The new US accounting rule on goodwill acquisitions – FAS 142 – effective from 1 January 2002, means that the company must record the one-off hit following the $350bn merger of AOL and Time Warner.
In its preliminary results, published on Monday, the company said ‘the 2001 results exclude certain one-time nonrecurring charges that are expected in the fourth quarter, including approximately $50m of merger-related costs’.
Much of the goodwill paid by AOL for Time Warner has been wiped out by the recent crash in the value of media companies.
Chief executive officer Jerry Levin will step down in May as announced last year. He will be replaced by Dick Parsons.
The company will report its full financial results for 2001 on 30 January 2002.Shares in AOL rose 2.3% to $32.68 at the market close on Monday, but fell back to $32 yesterday.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016