Today In Finance

June 2007 - Posts

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  Extreme Networks Digs up Options Errors The company restates, acknowledging that it should have recognized about $223 million in compensation expense. Following a special internal committee found that shortcomings in the way Extreme Networks processes stock-option grants spawned measurement... Read More... Published: Thursday, June 28, 2007, 08:16 AM

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  Beazer Fires Top Accountant Homebuilder cites ethics violations as reason for termination. Beazer Homes USA said it fired Senior Vice President and Chief Accounting Officer Michael T. Rand for violating the company's ethics policy. The homebuilder added that the finance executive... Read More... Published: Thursday, June 28, 2007, 08:16 AM

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  Can You Afford to Go Bankrupt? Claims from those who helped Delta fly out of Chapter 11, while lower than those for United, show that you can't go broke on the cheap. Chapter 11 may provide companies with protection from demanding creditors. But as the case of Delta Air Lines Inc.... Read More... Published: Thursday, June 28, 2007, 08:16 AM

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  How to Simplify Accounting in One Year A new federal advisory committee, headed by MFS chairman Robert Pozen, has one year to make recommendations to the SEC. The Securities and Exchange Commission has established a committee to figure out how to take complexity out of financial reporting... Read More... Published: Thursday, June 28, 2007, 08:16 AM

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  SEC's Cox Tells Congress: Let the Decision Stand The chairman explains why the commission voted with the plaintiffs in a case seeking to find "secondary actors" liable. Making a strong case for rule by precedent, Securities and Exchange Commission Chairman Christopher Cox told the House Financial Services... Read More... Published: Thursday, June 28, 2007, 08:16 AM

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  CFOs in a Dead Heat on Allowing IFRS Q2 FEI/Baruch College survey also shows weaker expectations for cap-ex, prices, and hiring, while a presidental straw-poll ranks Giuliani and Thompson tops and Hillary Clinton near the bottom. Finance executives split 50/50 on allowing U.S. companies... Read More... Published: Thursday, June 28, 2007, 08:16 AM

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  Auditor Resigns over Rotation Rule Critics say the Sarbox clause requiring lead partners to change within five years puts pressure on the smallest audit firms, and Cordovano and Honeck says it's hurt them twice. As the Sarbanes-Oxley Act approaches its fifth anniverary, some small independent... Read More... Published: Thursday, June 28, 2007, 08:16 AM

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  Bally Closer to Its Own Chap. 11 Fitness Plan Club operator sets July 27 as deadline for noteholder vote on prepackaged bankruptcy reorganization. Bally Total Fitness Corp. said it began seeking approval from noteholders for its prepackaged bankruptcy reorganization plan.. It set a deadline of July... Read More... Published: Thursday, June 28, 2007, 08:16 AM