Accounting problem at SunTrust could delay Sarbanes-Oxley filing
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An accounting problem with SunTrust Banks' loan loss reserves could prevent the bank from completing its Sarbanes-Oxley Act reporting requirements by a Dec. 31 deadline.
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By Ryan Blitstein, San Jose Mercury News, Calif.  Dec. 16--In a filing with the Securities and Exchange Commission, Apple Computer said Friday it will delay its annual 10-K financial report by more than two weeks while it reviews the findings of its investigation into stock option grants.
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Among the new challenges: keeping Sarbanes-Oxley expenses under control and "their CEOs out of jail."
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The Securities and Exchange Commission is months away from deciding whether Washington mortgage giant Fannie Mae will need to restate its earnings in the aftermath of a sharply critical report on its accounting practices, according to government and company officials.
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The U.S. Securities and Exchange  Commission said on Wednesday it was postponing by one year a  deadline for large corporations to speed up filing of  annual  and quarterly financial reports with the SEC.
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Dell said Thursday it would delay filing its quarterly report with securities regulators because of investigations into accounting practices.
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SunTrust Banks Inc. has fired its chief credit officer and two other employees because of errors that will delay third-quarter earnings and force the company to restate some financial results.
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SunTrust Banks Inc. STI.N on Monday  put two senior finance executives on leave after uncovering  accounting problems that will result in the No. 7 U.S. bank  restating first-half profit higher.
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Nortel Networks, one of the one of the worldâs biggest telecoms equipment makers, has again delayed filing its restated financial results, mainly because of revenue reporting issues, the company said Thursday.
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Sony Corp. said on Wednesday it would  delay its annual earnings report by a few weeks as it grapples  with the extra paperwork needed to comply with tougher U.S.  accounting rules.
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SunTrust Banks Inc. STI.N on  Thursday said U.S. securities regulators have started an  informal inquiry into its decision to restate financial results  for the first half of this year.
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Fannie Mae, accused by regulators of flouting accounting rules, said yesterday it could not meet a deadline for a quarterly financial report and may be required to record
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H&R Block Inc.,  the largest  U.S. income tax preparer, said on Tuesday that it expects to  delay filing its quarterly results with regulators after  turmoil in the subprime mortgage market forced it to write down  assets at its Option One Mortgage Corp. unit.
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LaBranche &amp; Co., the biggest market maker on the New York Stock Exchange, said Thursday it found possibly significant problems in its compliance with the Sarbanes-Oxley Act of 2002 governing financial reporting.
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NEW YORK -- Apple Computer Inc. said Friday it has delayed filing its annual report with the Securities and Exchange Commission due to its ongoing investigation into stock option grants.
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(InfoWorld) - Computer Sciences Corp. has delayed filing its annual report with the U.S. Securities and Exchange Commission because it has found "significant" accounting errors over multiple years, the IT services provider announced Wednesday. CSC, based in El Segundo, California, has uncovered mistakes in its accounting for tax liabilities in fiscal years 2000 through 2006, which is causing it to delay filing its 2007 10-K report, the company said. Correcting these errors will result in a cumulative charge estimated to be between $300 million and $400 million through March 31, 2006. That charge is unrelated to a previously disclosed one of about $60 million related to a stock option investigation. CSC will restate results for the periods affected by the accounting errors when it files its 10-K for the fiscal year ended March 30, 2007, which it expects to do on or before June 13 of this year. Signs of possible accounting irregularities at CSC surfaced last Tuesday. That day, the company was supposed to announce its 2007 fourth-quarter and year-end results. Instead, CSC said it was delaying reporting the results because it needed additional time "to finalize the accounting for income taxes related to certain prior-period transactions." CSC is one of the world's largest IT services providers with about 77,000 employees and revenue of $14.6 billion in fiscal year 2006. The company is considered a particularly strong provider of IT services to government agencies.
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Oilfield services company BJ Services Co. (BJS.N: Quote, Profile, Research) on Wednesday said it would delay filing its annual report with US market regulators for another month