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)
'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)
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)
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)
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)
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)
Letters to the Editor - 2/28/2008 Feb 29, 2008
" "Ron" continues to question the figures about the deficits and surpluses in relation to the National Debt. He continues to cite what he claims are conflicting data, from the OMB (Office of Management and Budget) and the Treasury Department, and then whines because *I* have not reconciled these. While I appreciate his confidence in making me an accountant, I am not one (though my wife is), but neither she nor I compiled these. I cited official OMB figures showing the LBJ and Clinton surpluses.... (North County Times)
GROUPE DANONE: 2007 Final Results Feb 14, 2008
The situation in China with its partner in the Wahaha business has led the Danone board to decide to treat the activity under the equity accounting method as of July 1st 2007. Until June 30th, 2007, the activity was fully consolidated in the Group accounts. (BusinessWire)
Maurel & Prom : Fourth Quarter 2007 Sales EUR 75.1 Million (+5%). Fourth Quarter 2007 Production Increased (+3%). 2007 Sales EUR 289.5 Million (-11%) Feb 7, 2008
4 million for the fourth quarter 2006 - Maurel s share of production increased in the fourth quarter (+3%) - Favorable effect of oil prices (Brent +49%, WTI +50%) in the fourth quarter 2007 - Unfavorable effect of the US$/EUR exchange rate (-13%) in the fourth quarter 2007 - Change in accounting method: impact on Caroil sales of EUR-5 ... 0 million in 2006, or a reduction of 11% - Working interest production fell 13% (retrocession of Tello and temporary technical problems on Balcon-21, put back... (PR Newswire)
Massey Energy Reports Fourth Quarter 2007 Results, Caps Year With Record EBITDA Feb 1, 2008
The fourth quarter tax expense and resulting rate was impacted by the non- deductible charge related to the EPA settlement and an adjustment to the Company's deferred tax asset valuation allowance that was primarily related to the previously disclosed IRS audit of the 2003 and 2004 calendar years and a tax accounting method change. 4th Quarter Comparative Statistics 4th Qtr. (PR Newswire)
Mayor releases revised 5-year financial outlook Jan 12, 2008
The new total was computed using a different accounting method that is considered a more reliable measure than the old formula,which has fallen out of favor among pension experts. The deficit rose steadily this decade, reaching a high of $1. (San Diego Union-Tribune)
Banks want amendment of I-T Act Jan 10, 2008
The liability is estimated at a staggering Rs 26,000 crore and an additional Rs 14,000 crore on account of the changes in the accounting method. Under the existing system, banks need to provide for liabilities during the tenure and even after the death of the employee. (India Times)
Aeon to Manage Environment Investments Separately Jan 7, 2008
will manage environment-related investments separately from other expenses so that it can boost efforts to cut carbon dioxide emissions without affecting the earnings of individual outlets, it was learned Saturday (JCN Network, Japan)
By all counts, fewer pet projects in budget Dec 19, 2007
How far they got depends on whose accounting method is used. Democrats say they cut earmarks by 43%, to $9. (USA Today -- News)
Leap Hops, Then Sinks Dec 16, 2007
The San Diego-based company changed its tax accounting method, which resulted in higher interest and tax costs in the period. Those costs account for 55 cents per share of Leap's third-quarter losses. (Forbes -- Markets)
Maurel & Prom : Founding of the Mixed Enterprise in Venezuela Dec 14, 2007
The Group is now finalizing the accounting method process of these operations in Venezuela for the whole of 2007. The Maurel Group thereby confirms its strategic interest in oil activities in Venezuela. (PR Newswire)
Audit: NYRA shorted state $10.9M Dec 9, 2007
While applauding DiNapoli's attempts to upgrade racing law, Charles Hayward, NYRA's president, maintains the association's accounting method is correct. The association entered bankruptcy 13 months ago to protect it from creditors, including the state, who are owed more than $310 million. (Albany Times Union)
Clients get energy savings, H2O shares the benefit Nov 26, 2007
This model, which uses an accounting method known as "off-balance sheet," frees clients' capital and borrowing capacity for other projects. Now, with energy costs soaring, H2O's business is booming and the firm is looking to take its model west. (Boston Globe)
Harsdorf says state must restore integrity to budget process Nov 22, 2007
It would be a more accurate accounting method, Harsdorf said. Last-minute earmarks. (Menomonie Dunn County News, WI)
Storm Cat Energy Corporation Provides Operations Update; Announces Third Quarter 2007 Results Nov 8, 2007
0 million is a required calculation of the full cost accounting method that requires flat pricing; this quarter's price being $1. 9855. (Canada Newswire)
House Dems propose tax overhaul Oct 26, 2007
The last-in-first-out accounting method would also be eliminated, saving $106 billion over 10 years. Click for related content. (MSNBC -- Race)
Minimum-Tax Fix May Cost Buyout Firms, Hedge Funds $48 Billion Oct 25, 2007
8 billion tax cut, the proposal would repeal a special 32 percent tax rate for manufacturers and disallow the ``last-in, first-out'' accounting method that reduces taxes for businesses such as oil companies, wholesalers and automakers that hold inventory. Social Security, Medicare. (Bloomberg)
Google Expected To Be On The Mark Oct 19, 2007
A new accounting method that spreads out bonuses evenly throughout the year should help sweeten Google's third-quarter results. Investors should also stay tuned in for Google's answers to a number of questions. (Forbes -- Technology)
Yahoo Q3 earnings slip again Oct 18, 2007
08 per share using a comparable accounting method. Revenue was $1. (MacCentral)
Letters to the editor Oct 17, 2007
Let's dispense with the flawed "net" accounting method too. ---- Vic Kohring. (Anchorage Daily News)
Neptune Reports Year End Financial Results - Neptune Records 18% Sales Increase and 43% EBITDA Increase in Year End Results Sep 29, 2007
"We believe that the evaluation model and accounting method for stock-based compensation expenses are not appropriate for small capitalization fast growing companies. They do not bring the accounting value of stock-based compensation closer to the market value, as they should and as they were implemented for", stated Xavier Harland, Director of Finance. "Neptune has managed to increase its EBITDA by $455,000 with a $1.2M increase in sales, confirming its improvement in operational efficiency",... (PR Newswire)
Complaints about IFRS are just an excuse - Saica chief Sep 21, 2007
The new accounting method emphasises the use of market rather than historical values on financial instruments held by companies. Recently, a number of companies have expressed concern about the impact of IFRS, which has been blamed for bringing volatility in headline earnings - profits stripped of capital and other exceptional items. (Business Report, South Africa)
More of this story Sep 17, 2007
The city also uses an accounting method that although it is allowed under state law and used by cities across the state does not conform with higher standards issued by the comptroller general of the United States ... Steve Miller, the city s finance director, said the city uses the accounting method because it is too costly to try and comply with the higher standards, which would require more staffing and other resources. (Pine Bluff Commercial, AR)
PAAB concludes talks with Negri, Malacca Sep 10, 2007
He said in states where the NBV was not available due to the cash accounting method adopted by the state water departments, the approval of the Federal Government would be sought to transfer the assets at the value of the outstanding loans owed by the state to the Federal Government. Alternatively, the state may decide to appoint a valuer to determine the NBV of its assets. (The Star Online, Malaysia -- Business)
High-risk mortgages become toxic mess Aug 11, 2007
Under an accrual accounting method allowed by regulators, option-ARM lenders routinely record the uncollected interest as income even though the money may never be paid. This phantom income has swelled along with the use of option-ARMs. (Anchorage Daily News)
Tesco Corporation Reports Earnings for Q2 2007 and Announces Tubular Services Acquisitions Aug 3, 2007
5 ---------------------------------------------------------- Cumulative Change in accounting method - - - - (0 ... This measure may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. They should not be considered in isolation or as substitutes for operating income, net income or loss, cash flows provided by operating, investing and financing activities, or other income or cash flow statement data... (PR Newswire)
Tenneco Announces Restatement of Financial Statements Primarily Related to Accounting for Interest Rate Swaps Jul 24, 2007
Consequently, since the previous financial statements do not reflect the correct accounting method, they should not be relied upon as accurate. "The interest rate swap transactions provide effective economic hedges and this change in accounting method will in no way affect our cash flow or minimize the benefits from this risk management strategy," said Gregg Sherrill, Chairman and CEO, Tenneco. (PR Newswire)
Farm sector the thirstiest Jul 3, 2007
But the commission's report has called for a better accounting method for water, saying ground water is not adequately measured and may have been double-counted in some areas. "We've been treating surface and ground water as though they are separate systems," the commissioner, Professor Peter Cullen, said. (Sydney Morning Herald -- Australia)
Retiree funding deal is reached Jun 23, 2007
The bill shifts the system to a universally recognized accounting method, puts new limits on the diversion of retirement fund money into a special account and eliminates a provision that allowed extra compensation to be counted toward retirement benefits. The changes will require increased contributions from the state and municipalities starting in 2009. (Seacoast New Hampshire)
2,100 homes would need schools Jun 21, 2007
4The board held a public hearing to discuss a budget amendment outlining its new modified accrual accounting method. There were no comments from the public. (DeKalb Daily Chronicle, IL)
U.S. Democrats press plan to cut oil subsidies Jun 19, 2007
Senator Charles Schumer of New York has proposed that oil companies be prohibited from using an accounting method called "last in, first out" for inventories that saves them as much as $5 billion in taxes a year. Because Senate Democrats want to offset the cost of any new tax breaks with tax increases elsewhere, many lawmakers are pushing for even more tax raises from oil companies. (International Herald Tribune -- Business)
Democrats propose billions for renewable energy Jun 18, 2007
Senator Charles Schumer of New York has proposed that oil companies be prohibited from using an accounting method for inventories that saves them as much as $5 billion in taxes a year. "We are cutting back subsidies for the oil and gas industry and using that money to finance the development of new and cleaner sources of energy," said Senator Jeff Bingaman of New Mexico, who plans to attach the entire tax package to the energy bill on the Senate floor next week. (International Herald Tribune -- Business Asia)
A Look Inside Gene Munster's Crystal Ball Jun 11, 2007
" To be sure, Murphy's Law has laid to waste many well-laid plans, so I think investors have it about right: they've pushed Apple's stock from $60 to $126 in the past year, but much of that can be justified based on the Mac and iPod businesses. But here's the goofiest thing. If Apple does in fact sells 45 million iPhones in 09, then its "booked" earnings (as opposed to "ratable" earnings that Apple will use in its own quarterly announcements, using its new subscription accounting method) would... (BusinessWeek)
Books open on execs' rewards, but do shareholders care? Jun 9, 2007
Las Vegas SUN: Books open on execs' rewards, but do shareholders care. Books open on execs' rewards, but do shareholders care. (Las Vegas Sun)
Obama lays out universal health care plan May 30, 2007
Anti-Obama wrote on May 29, 2007 12:53 PM:" USA Today has a story today that our national debt is a LOT bigger than previously reported due to the accounting method that they use. The number comes out to almost half a million per household. Let's stop with more government programs, cut the ones we have, and try our best to get back on our feet. PLEASE do not vote for this socialist! ". to:MRS wrote on May 29, 2007 12:50 PM:" Why would you rant like that when it is sadly obvious you haven't read... (The Pantagraph newspaper)
Senate approves retirement system plan May 25, 2007
The bill shifts the system to a universally recognized accounting method, puts new limits on the diversion of retirement fund money into a special account and eliminates a provision that allowed extra compensation to be counted toward retirement benefits. The changes will require higher contributions from the state and cities and towns starting in 2009. (Concord Monitor)
New dispute over reform of N.H. pension system May 19, 2007
It also would require the retirement system to use a more accurate accounting method. But David Lang, president of the Professional Fire Fighters of New Hampshire, said his union and police groups oppose the high hurdle for payments into the special accounts, arguing it could mean no new money for health insurance subsidies or cost-of-living increases for up to 20 years. (Concord Monitor)
Carriage Services Reports First Quarter 2007 Results May 10, 2007
4% Footnotes (1) Effective January 1, 2005, the company changed its accounting method to expense preneed selling costs incurred for the origination of prearranged funeral and cemetery sales contracts. Results of operations for the years ended December 31, 2003 and 2004 are presented on a proforma basis applying the new accounting method. (PR Newswire)
Tesco Corporation Reports Record Earnings for Q1 2007 May 3, 2007
5 ------------------------------------- Cumulative Change in accounting method - (0 ... This measure may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. They should not be considered in isolation or as substitutes for operating income, net income or loss, cash flows provided by operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with... (PR Newswire)
Suzano Papel e Celulose: 1Q 2007 Consolidated Results Apr 29, 2007
This release gives consolidated operational and financial figures in Reais, by the Brazilian Corporate Law accounting method. Comparisons, unless otherwise stated, are between 1Q07 and 1Q06. (PR Newswire)
Apple Rocks Forecasts, Hits Record Apr 27, 2007
Particularly NAND flash and memory in general," one executive said during the call. Apple says margins of 27-28% are more realistic going forward. That may be why the company issued a rather tight forecast for the current period. The company expects revenue of about $5.1 billion with earnings of 66 cents per share for the period. Analysts were expecting revenue of $5.45 billion with earnings of 67 cents a share. Another factor that may affect future reported earnings is the accounting method... (SmartMoney)
ALP to simplify GST for small business Apr 19, 2007
The government introduced a new simplified accounting method (SAM) for restaurants, cafes and caterers on October 1, 2006 to make it easier for these businesses to meet their GST obligations and reduce their compliance costs. As a result of the new arrangements, developed in close consultation with small business, more than 30,000 restaurants, cafes and caterers have the option of using a formula to calculate their entitlement to GST credits. (Sydney Morning Herald -- Australia)
Uruguay Mineral Exploration Inc Announces Results for the Quarter and Nine Months Ended February 28, 2007 Apr 12, 2007
QUICK SEARCH BY ORGANIZATION. FREE SUBSCRIPTION SERVICES. (Canada Newswire)
Constellation Brands' 4Q profit climbs Apr 6, 2007
But sales of imported beers dropped 56 percent as the company changed its accounting method, and total spirits net sales fell 3 percent. "Organic sales were all slightly favorable to my expectations except spirits, which is their smallest business," said Tim Ramey, an analyst for D.A. Davidson n Lake Oswego, Ore. (Anchorage Daily News)
Constellation Brands' profit rises 26 percent, boosted by increased wine sales Apr 5, 2007
But sales of imported beers dropped 56 percent as the company changed its accounting method, and total spirits net sales fell 3 percent. "Organic sales were all slightly favorable to my expectations except spirits, which is their smallest business," said Tim Ramey, an analyst for D.A. Davidson & Co. in Lake Oswego, Oregon. (International Herald Tribune -- Business)
Tesco Corporation Announces Filing of Annual Report (10-K) for the year ended December 31, 2006, Confirms Report of Record Revenues and Earnings & Amends March 8th, 2007 Press Release Mar 29, 2007
6 Cumulative Change in accounting method - - - (0 ... This measure may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. They should not be considered in isolation or as substitutes for operating income, net income or loss, cash flows provided by operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. We believe EBITDA is useful to... (PR Newswire)
Penguins have a chance at winning road record Mar 27, 2007
Under at least one accounting method, anyway. They enter the game against the Capitals with an 18-14-5 road mark, which means they have earned 41 points away from Mellon Arena; that's exactly half of what's available from the 41-game away schedule NHL teams play. (Pittsburgh Post-Gazette, PA -- Sports)
Oil Refineries Announces Financial Results for Fiscal Year 2006 Mar 22, 2007
1-866-704-6710 \ +972-54-566-3221 Oil Refineries Ltd. Consolidated Pro-Forma Balance Sheet (Note 24) December 31 2006 NIS in thousands Audited Assets Current Assets Cash and cash equivalents 141,570 Trade accounts receivable 1,604,299 Receivables and debt balances 454,701 Inventory 2,738,321 4,938,891 Long-term investments and loans Investee companies 191,002 Long-term loans and debit balances 7,409 Loan to Haifa Early Pension Company Ltd. 300,000 Severance pay fund, net 45,458 543,869 Fixed... (PR Newswire)
Milberg Weiss Criticized for Misrepresenting Involvement in Indictment Mar 17, 2007
Tauro found that one of the two remaining potential lead plaintiffs did not lose money using the accounting method preferred by courts, and the other's claims could not represent a class because his claims were atypical of other investors. Tauro also took the firm to task for filing erroneous certifications of plaintiffs' stock trading records. (Law.com)
Budget no boon for 229 school districts Mar 17, 2007
Pari Sabety, Strickland's Office of Budget and Management director, explained the administration is using a broader accounting method to calculate the state share of school funding that more accurately reflects money flowing from Columbus to local schools. Sabety said Strickland is including the portion of the local property tax paid by the state, known as the property tax rollback, in the calculation. (Akron Beacon Journal, OH -- Living)
Canetic Resources Trust announces strong year-end operating and financial results and reserves for 2006 Mar 9, 2007
5% Debentures") on May 26, 2005. The StarPoint 6.5% Debentures mature on July 31, 2010 and are convertible at any time, at the option of the holder, into the trust units of Canetic at a conversion price of $18.96 per trust unit. The StarPoint 6.5% Debentures are not redeemable at the option of the Trust on or before July 31, 2008. After July 31, 2008, and prior to the maturity date, the StarPoint 6.5% Debentures may be redeemed in whole or in part, at a price of $1,050 per debenture after July... (PR Newswire)
Movers: Writeoff of U.K. unit saps profit at Télécom Mar 7, 2007
UnitedHealth switched to a new accounting method that requires companies to include stock-option expenses in earnings calculations. The company's shares rose 81 cents, or 1. (International Herald Tribune -- Business Asia)
UnitedHealth Completes 12-Year Options Restatement Mar 7, 2007
UnitedHealth said under a former accounting method, the pretax effect of the errors from 1994 through the end of 2005 was a $1 ... Under the company's current accounting method, the pretax effect of the errors for the period was $502 million. (eWeek)
Strong Medicine for UnitedHealth Mar 7, 2007
Under its historical accounting method those numbers come out to $738 million, $158 million, and $238 million, respectively. UnitedHealth's corrected net earnings amounted to $4. (BusinessWeek)
'Terminator' oversees transition of early learning program Mar 1, 2007
Last year, at the state's urging, the Network was required to switch from a fee-for-service accounting method to a cost reimbursement system, Stark said. The new method required each dollar paid to be attached to a cost with administrative costs capped at 5 percent. (Daytona Beach News Journal)
Maurel & Prom : Full Year 2006 Sales up 42% at EUR 580.5m. Maurel & Prom's Working Interest Production Increased by 22% up to 45 452 b/d in 2006 Feb 15, 2007
2 -9% * following a change of accounting method, the Hocol Group's ancillary activities are no longer booked as sales but as "Other income" in the amount of US$2. 8 million in the 4th quarter 2006. (PR Newswire)
Air Canada slashes operating loss Feb 9, 2007
In an accounting method used by airline carriers, Air Canada reported fourth-quarter EBITAR (earnings before interest, taxes, depreciation, amortization and aircraft rent) of $197-million, an increase of $92-million from the fourth quarter of 2005. Search. (Globe and Mail -- Business)
Commissioners Issue State-Of-The-County Report Feb 3, 2007
Upgrading of the county s accounting software and the conversion of the county s accounting method to the accrual basis of accounting with full fund accounting was accomplished in 2006. The county s new software, MIP Fund Accounting by Sage Software, has greater capabilities and is more user- friendly than our previous software. (Fulton County News, PA)
