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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 | From Bloomberg News
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 | Bloomberg News
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 | From the Associated Press
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 | From Bloomberg News
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."
Convicted former Supervisor Don R. Roth intentionally undervalued expensive meals from business people through "creative" bookkeeping so he could continue voting on their projects, his chief of staff told authorities in an interview made public this week. The newly released documents also raise the previously undisclosed allegation that Roth secretly accepted several thousand dollars in cash in the 1980s for trips to Hawaii and Palm Springs from W.
November 27, 2004 | From Times Wire Reports
The city is suing its accounting firm of seven years, alleging that it failed to alert officials to financial problems that have left the city racked with debt. In the lawsuit filed in Monterey County Superior Court, the city alleges that Moss, Levy & Hartzheim failed to provide competent accounting and auditing services. Ron Levy, a partner in the firm, denied all allegations. The extent of King City's debt is still unknown.
January 14, 2004 | From Bloomberg News
Adecco, the world's largest provider of temporary workers, is under investigation by the Securities and Exchange Commission over the company's accounting, people familiar with the probe said. The SEC and Adecco declined to comment. Adecco delayed reporting its 2003 earnings after finding "material weaknesses in internal controls" at its North American business and "possible accounting, control and compliance issues in certain countries," the Glattbrugg, Switzerland-based company said Monday.
September 30, 2003 | From Bloomberg News
The new U.S. accounting oversight board on Monday approved rules governing its investigations of accounting firms, including letting the board keep probes confidential. The Public Company Accounting Oversight Board voted unanimously to issue the proposed rules. If approved by the Securities and Exchange Commission, the board's plan would replace the peer review that accounting firms have used to police themselves for decades.
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