By Mark P. Holtzmann, Financial Executives Research Foundation
This research offers disclosures chosen from 2006 annual studies to demonstrate how businesses addressed accounting matters lately promulgated via the monetary Accounting criteria Board (FASB) and the Securities and alternate fee (SEC). We chosen particular accounting matters in line with a overview of contemporary pronouncements by way of the FASB, remark letters issued by means of the SEC, and different traits that seemed as we reviewed 2006 annual stories. Our document focuses such a lot on 4 accounting parts the place we chanced on substantial version in disclosures: (1) Commitments and contingencies, (2) Derivatives and fiscal tools, (3) Goodwill and intangibles, and (4) profit popularity. We chosen disclosures that used cutting edge suggestions to obviously handle tricky accounting concerns, averting boilerplate disclosures that offer little company-specific details. monetary executives can use this file in methods: as a short replace of modern traits, or as a reference instrument for facing tough reporting matters. we have now published all financial plan footnotes accrued for this research at the monetary Executives foreign site at
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Example text
It is anticipated that the judge will certify his ruling for an immediate appeal. A putative class action is pending in California challenging the methodology of payments made under various associate incentive bonus plans. The court has made no decision on class certification in this case. The Company cannot reasonably estimate the possible loss or range of loss which may result from this lawsuit. The Company is currently a defendant in five putative class actions brought on behalf of salaried managers who challenge their exempt status under state and federal laws, which are pending in California, Michigan, New Mexico and Tennessee.
It is our intention to continue to vigorously defend the remaining claim. As of December 31, 2006, we had not accrued any amounts related to this matter. McBride qui tam suit In September 2006, we became aware of a qui tam action filed against us by a former employee alleging various wrongdoings in the form of overbillings of our customer on the LogCAP III contract. This case was originally filed pending the government’s decision whether or not to participate in the suit. In June 2006, the government formally declined to participate.
The payments were discovered during our audit of the foreign subsidiary. We conducted an investigation assisted by outside legal counsel, and, based on the findings of the investigation, we terminated several employees. None of our senior officers were involved. We are cooperating with the SEC in its review of the matter. We took further action to ensure that our foreign subsidiary paid all taxes owed in Nigeria. A preliminary assessment of approximately $4 million was issued by the Nigerian tax authorities in the second quarter of 2003.