commitee foundation. the xbrl team is looking for an executive assistan. (Yahoo News -- Tyco)
EuroBancshares, Inc. Reports Financial Results for the Third Quarter Ended September 30, 2008 Nov 7, 2008
Management considers the scheduled reversal of deferred tax liabilities; projected future taxable income; our compliance with the Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes; and tax planning strategies in making this assessment. We believe it is more likely than not that the benefits of these deductible differences at September 30, 2008 will be realized. (PR Newswire)
Transcript from Telstra Investor Day 6 November 2008 Nov 7, 2008
" You're going to see there's more costs incurred, you are going to see more growth, there's more innovation, there's more to the story in terms of what we do, but it all goes back to the same points. We spend all of our time thinking 30 about how we differentiate in the business, how we're going to create value for both our customers and our shareholders and it is not a process that is time-period defined. 35 So today you're going to see us talk about being even bigger, better, faster and more... (Sydney Morning Herald)
Paulson's Bailout Bucks Look Like Debt in Drag Nov 6, 2008
The Treasury's preferred-stock plan comes just as the Financial Accounting Standards Board and its London-based counterpart, the International Accounting Standards Board, have begun to reexamine the debt-equity issue. At a joint session Oct. 21, the boards to pursue two possible approaches for a proposal to be released as soon as fall 2009. (Bloomberg -- Columnists)
THQ Reports Fiscal 2009 Second Quarter Results, Reduces Fiscal 2009 Outlook and Announces Significant Business Realignment Nov 6, 2008
21 per share, on a GAAP basis, related to a valuation allowance and the related tax effects for its deferred tax assets, in accordance with Statement of Financial Accounting Standards (SFAS) No. 109. Although this non-cash valuation allowance reduces the value of the net deferred tax assets on the balance sheet, the company expects to be able to utilize these assets to reduce tax expense in future profitable periods. (Yahoo! Wire -- Entertainment News)
Ultra Petroleum Announces Record Third Quarter Financial and Production Results Nov 5, 2008
"We remain confident that over the next few years the increase in Rockies take-away capacity will more than match the increase in production, as there are a number of slated pipeline projects that are well advanced. In 2009, REX - East will increase its capability by an additional 300 Mmcf per day. In 2010, the new Bison Pipeline will be in service providing an additional 400 Mmcf per day of capacity. Also in 2010, the Kern River expansion will be completed providing just over 400 Mmcf per day... (PR Newswire)
Kingsway Reports Net Loss of $17.4 million in the Third Quarter Nov 5, 2008
International Financial Reporting Standards (IFRS) In 2006, the Accounting Standards Board (AcSB) published a new plan that will significantly affect financial reporting requirements for Canadian companies. The AcSB strategic plan outlines the convergence of Canadian GAAP with IFRS over an expected five year transitional period. (Canada Newswire)
Devon Energy Reports Record Third-Quarter 2008 Net Earnings Nov 5, 2008
In accordance with U.S. accounting standards, the company has classified the assets, liabilities and results of its operations in Africa as discontinued operations for all accounting periods presented in this release. Included in this release is a table of revenues, expenses and production categories and amounts reclassified as discontinued operations for each period presented. (Canada Newswire)
MillerCoors 3Q income rises 15 pct on cost savings Nov 5, 2008
London-based SABMiller PLC and Denver-based Molson Coors Brewing Co. said net income, as recorded under US GAAP accounting standards, at MillerCoors rose to $168 million during the three months to Sept. 30 _ up from $146 million in the third quarter of 2007. Over the same period, total sales at MillerCoors, which was launched as a joint venture on July 1 of this year, increased 2. (Muscatine Journal, IO)
Half Yearly Report and Accounts Nov 5, 2008
I am confident that these steps will position the company to take advantage of improved market conditions anticipated in the medium term," Mr Maycock said. CSR has thoroughly reviewed opportunities to restructure its portfolio of businesses and concluded that a restructure may create additional shareholder value under more appropriate market conditions. The potential for a value creating restructure remains under active consideration. 5 November 2008 Media/analyst enquiries: Martin Cole, CSR... (Sydney Morning Herald)
Robert Bowen Resigns as CFO of GSI Group Nov 4, 2008
Other factors include volatility in the semiconductor industry, the risk of order delays and cancellations, the risk of delays by customers in introducing their new products and market acceptance of products incorporating subsystems supplied by the Company, risks of currency fluctuations, risks to the Company of delays in its new products, our ability to continue to reduce costs and capital expenditures, our ability to focus Rstment and integrate acquisitions, changes in applicable accounting... (PR Newswire)
Bridgestone Nine-Month Profit Slumps 40 Percent Nov 4, 2008
Bridgestone's earnings are based on Japanese accounting standards. Copyright 2008 The Associated Press. (ABC News -- Wire)
Discovery Labs Reports Third Quarter 2008 Financial Results Nov 4, 2008
1 million, respectively, associated with stock-based compensation expense per Financial Accounting Standards No. 123R (FAS 123(R)). The increase in the net loss for the third quarter of 2008 as compared to the third quarter of 2007 is primarily due to (i) beginning in late 2007, investments in U.S. commercial operations to support prelaunch marketing activities in anticipation of the potential approval of Surfaxin in May 2008; and (ii) expenses for the Aerosurf development program and the... (Primezone Releases)
Belo Retires Senior Notes Nov 4, 2008
Such risks, uncertainties and factors include, but are not limited to, uncertainties regarding the costs, consequences (including tax consequences) and other effects of the distribution of the newspaper businesses and related assets of Belo; changes in capital market conditions and prospects, and other factors such as changes in advertising demand, interest rates and programming and production costs; changes in viewership patterns and demography, and actions by Nielsen; changes in the... (Yahoo! Wire -- Entertainment News)
Nigerian Banks: Soludo, Iyamah, Ohuabunwa, Ayedun Disagree Nov 2, 2008
Soludo's reaction ostensibly stemmed from the comment of the Technical Director of the Nigerian Accounting Standards Board (NASB), Mr. Jim Obazee, who alleged that only seven of the 24 banks were actually healthy. He had argued that contrary to the CBN's position and "spurious claims" by most of the banks on their stability and global ratings, only seven of them were actually healthy. (Guardian News, Nigeria)
Minister: Japan ready with money for IMF bailout Nov 1, 2008
Japan will make that offer along with proposals about accounting standards and other regulatory adjustments needed to fix the growing economic woes at a world summit in Washington Nov. 15, Finance Minister Shoichi Nakagawa told reporters. Nakagawa did not say the acceptance of its proposals would be needed to get any of the money but he said Japan expects to play a greater international leadership role on the international stage. (International Herald Tribune -- Technology)
Global Financial Crisis Hits Japan Brokerage Houses Nov 1, 2008
Nomura's earnings are based on U.S. accounting standards. By. (JCN Network, Japan)
Mazda Announces First Half Financial Results for Fiscal Year 2008; Global Sales Volume up 6 Percent Year-on Year as Product-driven Growth Continues Oct 31, 2008
5 billion yen, a 5 percent decrease compared to FY2007 first half results, due to a change in accounting standards and the impact of exchange rates. Operating profit for the first half of FY2008 was 60. (JCN Network, Japan)
Tweedie, Boyle and Izza face parliamentary grilling Oct 31, 2008
Sir David Tweedie, chairman of the International Accounting Standards Board (IASB), and long-time fan of 'fair value' accounting, will be questioned by the Treasury select committee this November. In a one-off meeting aimed at establishing accountancy's role in the banking crisis, MPs will meet not just with Tweedie but with Paul Boyle, chief executive of the Financial Reporting Council (FRC), and Michael Izza, chief executive of the ICAEW.. (Accounting Web, UK)
Capital Product Partners L.P. Announces Strong Third Quarter Financial Results Oct 31, 2008
As required by the provision of Statement of Financial Accounting Standards No. 141, ``Business Combinations'' (``SFAS No. 141''), the Partnership accounted for the acquisition of the vessel owning companies of M/T Amore Mio II and M/T Aristofanis as a transfer of net assets between entities under common control at Capital Maritime's carrying amounts (historical cost) of the net assets contributed. In addition, transfers of net assets between entities under common control are accounted for as if... (Primezone Releases)
Nintendo cuts annual profit forecast on strong yen Oct 31, 2008
Nintendo's earnings are based on Japanese accounting standards. In trading Thursday, Nintendo shares advanced 10. (San Diego Union-Tribune -- Business)
Oritani Financial Corp. Announces Quarterly Results Oct 30, 2008
In accordance with the results of the Company's Statement of Financial Accounting Standards #114 ("FAS 114") impairment analysis, a specific reserve of $2. 2 million was required against one of these loans. (PR Newswire)
Banco Santander Chile Announces Third Quarter 2008 Earnings Oct 30, 2008
(3) As of January 1, 2008, and following the guidelines of the Superintendency of Banks of Chile, SBIF, a re-categorization of certain line items in the balance sheet and income statement was introduced in line with a gradual shift towards International Accounting Standards to be fully adopted in 2009. These changes did not involve any changes in accounting principles, but do involve a change in total equity as Banks must provision for mandatory dividends and include minority interest as... (PR Newswire)
Standard Pacific Corp. Reports 2008 Third Quarter Results Oct 30, 2008
7 million decrease in the Company's absolute level of selling, general and administrative ("SGpenses. The Company's homebuilding operations for the 2008 third quarter included the following pretax charges from continuing operations: a $267.2 million inventory impairment charge (including $58.0 million for land sold or held for sale); a $92.2 million charge related to the Company's share of joint venture impairments; and an $8.9 million charge related to the write-off of land option deposits and... (PR Newswire)
