December 11, 2003 |
Goodyear Tire & Rubber Co. said it had discovered more accounting problems, forcing it to postpone a planned debt sale until next year and possibly unleashing additional labor problems for the top North American tire maker. The company said the "possible improper accounting issues" had been discovered in Europe as part of an internal investigation, which is continuing. It has not been determined whether the problems will have an impact on its financial statements.
August 15, 2001 |
Many companies will see their bottom lines improve next year thanks to new accounting rules. Starting Jan. 1, rules issued by the Financial Accounting Standards Board will eliminate the need for companies to quarterly amortize, or charge off, balance-sheet "goodwill" created in mergers. Instead, companies will have to write off such goodwill only when the difference between acquired assets' fair market values, and the value of those assets as carried on companies' books, is significant.
August 18, 2004 |
Wells Fargo & Co. and J.P. Morgan Chase & Co. are opposing a proposed accounting change they say may cripple a segment of the $1.3-trillion U.S. loan market. Both companies sent letters to the Financial Accounting Standards Board, the Norwalk, Conn.-based organization that sets U.S. accounting rules, objecting to a proposal to restrict loan "participations." Participations allow banks to move loans off their balance sheets by selling them to other institutions.
February 2, 1988 |
Congressional investigators took a large Los Angeles accounting firm to task Monday for failing to uncover and promptly report indications of massive fraud by ZZZZ Best founder Barry Minkow. The sharp, often skeptical questioning of the Ernst & Whinney firm's role in the scandal surrounding the now-defunct carpet-cleaning company came at a congressional hearing that produced a broad indictment of industrywide accounting practices.
February 18, 2003 |
The state Senate voted to tighten accounting practices for Idaho cities, citing a New York night on the town and other questionable spending by the former Boise mayor. The Assn. of Idaho Cities, which backed the legislation, said the state's other 199 cities have procedures that would have spotted and refused to pay suspect expenses hounding ousted Boise Mayor Brent Coles. Coles resigned Friday after being charged with a misdemeanor for illegally accepting a trip to the Salt Lake City Olympics.
April 11, 2003 |
French bank BNP Paribas denied that it incorrectly accounted for the shareholdings of former Vivendi Universal Chief Executive Jean-Marie Messier in December 2001. The bank, which tracks share sales of Vivendi directors, issued the statement after Messier complained that Vivendi had incorrectly suggested he sold more than 200,000 shares in the first half of 2002, instead of late 2001. Messier has blamed an administrative error at the bank.
January 25, 2005 |
The Securities and Exchange Commission charged Penthouse International Inc., a former executive of the publishing company and a former shareholder with accounting fraud. Penthouse founder Robert Guccione agreed to settle related SEC allegations that he misled investors. Guccione, who resigned from the company in 2003, settled without admitting or denying the SEC's claims.
January 20, 1985
Joe Turmell of the Santa Monica Bank will speak on "What Do Banks Want From CPAs" at the 6 p.m. Tuesday meeting of the American Society of Women Accountants at the Cove Restaurant, 3191 West 7th St. The society has awarded scholarships to five outstanding women accounting students: Emily Chan, Cal State Los Angeles; Jane Bulante, Loyola Marymount University; Sylvia Roscha, Mount St. Mary's College; Patricia Ruppel, USC and Melissa Martinez, Woodbury University.
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.