Why Overhead Isnt Evil in the Non-Profit World Jul 18, 2009
This accounting treatment is not afforded to investments in knowledge assets. There are a lot of reasons for this (see this post to understand them: ). (FastCompany)
New SEZ accounting norms Jun 19, 2009
The objective of this technical guide is to provide guidance to developers on accounting treatment of various SEZ development activities in their financial statements. The accounting guide comes at a time when the entire concept of SEZ is being discussed with the developers demanding further incentives. (India Times)
Toll Brothers Adopts Shareholder Rights Plan to Preserve Value of Net Deferred Tax Assets Jun 19, 2009
"market" : {"NAME" : "U.S.", "ID" : "us_market", "TZ" : "ET", "TZOFFSET" : "-14400", "open" : "1245418205", "close" : "1245441605", "flags" : {}} , "STREAMER_SERVER" : "http://streamerapi.finance.yahoo.com","arrowAsChangeSign" : false,"throttleInterval": "1000". Search for share prices. (Primezone Releases)
Chatham Financial Comments on Proposed OTC Derivatives Regulation Jun 19, 2009
The letter cautions that companies forced to use standardized derivatives could "face significantly increased earnings volatility and accounting complexity and may be unable to qualify for hedge accounting treatment" under FAS 133. Discussing the letter, Clark Maxwell, director of Chatham's accounting consultancy, commented that, "We're concerned that the accounting for derivatives could become even more complicated and may discourage prudent risk management. The benefits of customizable... (PR Newswire)
ev3 Signs Agreement to Acquire Chestnut Medical Technologies, Inc. Jun 3, 2009
Excluding the impact of amortization and other charges associated with the accounting treatment of the contingent milestone payment, ev3 anticipates the transaction will be accretive to ev3's non-GAAP adjusted EPS in 2010 and beyond ... To supplement ev3's consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), ev3 uses certain non-GAAP financial measures in this release, such as ``non-GAAP EPS.'' Although ev3 typically provides... (Primezone Releases)
Treasury IG: 'Inappropriate' backdating at thrifts May 23, 2009
"The accounting treatment is not in accordance with generally accepted accounting principles and allows for misleading financial reporting.". Thrifts differ from banks in that, by law, they must have at least 65 percent of their lending in mortgages and other consumer loans making them particularly vulnerable to the housing downturn. (Florida Times-Union)
Slip bad news out the door May 13, 2009
There were errors in the accounting treatment of inventories and last year's net profit will also be restated down by $4 million. AWB said that the company has restructured its management team in Brazil - appointing an interim general manager and chief financial officer - suggesting that those being replaced were shown the door. (Sydney Morning Herald -- Business)
AWB cuts forecast over Brazilian errors May 12, 2009
"During this review, management has become aware of errors in the accounting treatment of certain contracts, particularly in the mark-to-market value of inventory.'' Previous guidance on February 10 was for half year net profit to be about 45 to 55% lower than the previous corresponding half year's result, which was $22.3 million in fiscal 2008. That put the earlier guidance at $10 million to $12 million for the first half of fiscal 2009. AWB said it had initiated a review of its Brazil... (Sydney Morning Herald -- Business)
Johnson Outdoors Announces Fiscal 2009 Second Quarter Results May 8, 2009
6 million pre-tax foreign exchange loss related to the accounting treatment of U.S. dollar holdings in Switzerland. In March, the Company consolidated leadership of Marine Electronics and Watercraft business units under a single Group Vice President as part of an initiative to significantly reduce cost and complexity, optimize synergies and assets across the two operations, and dramatically improve profitability for the future. (Primezone Releases)
Kobayashi Pharmaceutical Reports Financial Results for the Year Ended March 31, 2009 May 8, 2009
This followed factors that impacted the cost of sales, changes in the accounting treatment of inventory valuations and losses on the valuation and disposal of inventories following application of the Accounting for Inventory Valuations accounting standard starting this fiscal year. (2) Medical Devices Operation. (JCN Network, Japan)
Broadcom to Present at Upcoming Conferences May 6, 2009
the risks inherent in acquisitions of technologies and businesses, including the timing and successful completion of technology and product development through volume production, integration issues, potential contractual, intellectual property or employment issues, the risk that anticipated benefits of an acquisition may not be realized, and accounting treatment and charges. intellectual property disputes and customer indemnification claims and other types of litigation risk. (PR Newswire)
Oneida Financial Corp. Reports 2009 First Quarter Operating Results (unaudited) May 2, 2009
Oneida Financial Corp. adopted this accounting treatment for the preferred and common equity securities it holds in the investment portfolio of the Bank. Cumulative non-cash charges related to the change in fair value of these investment securities represents the difference between reported results and operating results, as presented in the above tables. (PR Newswire)
Peace Arch® Entertainment Provides Update Regarding the Filing of Its Second Quarter Financial Information Apr 15, 2009
Factors that would cause or contribute to such differences include, but are not limited to, that the corresponding restatement of the Companys financial statements may change based upon the Audit or Special Committees ongoing analysis, that the Companys ability to file required reports timely with the Securities and Exchange Commission and Canadian securities regulators will be impaired, that potential claims or proceedings may arise relating to such matters, that the Audit or Special... (Yahoo! Wire -- Entertainment News)
Bob Diamond poised to receive a ... Apr 10, 2009
The Tier 1 capital ratios of Lloyds and RBS are artificially high and are distorted by the accounting treatment of the Asset Protection Scheme monies injected. These funds have been credited to the Banks, but payment of the fee takes place over 5 years, gradually reducing their Tier 1 capital. (New York Post -- Business)
Morgan Stanley Q1 Earnings to Be Hurt by Bonds: Report Apr 9, 2009
On account of the accounting treatment on some bonds issued by Morgan Stanley before the financial crisis erupted, the company is expected to take a hit of $1. 2 billion to $1. (ABC News -- Wire)
MTG: Accounting Treatment of Associated Company Income Apr 6, 2009
(MTG or the Group), the international entertainment broadcasting group, today announced the accounting treatment of its associated income from the fourth quarter 2008 results of CTC Media, Inc. in the Groups financial results for the first quarter of 2009. CTC Media published its results for the fourth quarter 2008 on 26 February 2009 and MTG reports its associated income from the company with one quarters time lag. (Yahoo! Wire -- Entertainment News)
China Agritech, Inc. Announces Financial Results for Fourth Quarter and Full Year 2008 Apr 1, 2009
The negative selling expenses resulted from the change in the accounting treatment mentioned above. General and administrative expenses were $1. (PR Newswire)
EF Johnson Technologies, Inc. Announces 2008 Financial Results and Restatement of 2007 Apr 1, 2009
The restatement is related to a change in accounting treatment for a non-trade receivable from a vendor that resulted from a determination that an agreement between the parties in the third quarter of 2007 to resolve a receivables dispute effectively changed the nature of the non-trade receivable such that it should have no longer have been considered an outstanding receivable. As a result, the company wrote off this "Other Receivable" as of the third quarter of 2007, thereby requiring the... (PR Newswire)
Wonder Auto Announces Restatement of Financial Statements Mar 21, 2009
The financial statement restatement is in respect to the accounting treatment for the release of "make good" shares and the classification of restricted cash in the statement of cash flows and the restatement does not have an effect on the Company's total assets, total liabilities and total stockholders' equity, liquidity, cash resources, or future business operations ... The restatement reflects a change in the accounting treatment for shares pledged by certain shareholders in connection with a... (PR Newswire)
Inland Revenue drops APN masthead audit Mar 20, 2009
"The decision confirms the taxation and accounting treatment adopted by APN in relation to the masthead licencings agreement (MLA) and means that no additional tax is payable," the media group said in a statement. "APN is pleased with the decision and the fact that the distractions of the six year long dispute are now behind us," said Brendan Hopkins, chief executive officer of APN.. (Sydney Morning Herald -- Business)
Kodiak Energy, Inc. Restatement of Financials Mar 18, 2009
The Company will file amended reports on Form 10-Q for the Fiscal Quarter ended September 30, 2007 and on Form 10-K for the Fiscal Year ended December 31, 2007 to restate the financial statements and notes to reflect the changes in accounting treatment described above, and it will reflect those changes in the statements and notes in the Form 10-K for the Fiscal Year ended December 31, 2008, which notes will discuss the quarterly 2008 financial changes based on the restatement of the prior... (CCNMatthews Press Releases)
Irwin Financial Corporation Announces Filing of Form 12b-25 to Extend Form 10-K Due Date Mar 18, 2009
The Company stated that it has requested guidance from the SEC staff concerning the appropriate accounting for the sale of certain securitization residual interests in the fourth quarter of 2008, the outcome of which will affect the Company's financial statements included in the Form 10-K. The Company's expectation is to reflect the guidance in its accounting treatment for these securitization interests, and the home equity loans to which they relate, in completing and filing its Form 10-K as... (PR Newswire)
AMP flicks spin switch Mar 3, 2009
Besides some peculiar treatments in the specific funds business (where there is a mite of Collateralised Debt Obligations exposure and so forth) the notes to the main accounts show some tweaking of the discount rate for seed assets and a change in accounting treatment on life insurance contracts from ''risk-free'' rates to good old ''fair value. This seed pool reflects AMP's belated move into the Macquarie Model which involves assets bought by the group being flipped into the specialist funds... (Sydney Morning Herald -- Business)
AIG EARNINGS: Read the company's press release Mar 3, 2009
(c) Represents the effect of hedging activities that did not qualify for hedge accounting treatment under FAS 133, including the related foreign exchange gains and losses ... AIG excludes the effect of hedging activities that did not qualify for hedge accounting treatment under FAS 133, although they are economically effective hedges, because AIG believes that excluding these items permits investors to better assess the performance of the underlying businesses ... (b)Includes gains (losses) from... (USA Today -- Money)
Trico Reports 2008 Fourth Quarter and Year-End Results Mar 1, 2009
4 million related to the accounting treatment for the derivative component of the Company's 6. 5% convertible senior notes (see reconciliation of adjusted non-GAAP net income in the attached table). (Primezone Releases)
Kloeckner lenders question buyback related EBITDA adjustment; boosting earnings on the cheap Feb 28, 2009
The agent bank has since instructed Latham & Watkins to liaise with KPs lawyers following a move by a number of lenders to dispute the accounting treatment, said all three sources ... The accounting treatment is not entirely clear, lenders have been requesting lawyers review this issue hypothetically. (FT.com -- Markets)
Virgin Media Reports Fourth Quarter 2008 Results Feb 25, 2009
Certain of the derivatives described above do not qualify for hedge accounting treatment under U.S. GAAP.. Interest. (Primezone Releases)
Aflac Will Write Down Hybrid Securities This Year After Ratings Downgrades Feb 21, 2009
Aflac didnt say today how much earnings would be reduced this year as a result of ratings downgrades, which change the accounting treatment for the securities. Aflac advanced 69 cents, or 4. (Bloomberg -- Japan)
Oneida Financial Corp. Reports 2008 Fourth Quarter and Full Year Operating Results (unaudited) Feb 20, 2009
Oneida Financial Corp. has adopted this accounting treatment for the preferred and common equity securities it holds in the investment portfolio of the Bank. Cumulative non-cash charges through December 31, 2008 of $8. (PR Newswire)
Newmont Reports Record Annual Revenues in 2008 of $6.2 Billion; 50% Increase in Adjusted Net Income(1) Feb 19, 2009
2009 Annual Outlook - As a result of adopting a recent accounting pronouncement related to the accounting treatment for convertible debt instruments, FSP APB 14-1, the Company expects its interest expense in 2009 to increase by approximately $55 million as a result of non-cash interest expense related to the treatment of the conversion feature for the Company's 2012, 2014 and 2017 convertible notes. The table below sets forth the Company's current annual outlook and forecast assumptions: > > >... (Canada Newswire)
Navios Maritime Holdings Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2008 Feb 19, 2009
7 million relating to the accounting treatment of unrealized losses on sponsor warrants acquired as part of the initial public offering of Navios Acquisition, (ii) $0 ... 7 million relating to the accounting treatment of unrealized losses on sponsor warrants acquired as part of the initial public offering of Navios Acquisition, (ii) $0 ... 3 million relating to the accounting treatment of unrealized losses on sponsor warrants acquired as part of the initial public offering of Navios Acquisition,... (PR Newswire)
ACI Worldwide, Inc. to Restate Earnings for March 2008 Quarter to Amend Accounting Treatment of a Software Transaction Feb 18, 2009
Source: ACI Worldwide, Inc.. NEW YORK, Feb. 17, 2009 (GLOBE NEWSWIRE) -- ACI Worldwide, Inc. (NasdaqGS: - ), a leading international provider of software for electronic payment systems, announced today that it has determined that $1. (Primezone Releases)
JSE ends down Feb 18, 2009
The company said in a statement to the JSE that earnings had largely been impacted by a significant change in the accounting treatment of Northam. Among industrials, brewer SABMiller gave up 1. (iAfrica.com)
Aaron Rents, Inc. Reports Fourth Quarter and Year End Results; Same Store Revenues Up 6.2%; Diluted EPS $.39 for Quarter and $1.66 for Year; Raises 2009 Guidance Feb 17, 2009
Prior periods are restated to reflect this change in accounting treatment. For the fourth quarter of 2008, revenues increased 11% to $404. (PR Newswire)
Lloyds warns of big HBOS loss Feb 15, 2009
Of course Lloyds Banking Group were going to apply more conservative accounting treatment when it came to asset writedowns, but it is hard to know how much kitchen sinking has gone on and how bad the HBOS corporate book really is, Mr. Clarke said. LLoyds' shares closed down 35 per cent at 59. (Globe and Mail)
Hawker Beechcraft Acquisition Company, LLC Reports Full Year 2008 Financial Results Feb 13, 2009
7 million as a result of a valuation reserve recorded against the U.S. federal deferred tax assets in compliance with the prescribed GAAP accounting treatment for deferred tax assets. Operating cash flow consumed during the 12 months ending Dec. 31, 2008, was $69. (PR Newswire)
Core Lab Reports Record Net Income and EPS for Q4 2008; Annual Free Cash Flow at All-Time High; Company Repurchases Discounted Debt Feb 12, 2009
The Company will implement FASB Staff Position No. APB 14-1 (APB 14-1) beginning in the first quarter of 2009 as mandated by the FASB. APB 14-1 determines accounting treatment for convertible debt instruments that may be settled partially, or fully, in cash. Core currently has approximately $239,000,000 of Notes outstanding that mature on 31 October 2011 and have an interest rate coupon of 0. (PR Newswire)
CSRs journey to Silicon Valley promises to be a rewarding trip Feb 11, 2009
The company books about half of its business in America and the accounting treatment of US dollars set aside for US claims not yet paid, and premiums already received, means it can recognise a currency gain. Such noncash profits can swiftly unwind, so greater heed might be paid to the returns on Brit s investment portfolio: about 21 million in the fourth quarter of 2008, or a respectable 0. (Times Online)
Toll Brothers Reports Preliminary FY 2009 1st Qtr Totals for Home Building Revenues, Backlog and Contracts Feb 11, 2009
Certain information included herein and in Company reports, SEC filings, verbal or written statements and presentations is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to: information related to anticipated operating results; financial resources; changes in revenues; changes in profitability; changes in margins; changes in accounting treatment; interest expense; inventory write-downs; effects of home buyer cancellations;... (Primezone Releases)
