November 13, 2002 |
A new watchdog board created to address the recent wave of corporate accounting scandals was rendered leaderless Tuesday, as former FBI Director William H. Webster resigned the top post amid what he called a "perfect storm" of controversy surrounding his appointment. Webster's action capped weeks of tumult stemming from a bitterly divided 3-2 vote of the Securities and Exchange Commission on Oct. 25 that approved his nomination.
September 13, 2003 |
Vivendi Universal said it received a report from France's stock market regulator about a probe of the company's financial accounts under former Chief Executive Jean-Marie Messier. Vivendi has three months to respond to the notice from the regulator, the Commission des Operations de Bourse, the Paris-based company said.
May 31, 2003 |
Halliburton Co. said Friday it has agreed to pay $6 million to settle 20 shareholder lawsuits that accused it of using deceptive accounting practices while Vice President Dick Cheney led the company. The lawsuits challenged the way that the oil-field-services company counted revenue from cost overruns and change orders on long-term fixed-price construction projects.
July 19, 2002 |
PNC Financial Services Group Inc. avoided monetary penalties, but will face stricter federal scrutiny after regulators questioned its accounting and record-keeping practices. The Securities and Exchange Commission said the bank tried to conceal $762 million in potential liabilities last year by transferring them to three subsidiaries created for that purpose.
December 21, 1990 |
In a flurry of activity this week, accounting rule makers announced plans to set standards that may cost individuals and industry billions of dollars. The Financial Accounting Standards Board, an organization that sets rules for financial reporting at publicly held companies, sent out two separate "statements" advising companies and accountants of upcoming changes this week.
August 3, 2002 |
Federal regulators have proposed new accounting rules after an audit found that two Enron Corp. pipelines may have improperly funneled $1 billion to the energy trader in the weeks before it filed for bankruptcy. The rules, which would apply to at least 400 utilities and energy pipelines, would help insulate customers from the costs of a bankruptcy by non-regulated companies that own the businesses, according to the Federal Energy Regulatory Commission proposal.
August 13, 2002 |
Inamed Corp., the maker of a surgical device to treat obesity, said it's reviewing the way it accounted for debt, taxes and warranties for breast implants and may have costs of as much as $10.5 million. The announcement, made after the markets closed, sent shares of the Santa Barbara-based company down as much as $4.19, or 23%, to $14.22 in after-hours trading. They had closed up 11 cents at $18.41 on Nasdaq.
December 27, 2006 |
Michael Jackson is suing his former accountants, claiming they withdrew $2.5 million a year from his bank accounts but did not properly pay his bills. The lawsuit by Jackson and MJJ Productions Inc. was filed last week in Los Angeles Superior Court against Bernstein, Fox, Whitman, Goldman & Sloan, alleging negligence and breach of fiduciary duty. It asks for unspecified damages and for an accounting of money the defendants received for services. Jackson hired the L.A.
August 8, 2003 |
Biolase Technology Inc., a maker of dental lasers, said revenue and earnings for previous periods may be lower than reported if the firm changes the way it records sales after asking the Securities and Exchange Commission for guidance on its purchase orders. The firm has been recording revenue when it receives purchase orders from customers or ships products, San Clemente-based Biolase said. Biolase is considering whether revenue should be recorded on shipment or when payment is received.
November 29, 1994
John (Jack) Jacobs, president of Jacobs & Jacobs, an accounting firm that operates in Ventura County, raises a question: How would business people keep up with today's mounting paperwork requirements without computers? "I guess the computers make it possible to survive," he said. "Then again, maybe we wouldn't have to make so many reports if we didn't have the machines to do them on."