Brampton Brick Reports Results for the Third Quarter Ended September 30, 2009 Nov 6, 2009
13 ------------------------------------------------ ------------------------------------------------ Weighted average Class A and Class B shares outstanding (000's) 10,937 10,952 10,937 10,925 (unaudited) (in thousands of dollars, except per share amounts) ---------------------------------------------------------------------------- Three months ended Nine months ended CONSOLIDATED STATEMENTS September 30 September 30 OF CASH FLOWS 2009 2008 2009 2008... (CCNMatthews Press Releases)
Tax experts in demand; salaries scale new heights Nov 6, 2009
IFRS or the International Financial Reporting Standards is an accounting standard followed mainly in Europe and is likely to be adopted in India from the fiscal year beginning April 1, 2011. Also Read. (India Times)
Image Entertainment Invites You to Join Its Fiscal 2010 Second Quarter Conference Call Scheduled for Thursday, November 12, 2009 at 4:30 PM Eastern Time Nov 6, 2009
These factors include, but are not limited to, (a) the Company's ability to continue as a going concern, (b) the Company's ability to service its principal and interest obligations on its outstanding debt or otherwise renegotiate or refinance such outstanding debt, including the potential November 2009 principal and interest payment on its convertible note, (c) the Company's limited working capital and the Company's inability to raise additional working capital on acceptable terms or at all, (d)... (Primezone Releases)
Why did blue-chip Goldman take a walk on subprime's wild side? Nov 5, 2009
22-caliber rifle and not hit a subprime lender in Orange County," recalled a former manager of a company that reviewed subprime loan files before Goldman and other Wall Street firms bought the mortgages.For $100 million in mortgages, New Century could command fees from Wall Street of $4 million to $11 million, ex-employees told McClatchy. The goal was to close loans fast, bundle them into pools and sell them to generate money for the next round.Inside the mortgage company, the former employees... (Anchorage Daily News)
Goldman got cozy with loan star that crashed and burned Nov 4, 2009
Michael Missal, a federal bankruptcy examiner who investigated New Century's operations after it sought Chapter 11 protection on April 2, 2007, reported last year that the firm's lax lending and accounting standards "created a ticking time bomb.". For their part, Goldman and other Manhattan investment banks could put $20 million in the till by taking a 1 percent fee for assembling, securitizing and selling a $2 billion pool of mostly triple-A rated bonds backed by subprime loans -- and that was... (Anchorage Daily News)
Madoff Makes Latest Scammers Look Like Amateurs Nov 4, 2009
Yesterday, Madoffs accountant, , admitted in federal court that he signed off on Madoffs financial statements without reading them, without applying accounting standards and without verifying a single thing about them. Friehling said he had no idea that the man he trusted, Madoff, was running a Ponzi scheme. (Bloomberg -- Columnists)
AAco downgrades guidance, appoints new chief Nov 2, 2009
"AAco's reported earnings are extremely sensitive to year-end cattle price assumptions, under the Agriculture Accounting Standard. "For every one per cent change in AAco's total herd valuation, AAco's EBIT (earnings before interest and tax) is potentially impacted by $4 million. " In August, the company posted a net loss of $30.3 million for the six months ended June 30. Mr Farley will be appointed managing Director and chief executive, commencing December 1, the company said. In August, the... (Sydney Morning Herald -- Business)
Sony Sinks to Third Straight Quarterly Loss Oct 31, 2009
Sony's earnings are based on U.S. accounting standards. -By Kenneth Maxwell, Dow Jones Newswires; +813 6895 7564; kenneth. (SmartMoney)
Brazil Stocks Drop, Cap Worst Week in Eight Months, on Oil Slump, Embraer Oct 31, 2009
7 million, or 32 cents per American depositary share, under U.S. accounting standards. Analysts surveyed by Bloomberg had an average for earnings of 47 cents a share. (Bloomberg -- Latin America)
Regional accounting standard setters speak out Oct 31, 2009
THERE have long been complaints that international accounting standards adopted in emerging economies are sometimes problematic because these standards are largely or wholly based on those of the developed nations ... It will pave the way for the formation of a body that enables the regions standard setters to speak in one voice with regards to the setting of accounting standards, which has been traditionally dominated by the West ... In Malaysia, the Malaysian Accounting Standards Board... (The Star Online, Malaysia -- Business)
Housing stimulus without ballooning the deficit Oct 29, 2009
9 trillion, if you measure it by any reasonable accounting standard ... 9 trillion, if you measure it by any reasonable accounting standard. (New York Post -- Business)
Teck Reports Third Quarter Results for 2009 Oct 29, 2009
In 2008, we established an IFRS conversion team to lead the significant undertaking of transition from Canadian GAAP to IFRS. We have prepared a detailed IFRS conversion plan, which will continue to evolve to accommodate the expected development of IFRS accounting standards past 2011 ... ADOPTION OF NEW ACCOUNTING STANDARDS. (CCNMatthews Press Releases)
HCL Tech Sept quarter US GAAP net profit falls 10 pc Oct 28, 2009
NEW DELHI: HCL Technologies Ltd on Wednesday said its quarterly profit under US accounting standards fell 10 per cent. ... HCL Technologies Ltd on Wednesday said its quarterly profit under US accounting standards fell 10 per cent.. (India Times)
State Bancorp, Inc. Declares Cash Dividend of $0.05 and Elects Richard Lashley to Board of Directors Oct 28, 2009
He has extensive experience working with the bank regulatory agencies, Securities and Exchange Commission, Financial Accounting Standards Board and American Institute of Certified Public Accountants (AICPA). Mr. Lashley previously served as Assistant to the Chairman of the AICPA Savings Institution Committee in Washington, D.C. He has extensive prior experience serving as a Director of other community banks and thrifts. (Primezone Releases)
Wipro projects $1.11 billion earning from IT services in third quarter Oct 27, 2009
62 billion, as per the Indian accounting standard ... 17 billio 00004000 n, as per the Indian accounting standard. (India Times)
Rural and community Banks introduced to a new reporting system Oct 26, 2009
The IFRS is a set of international accounting standards stipulating how particular types of transactions and events should be reported in financial statements, whilst Base 11 Accord is to create an internal standard that banking regulators can use when formulating regulations about how much capital banks need to set aside to guard against financial and operational risks the face. Mr Samuel Twumasi Ankrah, Manager , Efficiency Monitaring Unit [EMU] Internal Control, ARB Apex Bank, announced this... (Ghana Web, Ghana)
HCC Q2 net profit at Rs 5.51 cr Oct 24, 2009
"The company has amended the accounting standards related to 'effect of the changes in foreign exchange rate' in the last quarter of the previous year ended March 31, 2009, therefore the results for the current quarter are not comparable with the results of the corresponding quarter of last year," the company said. Total income rose to Rs 783. (India Times)
Challenges in implementing new financial reporting standards Oct 23, 2009
FINANCIAL Reporting Standards No. 4 (FRS 4), or IFRS 4 as it is known internationally, has been issued for adoption by the Malaysian Accounting Standards Board and will be effective for insurance companies in Malaysia effective Jan 1, 2010. This is the first standard issued by the International Accounting Standards Board (IASB) that deals with insurance contracts. (The Star Online, Malaysia -- Business)
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)
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)
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)
READ: Morgan Stanley's press release Oct 22, 2009
(3) Effective January 1, 2009, the Company adopted FASB Accounting Standards Codification ("ASC") 810 Consolidation which requires retrospective application ... (3) Effective January 1, 2009, the Company adopted FASB Accounting Standards Codification ("ASC") 810 Consolidation which requires retrospective application ... (3) Effective January 1, 2009, the Company adopted FASB Accounting Standards Codification ("ASC") 810 Consolidation which requires retrospective application. (USA Today -- Money)
Dems Try to Put Clamps on Health Insurers Oct 22, 2009
They control the accounting standards. If you think the 2-4% reported by the insurers is false then the 20-40% profits enjoyed by tech companies would be outrageous. (CBS News -- Politics)
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)
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)
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)
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)
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)
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)
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 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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
