July 16, 1992 |
Accounting Board Agrees to Change Investment Rule: The nation's rule-making board for accountants agreed to broaden a requirement that companies value their investments at market value. The proposal by the Financial Accounting Standards Board would affect a company's stated net worth, but not its profits. The measure requires companies to revalue investments according to their changing market value. Excluded are assets that the buyer intends to hold until maturity.
April 25, 2002 |
The accounting profession's top rule-making body tapped PricewaterhouseCoopers partner Robert Herz to succeed outgoing Chairman Edmund Jenkins, marking a significant change to the oversight of an industry tarnished by the Enron Corp. scandal. The Connecticut-based Financial Accounting Standards Board, which sets U.S. accounting standards, said Herz, 48, will assume the chairman's post upon completion of Jenkins' five-year term June 30.
March 14, 1992 |
Rockwell to Take $1.5-Billion Charge: Rockwell International Corp. said changes in accounting for retirement benefits will result in a $1.5-billion charge against net income. The conglomerate, with electronics, aerospace, automotive and graphics businesses, expects per-share earnings to decline 15% from 1991's $2.57 per share before the effect of the special charge, Chairman Donald R. Beall said.
June 19, 2003
* Microsoft Corp., whose MSN is the No. 2 U.S. Internet service, is building its own programs for searching the Web to rival Google Inc.'s popular service. * * General Electric Co., which last year began selling security equipment, said it acquired Irvine-based Monitoring Automation Systems, a closely held maker of software used to run surveillance and monitoring systems for businesses. Terms weren't disclosed.
July 9, 1996 |
FASB Panel Agrees to More Public Members: The trustees who oversee the Financial Accounting Standards Board said they have agreed to a Securities and Exchange Commission request to set aside half their seats for public members. The agreement, which was expected, would reduce business' influence over FASB, the professional body that sets accounting standards for U.S. business.