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)
Independent firms fill void Oct 9, 2009
Our leases meet FASB accounting rules and the IRS rules to qualify as operating leases. Leasing also offers off-balance sheet financing for businesses which can make your financials look stronger. (San Antonio Business Journal, TX)
Accounting rule change to help smartphone makers Sep 25, 2009
The change approved by the Financial Accounting Standards Board (FASB) will enable Apple Inc., Palm Inc. and other U.S. smartphone vendors to recognize a greater portion of the revenue generated from the sale of a device in a single quarter. Current accounting rules require these companies and other to spread out the recognition of this revenue over a multi-year period, as software vendors are required to do. (EETimes)
U.S. Accounting Change Might Help Tech Companies Sep 24, 2009
The change, which analysts expect to provide a more accurate financial snapshot of companies such as Apple, Palm Inc and Cisco Systems Inc , was approved in a 5-0 vote by the Financial Accounting Standards Board. The change relates to the way revenue is recognized for products -- such as smartphones -- that combine hardware and software. (ABC News -- Wire)
G-20 Numbers Ninnies Have No Place in This War Sep 23, 2009
This spring the U.S. Congress browbeat the FASB into changes that watered down the impact of using market prices to value hard-hit securities ... Bair issued a veiled warning when she said the FASB to carefully consider possible changes to accounting rules that would require banks to use market prices when valuing loans that they hold ... FASB Chairman outlined these in a June : accounting rulemakers are concerned with providing relevant, transparent and unbiased financial information,... (Bloomberg -- Columnists)
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)
Apple Soars on Rumors of New Macs & New Math Sep 18, 2009
Word had spread among financial journalists that Apple had asked the Financial Accounting Standards Board (FASB), the organization charged with setting accounting standards for public companies by the SEC, to let it recognize all of the iPhone revenue at the time of sale. The petition can be read in PDF format. (SmallBusinessComputing)
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)
Beware Bankers Spinning Story of Smooth Results Sep 11, 2009
Both the IASB and FASB have given ground to this business- model view, although the FASBs changes arent as onerous for investors ... In doing so, it also plans, unlike the FASB, to allow banks to completely ignore changes in the market value of some securities. (Bloomberg -- Columnists)
Five People Who Stayed Clean in Banking's Bilge Sep 10, 2009
and , members of the Financial Accounting Standards Board. Last April, the caved to pressure by Congress and changed its rules so that banks and insurance companies could exclude huge unrealized losses on mortgage-backed securities from their earnings and regulatory capital. (Bloomberg -- Columnists)
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)
Banks Need to End $1 Trillion Kick the Can Game Sep 3, 2009
This spring, the FASB tightened the rules. In light of that, bank regulators -- the FDIC, , the and the -- have to decide how these returning assets will be treated for capital purposes. (Bloomberg -- Columnists)
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)
Insurers' Biggest Writedowns May Be Yet to Come Aug 20, 2009
Those days may be numbered, under a unanimous decision in May by the U.S. Financial Accounting Standards Board that has received little attention in the press. The board is scheduled to release a proposal during the fourth quarter to overhaul its rules for insurance contracts. (Bloomberg -- Columnists)
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)
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)
Next Bubble to Burst Is Banks' Big Loan Values Aug 13, 2009
Before, such disclosures had been required only annually under the Financial Accounting Standards Boards rules. The timing of the revelations is uncanny. (Bloomberg -- Columnists)
Hurray! Reports Second Quarter 2009 Unaudited Financial Results Aug 13, 2009
(2) June 30, 2008 and December 31, 2008 balances were extracted from the form 6-K for the quarters ended June 30, 2008 and December 31, 2008 respectively, as adjusted resulting from the adoption of Statement of Financial Accounting Standards No. 160. For more information, please contact: Christina Low Investor Relations Officer Tel: +86-10-8455-5566 x5532 Email. (Yahoo! Wire -- Entertainment News)
The Buzz on Banks, the Fed, and GDP Aug 12, 2009
In addition to simple profit-taking, some contacts are playing up the FASB board meeting on Aug. 12 ... Nevertheless, some observers are concerned that the FASB proposal could lead to a new round of writedowns of bank assets. (BusinessWeek)
Accounting change beneficial to banks Aug 11, 2009
The proposal has put a spotlight on the Financial Accounting Standards Board, the obscure nonprofit that sets bookkeeping rules for U.S. companies, highlighting the extent to which important changes in financial regulations may be decided off Capitol Hill. It also has sparked the latest round in a long-running battle between investors eager for more information about the financial health of banks and companies eager to retain control over their image and the information they present to... (Honolulu Advertiser)
EuroBancshares, Inc. Reports Financial Results for the Second Quarter Ended June 30, 2009 Aug 11, 2009
1 million, respectively; and (iii) a $657,000 year-to-date effective tax rate adjustment recorded during the quarter in accordance with FASB Interpretation No. 18, "Accounting for Income Taxes in Interim Periods," which requires that an estimated annual effective tax rate be used to determine the interim period income tax provision or benefit ... In April 2009, the FASB issued Staff Position ("FSP") No. 115-2, Recognition and Presentation of Other-Than-Temporary Impairments, which amends... (PR Newswire)
IIJ Announces First Three Months Financial Results for the Fiscal Year Ending March 31, 2010 Aug 11, 2009
" 1st Quarter FY2009 Financial Results Summary Operating Results Summary --------------------------------------------------------------------- 1Q08 1Q09 YoY % change --------------------------------------------------------------------- JPY JPY millions millions Total Revenues 16,328 15,835 (3.0%) --------------------------------------------------------------------- Connectivity and Outsourcing Services 8,396 9,126 8.7% --------------------------------------------------------------------- SI... (Primezone Releases)
Freddie Mac Releases Second Quarter 2009 Financial Results Aug 8, 2009
2 billion for the second quarter of 2009, reflecting the April 1, 2009 adoption of FASB Staff Position No. FSP FAS 115-2 and FAS 124-2, "Recognition and Presentation of Other-Than-Temporary Impairments" (FSP FAS 115-2 and FAS 124-2). See "Adoption of FSP FAS 115-2 and FAS 124-2" below for further information. (PR Newswire)
Charter Reports Second Quarter 2009 Financial and Operating Results Aug 7, 2009
The decrease in net loss resulted from the same factors along with a decrease in interest expense resulting from not recording contractual interest on debt subject to compromise and the allocation of losses of $47 million to noncontrolling interest beginning January 1, 2009 based on the adoption of Statement of Financial Accounting Standards No. 160, partially offset by expenses related to the financial restructuring underway at Charter. While operating during the Chapter 11 proceedings, the... (Yahoo! Wire -- Entertainment News)
The Ensign Group Reports Second Quarter 2009 Earnings of $0.39 per Share; Reaffirms 2009 EPS Guidance Aug 7, 2009
78 ===== == ===== ===== === ===== Weighted average common shares outstanding: Basic 20,586 20,586 20,579 20,579 ====== == ====== ====== === ====== Diluted 20,874 20,874 20,883 20,883 ====== == ====== ====== === ====== (1) Represents acquisition related costs expensed during the first quarter under Statement of Financial Accounting Standards (SFAS) No. 141(R), Business Combinations, which were previously capitalizable under SFAS 141. (2) Represents amortization costs incurred during the three and... (PR Newswire)
American Capital Announces Q2 2009 Results Aug 5, 2009
This is primarily because the current lack of liquidity in the financial markets has caused investment spreads between the cost of funds and investment income to widen significantly on investments, resulting in current fair values under Statement of Financial Accounting Standards No. 157, Fair Value Measurements, that are materially lower than what the Company currently anticipates realizing on settlement or maturity. American Capital believes that providing investors with Realizable Value in... (PR Newswire)
First Industrial Realty Trust Reports Second Quarter 2009 Results Aug 5, 2009
a) On January 1, 2009, the Company adopted newly issued guidance from the Financial Accounting Standards Board ("FASB") regarding business combinations. The guidance states direct costs of a business combination, such as transaction fees, due diligence costs and consulting fees no longer qualify to be capitalized as part of the business combination. (PR Newswire)
GMX Resources Inc. Announces Letter of Intent With Kinder Morgan for Interest in Pipeline; Reports Second Quarter 2009 Financial and Operating Results and Guidance; and Announces Resolution of SEC Comment Letter Aug 4, 2009
" GMXR Second Quarter 2009 Earnings Conference Call GMXR has scheduled a conference call for Tuesday, August 4, 2009 at 10:00 a.m. CDT (11:00 a.m. EDT) to discuss second quarter 2009 financial and operating results. To access the call, dial 877.795.3647 or 719.325.4907 before the call begins. A replay of the call will be available after 2:00 PM, August 4, 2009. To access the replay, please dial 888.203.1112 or 719.457.0820 and reference passcode 1340685. The corporate presentation being used for... (Primezone Releases)
Television Company Belo Corp. (BLC) Reports Results for Second Quarter 2009 Aug 1, 2009
"The Company also announced the restatement of its audited fiscal 2007 and 2008 financial statements and unaudited first quarter 2009 balance sheet due to a misapplication of Statement of Financial Accounting Standards No. 142 "Goodwill and Other Intangible Assets" ("FAS 142") under GAAP. These adjustments are non-cash, do not affect Belo's liquidity or debt covenants, and do not impact the Company's future operations. More detailed information on this matter is included below.Second Quarter in... (Yahoo! Wire -- Entertainment News)
A New Bull: Resilient Capitalism Pushes Back Aug 1, 2009
And the banks will earn their way out of their toxic-asset problems provided the nerds at the Financial Accounting Standards Board (FASB) don't resurrect mark-to-market accounting and force immediate distressed-market write-downs. Does this bull have long legs. (Investors Business Daily)
Zilog Announces First Quarter Fiscal 2010 Financial Results Jul 31, 2009
In accordance with FASB No. 144, the comparative financial statements for its first fiscal quarter ended June 28, 2008 have been restated to reflect these sold businesses as discontinued operations. GAAP net income for the fiscal first quarter ended June 27, 2009 was $0. (PR Newswire)
CEC Entertainment Reports Financial Results for the Second Quarter of Fiscal 2009 Jul 31, 2009
Changes in financial accounting standards or our interpretations of existing standards; and. Failure to establish, maintain and apply adequate internal control over financial reporting. (Yahoo! Wire -- Entertainment News)
Kaiser Aluminum Corporation Reports Second Quarter and Year-to-Date 2009 Financial Results Jul 30, 2009
(3) The Company adopted Financial Accounting Standards Board Staff Position Emerging Issues Task Force 03-6-1, Determining Whether Instruments Granted in Share-based Payment Transactions are Participating Securities ("FSP EITF 03-6-1"), on January 1, 2009. All of the Company's unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) were treated as participating securities and were included in the computation of earnings... (Primezone Releases)
Schapiro Is Said to Consider Kroeker, Ciesielski as SEC's Chief Accountant Jul 30, 2009
Its the most important accounting job in the world, said , an accounting professor at the University of Georgia and former chairman of the Financial Accounting Standards Board. Its the person who has the power to establish accounting and auditing rules for all publicly held companies in the U.S., he said. (Bloomberg -- US)
Republic Services, Inc. Reports Second Quarter Earnings Jul 30, 2009
changes by the Financial Accounting Standards Board or other accounting regulatory bodies to generally accepted accounting principles or policies. acts of war, riots or terrorism, including the events taking place in the Middle East, the current military action in Iraq and the continuing war on terrorism, as well as actions taken or to be taken by the United States or other governments as a result of further acts or threats of terrorism, and the impact of these acts on economic, financial and... (PR Newswire)
BioMed Realty Trust Reports Second Quarter 2009 Operating and Financial Results Jul 30, 2009
Financial information for the current and, where applicable, prior periods has been presented to reflect the application of the following new accounting guidance adopted by the company effective January 1, 2009: FASB Staff Position APB 14-1 "Accounting for Convertible Debt That May be Settled Upon Conversion (Including Partial Cash Settlement)"; Statement of Financial Accounting Standard No. 160 "Noncontrolling Interests in Consolidated Financial Statements - An Amendment of ARB No. 51"; and... (PR Newswire)
ITC Holdings Reports 2009 Second Quarter Earnings Increase of 7.4 Percent Over 2008; Raises 2009 EPS and Capital Expenditure Guidance Jul 30, 2009
The increases in earnings per share guidance are partially offset by the impact of adopting Financial Accounting Standards Board Staff Position No. EITF 03-6-1(1), which was not reflected in the original earnings guidance ... (1) During 2009, ITC adopted Financial Accounting Standards Board Staff Position No. EITF 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities ("FSP EITF 03-6-1"). (PR Newswire)
Kirby Corporation Announces 2009 Second Quarter Results Jul 30, 2009
2 (1) Effective January 1, 2009, Kirby adopted FASB Staff Position No. EITF 03-6-1 "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities," ("FSP EITF 03-6-1") which requires unvested share-based payment awards with non-forfeitable rights to receive dividends or dividend equivalents (whether paid or unpaid) to be considered participating securities for the purposes of applying the two-class method of calculating earnings per share. Accordingly,... (PR Newswire)
Wall Street Analysts Keep Telling Big Earnings Lie Jul 30, 2009
The Financial Accounting Standards Board, under political pressure, has ruled that the banks decide. Might as well ask a six-year- old who took the cookies. (Bloomberg -- Columnists)
- Voice: Paper profit is a fraud 0 Jul 30, 2009
An economics and law professor, William Black, at University of Missouri, points out that there has been a change of accounting rules by the private, non-profit watchdog organization called the Financial Accounting Standards Board (FASB). For eight decades it required a bank holding a mortgage to list the value of the house at its actual market value known as mark-to-market, on the news from January through March then the term stopped being used. (El Centro Imperial Valley Press, CA)
Flushing Financial Corporation Reports 2009 Second Quarter Earnings of $0.20 Per Diluted Common Share, Core Earnings of $0.27 Per Diluted Common Share Jul 28, 2009
Core earnings, which exclude the effects of the Statement of Financial Accounting Standards ("SFAS") No. 159 and certain non-recurring items, was $6. 5 million, or $0. (Primezone Releases)
HF Financial Corp. Annual Earnings Per Share Increase 11.0 Percent and Announces Quarterly Dividend Jul 28, 2009
The Financial Accounting Standards Board (FASB) issued additional guidance as to how to account for impaired investments as well as determining the fair value of these securities in an inactive market. In accordance with this guidance, the company has attempted to determine fair value of these securities were they sold at the end of the quarter in an orderly transaction that was not a forced liquidation or a distressed sale. (PR Newswire)
Levin, McCain introduce bill Jul 24, 2009
These rules, which took effect in 2005, were the result of more than 15 years of work by the Financial Accounting Standards Board (FASB) to devise a fair and accurate method for calculating stock option expenses. Prior to that action by the FASB, stock options were treated by most companies as having no value on their books. (Dowagiac News, MI)
Sun American Bancorp Reports Second Quarter 2009 Results Jul 24, 2009
The primary change to the methodology was to shorten the measurement period used in determination of the historic loss component of the FASB Statement No. 5, Accounting for Contingencies, loan pool calculation from three years to eighteen months ... This change in accounting estimate was applied prospectively in accordance with FASB Statement No. 154, Accounting Changes and Error Corrections. (Primezone Releases)
First Financial Northwest, Inc. Reports Second Quarter 2009 Financial Results Jul 24, 2009
Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs that may be impacted by deterioration in the housing and commercial real estate markets and may lead to increased losses and nonperforming assets in our... (Primezone Releases)
Accountants Gain Courage to Stand Up to Bankers Jul 23, 2009
The Financial Accounting Standards Board is girding for another brawl with the banking industry over mark-to-market accounting. And this time, its the FASB that has come out swinging. (Bloomberg -- Columnists)
Tupperware Brands Reports Strong Second Quarter 2009 Sales, Profit and Cash Flow; Raises Full Year Earnings Per Share Guidance Jul 23, 2009
2008 Basic and Diluted earnings per share has been recast to conform with FASB Staff Position EITF 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions are Participating Securities ... 1 ==== ==== ==== (1) Refer to Non-GAAP Financial Measures section of attached release for description of the general nature of adjustment items (2) Represents income tax impact of adjustments (3) 2008 restated at current currency exchange rates * Basic and Diluted earnings per share... (PR Newswire)
Albemarle Reports Second Quarter 2009 Results Jul 23, 2009
(e) As adjusted due to the implementation of FASB Staff Position No. EITF 03-6-1, "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities," which was effective for financial statements issued for fiscal years beginning after December 15, 2008 and requires retrospective application. Basic earnings per share decreased one cent for the three-month period ended June 30, 2008 as a result of an increase in our basic weighted-average common shares... (PR Newswire)
DST Systems, Inc. Announces Second Quarter 2009 Financial Results Jul 23, 2009
In August 2008, the FASB issued a revised exposure draft on a proposed accounting standard that would amend SFAS 128, Earnings per Share, to clarify guidance for mandatorily convertible instruments, the treasury stock method, contingently issuable shares, and contracts that may be settled in cash or shares ... In April 2009, the FASB decided to pause the Earnings Per Share project and resume discussion towards the end of 2009 ... DST is continuing to monitor the FASB's progress towards... (PR Newswire)
Arkansas Best Corporation Announces Second Quarter 2009 Results Jul 22, 2009
30 (1) Effective January 1, 2009, the Company adopted FASB Staff Position No. EITF 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities, which required retrospective adjustment of earnings per share for prior periods. ARKANSAS BEST CORPORATION CONSOLIDATED BALANCE SHEETS June 30 December 31 2009 2008 (Unaudited) Note ($ thousands, except share data) ASSETS CURRENT ASSETS Cash and cash equivalents $62,318 $100,880 Short-term investment... (PR Newswire)
Boston Scientific Announces Results for Second Quarter Ended June 30, 2009 Jul 21, 2009
BOSTON SCIENTIFIC CORPORATION NON-GAAP NET INCOME AND NET INCOME PER COMMON SHARE RECONCILIATIONS (CONT.) (Unaudited) Three Months Ended Six Months Ended (in millions) June 30, June 30, ---------------------------- ------------------ ------------------ 2009 2008 2009 2008 ------------------ ------------------ Intangible asset impairment charges: Intangible asset impairment charges $10 $10 Income tax benefit (a) (2) (2) ------------------ ------------------ Intangible asset impairment charges,... (PR Newswire)
Wells Fargos unique capital buffer plan hinges on high earnings Jul 16, 2009
4bn gain from reduced markets as a result of a more lenient FASB ruling, Sterne Agee analyst Adam Barkstrom said. Barkstrom said he expects Wells to book one-time gains where possible in the second and third quarters to bolster earnings. (FT.com -- Markets)
READ: Gannett's press release Jul 16, 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." FAS 160 affected primarily the company's reporting of the 49. 2 percent noncontrolling interest in CareerBuilder. (USA Today -- Money)
First Financial Northwest, Inc. to Write-Off Goodwill in Second Quarter, Company Remains Very Well Capitalized Jul 11, 2009
" These statements relate to the Company's financial condition, results of operations, plans, objectives, future performance or business. You should not place undue reliance on these statements, as they are subject to risks and uncertainties. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make. Moreover, you should treat these statements as speaking only as of the date they are made... (Primezone Releases)
EU blames bank crisis on pay Jul 8, 2009
The US-based Financial Accounting Standards bowed April to a request from US Congress and set new guidelines that allow companies to price investments at the amount they would get in an "orderly" sale instead of writing down impaired assets at current market rates. AP. (Sydney Morning Herald -- Business)
Crisis Won't End Until Balance Sheets Get Real Jul 2, 2009
Banks and insurers got Congress to browbeat the Financial Accounting Standards Board into making rule changes that will let them plump earnings and regulatory capital. There also was Fed Chairman s line in March about green shoots, which sparked a media epidemic of alleged sightings. (Bloomberg -- Columnists)
Accounting Board's Lobbyists Stress Independence Jun 26, 2009
But the Financial Accounting Standards Board has been lobbying to underline its independence as a private-sector body. The FASB's parent this spring hired Ks, a big law and lobbying firm. (ABC News -- Wire)
Bank Profits Get Fatter With Accounting Rules Masking Looming Loan Losses Jun 6, 2009
The accounting rule changes that matter most for the banks came on April 2, when the Financial Accounting Standards Board gave companies greater latitude in how they establish the fair value of assets. Lawmakers, including Representative , a member of the House Financial Services Committee, had complained that existing mark-to-market standards worsened the financial crisis. (Bloomberg)
First Financial Northwest, Inc. Reports Having An Independent Stress Analysis Performed On Its Loan Portfolio Jun 6, 2009
"At March 31, 2009, the Bank far exceeded the minimum regulatory capital ratios for well capitalized banks with 15.65% Tier I Leverage, 23.14% Tier I Risk-Based and 24.40% Total Risk-Based capital ratios.First Financial Northwest, Inc. is a Washington corporation headquartered in Renton, Washington. It is the parent company of First Savings Bank Northwest; a Washington chartered stock savings bank that was originally organized in 1923. It serves the Puget Sound Region of Washington including... (Primezone Releases)
Bankruptcy: The healthcare connection Jun 5, 2009
" Because we are simultaneously less confident and more confident about the future. Seems kind of hard to draw any definitive conclusion from that analysis. Andrew Leonard Wednesday, June 3, 2009 08:22 PDT As presented in a (publicly accessible) blockbuster Wall Street Journal article today, the case is clear. The financial industry, eager for changes in accounting rules that would boost their balance sheets, lobbied Congress intensively. In a rare display of bipartisan amity, both Democrats and... (Salon)
C&D Technologies Reports First Quarter Results Jun 5, 2009
For fiscal 2010, the Company adopted several new Financial Accounting Standards, some of which require the reclassification of prior year amounts ... 00) (1) Certain items have been adjusted on these statements to reflect changes as required to present retroactive adoption of new accounting standards, Statement of Financial Accounting Standards No. 160, "Non- controlling interests in Consolidated Financial Statements - an amendment of Accounting Research Bulletin No. 51", and FASB Staff Position... (PR Newswire)
Drinking to Excess Is Banking's Hangover Cure Jun 5, 2009
A similar coalition wrote to FASB the same day, also asking for a postponement of the rule changes ... In the debate over the use of market values, banks -- after greasing plenty of palms on Capitol Hill -- used Congress to browbeat FASB into changing these so-called mark-to-market rules, as the Wall Street Journal earlier this week ... After Enron Corp.s implosion, FASB tried to curtail off- balance-sheet abuses. (Bloomberg -- Columnists)
Greenpeace's secret anti-palm oil agenda Jun 4, 2009
In a rare display of bipartisan amity, both Democrats and Republicans in turn applied intense pressure to Financial Accounting Standards Board, directing the regulatory body in charge of accounting rules to weaken so-called "mark-to-market" accounting. In early April, the FASB acquiesced to Congress' clear directive, for the banks to goose their first quarter earnings. (Salon)
Banc of America Securities-Merrill Lynch Research Hires Ethan Harris as Head of North America Economics and David Bianco as Head of U.S. Equity Strategy; Appoints Michael Hartnett Chairman of the Research Investment Committee and Chief Global Equity Strategist Jun 1, 2009
NEW YORK, June 1 /CNW/ -- Banc of America Securities-Merrill Lynch Research today announced the hire of Ethan Harris as head of North America Economics and David Bianco as head of U.S. Equity Strategy (Canada Newswire)
Closing the gap on fair value measurement May 30, 2009
"They are important because fair value is a concept which has quite widespread use in IASB standards and to a lesser extent in FASB standards. People will be reassured to know that everyone is heading the same general direction", he said. ConsistencyIn an effort to create consistency between IFRS and US generally accepted accounting principles (GAAP), the proposals incorporate the US financial accounting standards board (FASB) guidance on fair value measurement ... The project is part of a... (Accounting Web, UK)
