by AccountingWeb on Jul 08, 2002
The Great Atlantic & Pacific Tea Company (A&P) restated prior year earnings in a Form 10K filed with the Securities and Exchange Commission on July 5, 2002.
by AccountingWeb on Jul 03, 2002
Using its new standard for measuring profitability, Standard & Poor's (S&P) ranked companies in order of highest to lowest gaps between their reported earnings and core earnings for 2001.
by AccountingWeb on Jul 03, 2002
Gone are the days when the boss was the BOSS. Today, one of the biggest challenges facing executives is how to incorporate new methods of motivational leadership while still maintaining old "command and control" management styles. How can a manager replicate the successes of Morgan, Rockefeller and Getty without ignoring the wants and needs of their employees?Alex Hiam is a management consultant and best-selling author of more than a dozen books, including The Portable MBA in Marketing and Marketing Kit for Dummies.
by AccountingWeb on Jul 02, 2002
According to a report published by the New York Times, the capital markets have good reason to worry about corporate earnings this year. Companies have at least three good reasons to drag all the skeletons out of the closet and try to wipe the slate clean with an earnings restatement. The three reasons:Legacy of the 1990s. Lawyers and accountants blame the excesses of the 1990s. They say capital markets rewarded growth stocks handsomely, and companies sought to manage stock prices as a way of maximizing the value of their stock-based compensation plans.
by AccountingWeb on Jun 30, 2002
Support for tough accounting and audit reforms is growing, provided the reforms also include stiff sanctions and penalties for top-level corporate management of large public companies. As the first major step in this direction, on June 28, 2002, the Securities and Exchange Commission (SEC) ordered corporate officers to personally certify that their most recent reports filed with the Commission are both complete and accurate.
by AccountingWeb on Jun 27, 2002
WorldCom's plight sent the U.S. capital markets reeling in another wave of accounting shock. It was a jittery week on Wall Street when mere rumors of accounting irregularities were enough to send share prices plummeting. Clearly, the entire telecom sector is on investors' radar screens, but even industrial-era icon General Motors found itself victimized by the rumor mill on June 27, 2002.
by AccountingWeb on Jun 27, 2002
Lawsuits involving audits of public companies have gotten the lion's share of the media's attention in recent months. But state tax returns and other services provided to wealthy individuals still present a multitude of pitfalls for accounting firms of all sizes. Two recent cases show how these pitfalls can and do turn into nightmarish negligence lawsuits, no matter how popular and well-regarded the clients.
by AccountingWeb on Jun 25, 2002
Deloitte & Touche is taking a leadership role in helping companies and investors understand and move beyond the reasons for today's "crisis in confidence." It recently released "Quality of Earnings," the second in a series of papers designed to help restore investor confidence through the sharing of knowledge and best practices. The paper contains an innovative tutorial that helps companies and investors boost their own financial IQs to a level that complements the Integrity and Quality (IQ) of their independent auditors.
by AccountingWeb on Jun 20, 2002
Reprinted with Permission, Camico Mutual Insurance Company. http://www.http://www.camico.com/website/about.asp No professional wants to be deceived, but sometimes it just happens. Criminals lie to their lawyers, students cheat on tests given by their teachers, and clients alter financial statements prepared by their CPAs. "Every month," says Suzanne Holl, CAMICO loss prevention manager and CPA, "I talk to at least one policyholder about a financial statement or tax return that a client doctored.
by AccountingWeb on Jun 19, 2002
After the Andersen verdict was announced, lawmakers and regulators redoubled their efforts to establish a rigorous oversight process for independent auditors, and other reformists joined together in a parallel track for management under the auspices of the Conference Board.
by AccountingWeb on Jun 17, 2002
On June 13, 2002, Intuit Professional Accounting Solutions unveiled the results of its nationwide study on "the Voices of Small Businesses and Accountants." The study shows 88% of small business owners have not lost confidence in their accountant, despite the damage to the profession done by the negative publicity associated with the Enron collapse.
by AccountingWeb on Jun 14, 2002
By Dave Stein, The Stein AdvantageDon't take on just anyone as a client or customer. Consultant, trainer and author Dave Stein offers a wealth of insights on who to avoid . . . and why.If you're in the position of having to bring in new business, you might be feeling a bit desperate. We all know times are tough and money is tight. It may seem that now is the time to take on any business that comes your way. After all, you still have revenue targets to achieve, expenses to cover and stakeholders to whom you must account. Well, hold on to your hat.
by AccountingWeb on Jun 12, 2002
In a letter to the editor of the Miami Herald, a former attorney of the Miami office of the Securities and Exchange Commission's (SEC's) enforcement division broke ranks with his normally tight-lipped colleagues and publicly criticized the Commission. Some readers were surprised at the way he blamed three former chairmen for leaving a legacy of crises and blasted the current chairman for undermining the region's prosecutors.
by AccountingWeb on Jun 11, 2002
On June 10, 2002, KPMG released the results of its latest survey on non-financial disclosures - a term it uses to describe corporate reporting on environmental, social and sustainability performance. According to firm's press release, sustainability refers to the balance among economic, environmental and social factors necessary to keep a company profitable while being responsive to society's needs.
by AccountingWeb on Jun 10, 2002
By, Bruce A. HammHOW NOT TO END UP LIKE ENRONRecent reports about accounting practices, conflicts of interest, document shredding and retaliation against employees at Enron heighten interest in business ethics. Many of us are asking, "What about the ethics in my company?" The reaction from many executives might be "Nothing wrong with my company.