Usiminas Quarterly Profit Beats Analyst Estimates as Idled Mills Restart Oct 22, 2009
The results were released after markets closed and are based on Brazilian accounting standards. Gerdau SA is Brazils largest steelmaker. (Bloomberg -- Latin America)
FortuNet Withdraws Its Application for Approval of Its Current Version of Its Mobile Gaming System and Expects to Write Off Approximately $1,685,000 of Capitalized Software Development Costs Oct 22, 2009
As a result of the Company's withdrawal of its application with the Nevada Gaming Control Board, the Company expects to write off approximately $1,685,000 of capitalized software development costs, as of September 30, 2009, as required by The Software Topic of the FASB Accounting Standard Codification, incurred in the process of developing the software for traditional casino games enabled on the current version of the Company's mobile gaming system. This write-off is expected to result in a... (Primezone Releases)
Case to cover gamut of corporate responsibility Oct 22, 2009
It requires chief executives and chief financial officers to certify to their boards that financial statements comply with accounting standards and present a true and fair view ... In his explanatory memorandum for the bill, the then treasurer Peter Costello said: ''This approach will retain the overall responsibility of directors for the financial statements but will at the same time impose a specific requirement on those responsible for preparing the statements to turn their minds to the... (Sydney Morning Herald -- Business)
Rwanda: Government to Amend Social Security Act Oct 21, 2009
The law insists that the management of the fund must conform to international accounting standards and invest the reserves in a prudent and secure manner. The fund will be under Rwanda Social Security Board which shall be created by a merger of the current Social Security Fund of Rwanda and RAMA, the public medical insurance scheme. (allAfrica.com)
Apple Reports Its Most Profitable Quarter Ever Oct 21, 2009
During a conference call with investors, CFO Peter Oppenheimer said that on Sept. 23, the company had been granted approval by the Financial Accounting Standards Board (FASB) to change its accounting rules, so it can realize most of the revenue from iPhone and Apple TV sales immediately. Still, Oppenheimer added the company isn't sure when it will do that. (SmallBusinessComputing)
Dearborn Bancorp Reports Third Quarter Results Oct 21, 2009
Ross continued, "Similar to most banking companies, Dearborn Bancorp, Inc. has had net deferred tax assets on its books for potential future tax deductions. These deferred tax assets were primarily created from two tax deduction timing differences. First, provisions for loan losses that have increased the allowance for loan losses are not tax deductible until an actual loan charge-off has occurred. Second, goodwill and intangibles that we have written off in 2008 and 2009 for book purposes are... (Primezone Releases)
The US dollar could sure use $52B in support Oct 20, 2009
Last Updated: 2:26 AM, October 20, 2009. Posted: 1:53 AM, October 20, 2009. (New York Post -- News)
CAPS Strategy Review: How You Can Profit From Mark-to-Market Trauma Oct 20, 2009
Thus, current accounting standards permanently lower earnings (if a bond drops from $100 to $70 on the market, the insurer takes a $30 loss; if it later marks back up to $100, it does not record a $30 profit). However, book value does mark up. (MSNBC -- Business)
READ: The company's press release Oct 20, 2009
In the first quarter of 2009, Gannett adopted Statement of Financial Accounting Standards No. 160 (FAS 160), "Noncontrolling Interests in Consolidated Financial Statements -- an amendment of ARB No. 51" (as subsequently codified in Accounting Standards Codification Topic 810). FAS 160 affected primarily the company's reporting of the 49. (USA Today -- Money)
READ: Bank of American's press release Oct 17, 2009
" Third-Quarter 2009 Business Highlights -- Average retail deposits in the quarter increased $93.0 billion, or 16 percent, from a year earlier, including the net impact of $72.1 billion in balances from Merrill Lynch and Countrywide. Excluding Countrywide and Merrill Lynch, retail deposits grew $20.9 billion, or 4 percent, from the year-ago quarter. -- Global Wealth and Investment Management was ranked No. 1 among U.S. wealth managers with more than 25 percent of the nation's top 100 financial... (USA Today -- Money)
CFO Academy initiates quarterly seminars Oct 14, 2009
The Oct. 13 event took place at the Indian Pueblo Cultural Center and provided workshop attendees with updates on the Financial Accounting Standards Board and on human resources and technology related issues. The next workshop is scheduled to take place Dec. 2. (New Mexico Business Weekly, NM)
MASB issues 4 exposure drafts Oct 13, 2009
PETALING JAYA: The Malaysian Accounting Standards Board (MASB) has issued four exposure drafts (ED) on improving disclosures about financial instruments, determining whether an arrangement contains a lease, transfers of assets from customers and syariah-compliant sale contracts. In a statement yesterday, MASB said ED 67 involved enhanced disclosure requirements that would help users evaluate an entity s exposure to liquidity risk and how such risk was managed. (The Star Online, Malaysia -- Business)
Infosys Profit Falls 0.9 Pct but Outlook Improves Oct 9, 2009
0 million in the quarter ended Sept. 30 based on international accounting standards, beating its own forecast. Revenues for the period were $1. (ABC News -- Business)
Lessons from Satyam: Watchdogs to tally ICAI's auditing norms Oct 9, 2009
NEW DELHI: Auditing norms prepared by the Institute of Chartered Accountants of India (ICAI) are likely to be vetted by an umbrella body consisting of various regulators, as the government learns its lessons from the Satyam fraud and makes auditing norms legal and binding like accounting standards. The National Advisory Committee on Accounting Standards (Nacas), has representations from the Reserve Bank of India, Securities Exchange Board of India and Comptroller or General of India, besides the... (India Times)
Most companies take regulation for granted Oct 9, 2009
Take the International Financial Reporting Standards (IFRS), which is set to become the global accounting standard. As a company, we are at the forefront of adopting the global accounting standard. (India Times)
Infosys Technologies (NASDAQ: INFY) Announces Results for the Quarter Ended September 30, 2009 Oct 9, 2009
- Q2 Revenues Sequentially Grew by 2. BANGALORE, India, Oct. 9 /CNW. (Canada Newswire)
There's gold in them thar steppes Oct 8, 2009
Australia could also help Mongolia in terms of accounting standards, corporate governance. This would help avoid a skills shortage as the projects take off. (Sydney Morning Herald -- Business)
Japan Risks Undermining Banks With Loans Repayment Moratorium, Gomi Says Oct 8, 2009
Oct. 8 (Bloomberg) -- The Japanese government may undermine banks by forcing them to defer debt repayments while easing accounting standards on the loans, the countrys former top financial regulator said. Japans newly appointed financial services minister, plans to submit legislation next month that would allow ailing small firms to postpone loan repayments for up to three years. (Bloomberg -- Japan)
Miner Greenland buries bad news in report Oct 6, 2009
Shareholders have been told the acquisition of Chahood Capital, a company believed to be controlled by Shemessian, was wrongly counted as part of the ''capitalised exploration and evaluation expenditure'' under Australian Accounting Standard AASB 3, relating to ''business combinations. That deal should have instead be treated under Australian Accounting Standard AASB 2, relating to ''share-based payments. (Sydney Morning Herald -- Business)
What is the next major challenge facing accountants? Oct 6, 2009
In order to prepare for the upcoming changes in codification of accounting standards, York is retraining his staff for the changes in international reporting. This article is for Paid Subscribers ONLY.. (Louisville Business First, KY)
Transcript of the Global Financial Stability Report Press Conference with Jose Viñals, Financial Counsellor and Director of the Monetary and Capital Markets Department Oct 2, 2009
QUESTION: On impaired assets, why is it that banks have only recognized roughly half of the losses that you expect them to do, and is there a policy that governments and the authorities should be implementing, whether it be accounting standards or something else, to ensure the losses are recognized. On capital, can you say how much more capital you think banks around the world should actually be raising so that you can get credit flowing well and why Europe seems to need a hell of a lot more... (IMF News)
MALCOLM MAIDEN Sep 30, 2009
Listed investor Djerriwarrh had a solid year, but not according to International Accounting Standard rules. Wednesday July 15, 2009. (Sydney Morning Herald -- Business)
Pensions a problem Sep 30, 2009
New national accounting standards and the financial crisis have forced governments to face their pension costs. They kept kicking the can down the road. (Atlanta Journal-Constitution -- Metro)
G-20 leaders promise tighter regulations Sep 26, 2009
Europeans worried about being at a disadvantage won a key concession by ensuring that differences in accounting standards and the extent of the bank's risky behaviors be considered when determining the size of the buffer. But the effort still is likely to run into heavy opposition between the goal-setting phase and the implementation phase from banks upset that the new rules could cut into their profits. (WCAX.com, VT)
Sulliden Revises Treatment of Legal Fees in Annual and Q1 Financials Sep 26, 2009
Sulliden adopted a new accounting standard under section 3064 of the CICA Handbook with an effective date of May 1, 2009. The adoption of the new accounting standard resulted in certain transitional adjustments which were reflected in the Company's first quarter financial statements for its fiscal year ended April 30, 2010. (CCNMatthews Press Releases)
Pay spins into alignment Sep 26, 2009
Unlike other pressing issues of post-crisis regulation - such as how to treat over-the-counter derivatives or the on-going bunfight over accounting standards - the issue of executive salaries has popular appeal. It is an issue that governments around the world have pursued enthusiastically. (Sydney Morning Herald -- Business)
Gabriele MarcottiINSIDE SOCCER Sep 26, 2009
First of all, accounting standards, local regulations and tax laws vary tremendously across Europe. UEFA can't force individual countries to change their laws, so any kind of system implemented will have to tread some complicated terrain. (SportsIllustrated.CNN -- Soccer)
The rally in financial markets: Liquid fuel Sep 25, 2009
A more cautious approach, using earnings reported under official accounting standards, puts the multiple at 27. Both numbers are well above the historical average. (The Economist)
Backgrounder: Major topics of G20 Pittsburgh Summit Sep 25, 2009
On the international financial regulatory reform, the leaders will talk a wide range of issues, including strengthening the global capital framework, making global liquidity more robust, reducing moral hazard and strengthening capacity for cross-border resolution, strengthening accounting standards, improving compensation practices, expanding oversight of the financial system, and adherence to international standards. German Chancellor Angela Merkel said on Thursday before departing for the... (Xinhuanet, China)
G20: Pledge by pledge Sep 24, 2009
Based in Basel, Switzerland, the international agency is a beefed-up successor to the Financial Stability Forum and brings together national regulators to discuss issues such as banker pay, accounting standards and requiring banks to hold more capital to absorb losses. It held its second meeting earlier this month and will submit papers to the G20 in Pittsburgh on bonuses, on progress since the first summit and what future steps need to be taken to better regulate the financial industry. (BBC News -- Business)
Boeing backers consider law to ensure fair bid Sep 23, 2009
Tiahrt said the Pentagon exempted the last Northrop bid from export restrictions, the Foreign Corrupt Practices Act, cost accounting standards, and rules on the foreign content of specialty metals, and should not be allowed to do that again. He said EADS had pitched a small military helicopter at a recent air show in Iran, raising concerns that it was leveraging work done on the U.S. Army's UH-72 Light Utility Helicopter into helicopter sales to a U.S. enemy. (Crain's Chicago Business)
It wasn't Wall Street's fault Sep 23, 2009
Accounting standards have been relaxed. When will be the right time to turn this trend around. (Salon)
China Metallurgical's Gain in Shanghai Trading Debut Trails Earlier IPOs Sep 21, 2009
It may record a profit of 4 billion yuan this year, it said in the prospectus, without saying what accounting standard it is using ... 18 billion yuan under international accounting standards. (Bloomberg -- Asia)
Huntington sets new new stock offering Sep 20, 2009
That plan has included an earlier stock sale, a buyback of preferred securities and savings culled from balance sheet adjustments and the adoption of new accounting standards. The latest offering pushes capital-raising actions in recent months past the $1 billion mark. (Cincinnati Business Courier, OH)
Bank regulators consider how to replenish fund Sep 19, 2009
She said she generally agrees with actions by the Financial Accounting Standards Board but is worried about a proposal to further extend "mark-to-market" accounting to bank loans. "During periods of market stress, losses could be exacerbated," Bair said. (MSNBC -- Business)
G-20: A Business Owners Guide Sep 16, 2009
Donald B. Applegarth, a technical assurance shareholder at , reminds us that one of the issues up for discussion at the summit international accounting standards has a far-reaching impact on business. Click for details. (Pittsburgh Business Times, PA)
A Year Later, a Fiscal Recipe for Disaster Sep 16, 2009
" stated, "Changing accounting standards helped the banks temporarily by allowing them greater leeway in describing their assets, but it did not change the underlying problem. In order to advance a full recovery in the economy, there must be greater transparency, accountability, and clarity, from both the government and banks, about the scope of the troubled asset problem. (CBS News -- Early Show)
Bell Microproducts Announces Financial Results for the First and Second Quarters of 2009 and Files All Past Due SEC Reports Sep 16, 2009
Professional fees for audit, legal, tax and outside accounting advisor services considered to be in excess of estimated spending due to the impact of internal control weaknesses and external accounting and regulatory investigations; * Settlements of certain trade credits received from customers (recorded as an increase in net sales) and vendors (recorded as a reduction of cost of goods sold), primarily identified during the restatement process; * Amounts recorded under agreements with the former... (Primezone Releases)
Due diligence probe is a must in current uncertain economic situation Sep 15, 2009
Although the quality and reliability of the accounts prepared by management can be assessed by reviewing the adjustments made by the auditors in the audited accounts, a properly conducted financial due diligence requires a good understanding of accounting standards and relevant rules and regulations such as revenue recognition, appropriateness of the carrying values of assets and the adequacy and completeness of provisions and liabilities. Other due diligence. (The Star Online, Malaysia -- Business)
REGULATORS: Accounting changes need global reach Sep 15, 2009
By Marcy Gordon, AP Business Writer WASHINGTON Changes in accounting standards, rules and policies for financial institutions must be coordinated globally in the effort to help avoid a recurrence of the economic crisis, federal regulators said Monday ... The in August proposed a plan to allow all public companies to begin using international accounting standards for reporting financial results in two years ... Most of the comment letters on the proposal received by the agency show support for... (USA Today -- Money)
Fuelled for growth Sep 12, 2009
8bil on its balance sheet as hedging losses as at Jan 1, 2009 and at the same time adopted the FRS 139 accounting standard. Tengku Datuk Azmil Zahruddin. (The Star Online, Malaysia -- Business)
Revenue leaks 5% at KWV, but wine sales fill up in export markets Sep 11, 2009
A consequence of the unbundling would be an estimated accounting loss of R750m in the financial statements of Capevin for the present year in terms of a new accounting standard for distributions of non-cash assets to owners, effective from July. But the directors pointed out that this was only a book loss as the economic reality was the shareholders remained the owners of the same assets "being shareholders of both entities following the unbundling". (Business Report, South Africa)
Cash for clunkers will reduce rate of inflation Sep 10, 2009
You probably haven't heard much, or maybe anything, about this, but the Financial Accounting Standards Board will force banks to take the assets of so- called "special-purpose enti ties" back on their books before the first of the year ... I'll cover this more in the future, but right now, just be aware that Financial Accounting Standards 166 and 167 are lurking ... You probably haven't heard much, or maybe anything, about this, but the Financial Accounting Standards Board will force banks to... (New York Post -- Business)
Stock sale to complete Huntington capital drive Sep 10, 2009
That plan has included an earlier stock sale, a buyback of preferred securities and savings culled from balance sheet adjustments and the adoption of new accounting standards. Steinour said the bank was eyeing other avenues for raising capital following the earlier stock sale but improved market conditions led the company to issue more stock. (Columbus Business First, OH)
Fresh regulatory framework soon for fin conglomerates Sep 9, 2009
RBI is also working with the government, accounting standard bodies and banks to ensure preparedness for a smooth convergence of accounting standards. Local accounting standards are expected to be fully convergent with IFRS with effect from April 1, 2001, she informed. (India Times)
Global regulators flag new bank rules Sep 7, 2009
The United States has already introduced leverage ratios but European regulators have been more sceptical: Bank of France Governor Christian Noyer said on Sept. 1 that a simple leverage ratio was unlikely to work as long as there was no single accounting standard. The central bankers and regulators who make up the Basel Committee also agreed general principles for the transition period to the new rules, including for banks to limit excessive dividend payments, share buybacks and compensation,... (India Times)
Hardie tax woes head to court Sep 7, 2009
Accounting standards only allowed this asset to be recognised if later recoupment of the losses was ''virtually certain. The US company borrowed most of the dividend from the Australian parent company, incurring interest, which reduced net earnings in the US and helped the ''triple taxation'' problem. (Sydney Morning Herald -- Business)
Ali named FRF chairman Sep 3, 2009
A Malaysian Accounting Standards Board (MASB) s statement said Ali s appointment by the Finance Minister was to replace Datuk Johan Raslan, whose term ended on June 30 ... The MASB has the sole responsibility to issue approved accounting standards for application in Malaysia. (The Star Online, Malaysia -- Business)
Fair value, mark-to-market at the center of heated debate Sep 2, 2009
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are considering expanding fair value accounting to require companies to measure loan losses earlier, instead of when management is reasonably certain a loss will occur. This article is for Paid Subscribers ONLY.. (Atlanta Business Chronicle, GA)
Commercial Real Estate Lurks as Next Potential Mortgage Crisis... Aug 31, 2009
Banks have had a strong incentive to refinance because relaxed accounting standards have enabled them to avoid marking the value of the loans down. "There is no incentive for banks to realize losses" on their commercial-real-estate loans, says Jack Foster, head of real estate at Franklin Templeton Real Estate Advisors. (The Drudge Report)
$1B in Hawaii state investments tied up Aug 31, 2009
The examiners insisted the state was wrong in how it valued the SLARS and that accounting standards demanded they be assessed at their fair market value. The state had told the auditors it didn't think it needed to write down the value since it had the capability to hold the SLARS until they matured in eight to 38 years. (Honolulu Advertiser)
Peoples Bancorp Inc. Declares Third Quarter 2009 Dividend Aug 28, 2009
These factors include, but are not limited to: (1) continued deterioration in the credit quality of Peoples' loan portfolio could occur due to a number of factors, such as adverse changes in economic conditions that impair the ability of borrowers to repay their loans, the underlying value of the collateral could prove less valuable than otherwise assumed and assumed cash flows may be less favorable than expected, which may adversely impact the provision for loan losses; (2) competitive... (PR Newswire)
Fund raising via ADRs may soon get easier Aug 27, 2009
Companies issuing level-I ADRs are listed only on the over-the-counter (OTC) exchanges in the US and do not have to comply with the rigorous US accounting standards, US GAAP. This regime has made it one of the most popular ADR programmes in the US.. Also Read. (India Times)
Solvang faced with new rules for retirees Aug 27, 2009
However, new rules from the Governmental Accounting Standards Board require public employers to disclose the total cost of their unfunded liability indicating the true cost of present and future post-retirement benefits to the general fund, Finance Director Dana Waite told the City Council Monday night. That required the hiring of an actuary to calculate a wide range of variables, such as number of employees, age at the time of hiring, life expectancy and the predicted costs of benefits, among... (Lompoc Record, CA)
TowneBank Announces Quarterly Cash Dividend Aug 27, 2009
Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include competitive pressures in the banking industry that may increase significantly, changes in the interest rate environment may reduce margins and/or the volumes and values of loans made or held as well as the value of other financial assets held, general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other... (Primezone Releases)
Trintech Reports Second Quarter Fiscal Year 2010 Financial Results Aug 26, 2009
As global accounting standards have started to converge, businesses are increasingly being required to understand and adopt XBRL as an enabling technology in enterprise wide disclosure initiatives being mandated by global financial governing bodies, such as the SEC's Final Rule in the US and HMRC in the UK.. Trintech announced that the independent research firm Forrester Research, Inc. had included Trintech on its report "The Forrester Wave(TM): Enterprise Governance, Risk and Compliance... (PR Newswire)
China Life eyes investment in AIG Asia unit Aug 26, 2009
Under Chinese accounting standards, China Life's premiums started falling in March on a year-on-year basis, and have been dropping since, though the rate has been slowing. For January-July, its premiums were 191. (Sydney Morning Herald -- Business)
Sinopec Corp. Announces 2009 Interim Results Aug 24, 2009
In accordance with the PRC Accounting Standards for Business Enterprises ("ASBE"), the Company's turnover was RMB 534 ... FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH THE PRC ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES ("ASBE") Changes Six-month periods over the same ended 30 June period of the 2009 2008 preceding RMB RMB year Items millions millions (%) Operating profit/(loss) 43,999 (26,023) - Profit before taxation 43,768 7,610 475. (PR Newswire)
ISSER says economic growth difficult to sustain Aug 21, 2009
However, Prof Aryeetey said the growth figure raised the debate about national accounting standards and methods and the proper interpretation of growth figures in developing countries. "The fact that Ghana ended the year with huge fiscal deficits of 14.9 per cent of GDP also raises questions about the relationship between fiscal deficits and economic growth.". (Ghana Web, Ghana)
Scholes Says Banks Should Provide Fair-Value Data on Their Illiquid Assets Aug 19, 2009
Banks that oppose new accounting standards on asset values want to conceal depressed prices, Merton wrote in the Financial Times yesterday. He composed the column with , a professor at the Harvard Business School along with Merton, and Scott Richard, who the newspaper identified as a professor at the University of Pennsylvanias Wharton School. (Bloomberg)
City OKs study on responsibilities for retiree health benefits Aug 19, 2009
The city will hire Silverstone Group, an actuarial and consulting business, to conduct the study that is required by the Governmental Accounting Standards Board. The rules, titled GASB 45, were approved in 2004 because concerns had developed over the amount of retiree benefits some governmental bodies might need to pay for in the future. (Madison Daily Leader, SD)
Beware `Horror Flick Monster' Mark-to-Market Accounting: Chart of the Day Aug 15, 2009
Aug. 14 (Bloomberg) -- Investors should beware the Financial Accounting Standards Boards decision yesterday to consider expanding fair-value rules, said , chief economist at First Trust Advisors LP in Wheaton, Illinois. Like a horror flick monster that just wont stay dead, FASBs accountants are proposing to expand the application of mark-to-market accounting rules across the board to include all financial assets, including regular loans, Wesbury said. (Bloomberg)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with Turkmenistan Aug 15, 2009
Financial soundness indicators appear strong, but banks accounting standards underlying their calculation are still weak. Executive Board Assessment. (IMF News)
Image Entertainment Reports First Quarter 2010 Financial Results Aug 14, 2009
These factors include, but are not limited to, (a) the Companys ability to continue as a going concern, (b) the Companys ability to secure media content on acceptable terms, (c) the Companys ability to service its principal and interest obligations on its outstanding debt or otherwise renegotiate or refinance such outstanding debt, (d) the ability of the Companys common stock to continue trading on NASDAQ, (e) changes in the retail DVD and digital media and entertainment... (Yahoo! Wire -- Entertainment News)
Patriot Transportation Holding, Inc. Announces Results for the Third Quarter and First Nine Months of Fiscal Year 2009 and Sale of Flatbed Trucking Operations Aug 14, 2009
SunBelt has been accounted for as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" (SFAS 144). All periods presented have been restated accordingly. (PR Newswire)
