Sarbanes Oxley Watch

Non-US Companies Get Reprieve on Sarbanes-Oxley

2005-04-07T01:33:00.000-05:00

European corporations won a major lobbying campaign this past month, when the US Securities and Exchange Commission agreed to grant non-US businesses listed on American markets a year's reprieve from complying with the tough internal-controls requirements of the Sarbanes-Oxley Act.

As a result, hundreds of non-US companies whose shares or American Depository Receipts trade on the New York Stock Exchange, Nasdaq and other US exchanges now have until fiscal years that end after July 15, 2006, to implement Sarbanes-Oxley's section 404 -- the controversial provision that compels public companies and their accountants to provide an annual, thorough evaluation that their controls over financial reporting are effective. [...]

Asbestos Bill Author Waves Aside Insurance Worries

2005-04-05T23:37:00.000-05:00

The Senate author of a U.S. plan to pay asbestos claims from a national fund waved aside insurers' objections on Tuesday, saying he had expected some industry dissent but it would not stop efforts to pass legislation.
Judiciary Committee Chairman Sen. Arlen Specter said he was within "striking distance" of agreement with senators from both parties on a plan setting up a $140 billion fund to compensate asbestos victims, while ending their right to sue. [...]

Research In Motion Reports Fourth Quarter And Year-End Results For Fiscal 2005

2005-04-05T23:25:00.000-05:00

Revenue for the fourth quarter of fiscal 2004 was $404.8 million, up 11% from $365.9 million in the previous quarter and up 92% from $210.6 million in the same quarter of last year. The revenue breakdown for the quarter was approximately 66% for handhelds, 17% for service, 14% for software and 3% for other revenue. Revenue for fiscal 2005 was $1.35 billion versus $594.6 million in the prior year. [...]

Analysts and Investors Concerned About Potential Impact of Sarbanes-Oxley Section 404 Disclosures

2005-04-05T22:52:00.000-05:00

Investors and analysts outside the U.S. are not well informed about Section 404 of the Sarbanes-Oxley Act and are concerned about the potential impact of negative disclosures, according to a new PricewaterhouseCoopers survey of investors and analysts in North America, Europe and Asia who cover U.S.-listed companies. Due in part to widespread publicity, 77 percent of respondents in the U.S. say they know "at least a little" about Section 404. That number falls to about 60 percent in Europe and 40 percent in Japan. The survey, taken in January, is the first to assess how Section 404 is perceived in the global capital markets. [...]

Sarbanes-Oxley Spending In 2004 More Than Expected

2005-04-04T15:06:00.000-05:00

The first year of complying with section 404 of the Sarbanes-Oxley Act has come at a steep cost for many businesses, with greater-than-anticipated personnel, consulting, auditing, and software expenses, according to a survey by Financial Executives International, a professional association of CFOs, treasurers, and financial controllers. [...]

UK company law reform follows in Sarbanes-Oxley footsteps

2005-04-02T09:26:00.000-05:00

‘Not as tough as Sarbanes-Oxley but a step in that direction’ is the overriding message on UK company law in Deloitte’s latest Corporate Governance Update. Reacting to the recent publication of the Company Law Reform White Paper, the Update warns of tougher penalties for accounting offences and liability for legislation breaches extending beyond directors and company secretaries. [...]

Making Sense of Sarbanes-Oxley Compliance Requirements

2005-04-01T23:01:00.000-05:00

The message was clear during Ziff Davis Media's Sarbanes-Oxley compliance eSeminar held Wednesday: Don't wait to get your (IT) house in order for compliance, lest your company executives wind up in jail. [...]