|
|
15 Feb 2007
BEA, the US-listed business software maker, has been forced into a major accounting restatement going back nearly ten years after a review found that most of the stock options it granted from June 1997 to June 2006 had inappropriate accounting dates and compensation expenses that were not recorded.
The company said it expects to restate financial statements from fiscal 1998 to fiscal 2007, and to record pretax noncash compensation expense of $340m (£170m) to $390m (£195m), with the majority of this expense relating to grants made in the fiscal 1999 to fiscal 2002 period.
A number of top executives, including chief executive Alfred Chuang, have voluntarily agreed to repay all after-tax gains realized as a result of mis-priced options, BEA said.
Further reading:
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment