It said once the restrictions of section 267 applied to an accrued expense
, they continued to apply until the expense was paid.
Under FASB Statement 96, Accounting for Income Taxes, the excess of the accrued expense
over the deductible benefit payments would be a "temporary" difference.
Increase (Decrease) Accrued expenses
and other Deferred tax Retained assets earnings Overstatement of deferred tax assets (1) $ -- $ (300,000) $ (300,000) Understatement of accrued expenses
(2) 147,000 -- (147,000) $ 147,000 (300,000) (447,000) (1) The Company adjusted the tax basis of property, plant and equipment by reducing deferred tax assets as a result of an overstatement of these deferred tax assets that accumulated over several previous years.
This is the Corporation's FINAL liquidating distribution and any cash remaining after this distribution will be used to fund accrued expenses
and liabilities of the Corporation.
With the Pantellos Services Management solution, utilities can now track and manage internal and contract labor (regardless of skill set), material costs and accrued expenses
in real-time on scheduled and unscheduled managed tasks, including transmission & distribution construction services, outage services, legal & consulting services, generation operations, vegetation management, meter reading and facility security across the enterprise.
Payment of accounts payable and accrued expenses
In addition, Tandberg will assume certain liabilities of the Company, consisting of substantially all accounts payable and accrued expenses
, warranty obligations and obligations under purchased contracts, and new or restructured notes payable issued to Imation Corp.
As announced on March 31, 2006, Borland delayed its filing of the Form 10-K for the fiscal year ended December 31, 2005 in order for the Audit Committee of its Board of Directors to conduct a review, with the assistance of outside advisors, of third party contractor liabilities and other accrued expenses
and a potential customer refund obligation.
Borland's audit committee is currently conducting a review, with the assistance of outside advisors, of third party contractor liabilities and other accrued expenses
, and a potential customer refund obligation.
The error reflects the classification of the liability in the line item Other Accrued Expenses
related to the repurchase of common stock that existed at the end of the Sept.
The investigation will examine three accruals of revenue totaling approximately $781,000 and two adjustments to reduce accrued expenses
totaling approximately $850,000.
This amount is payable by the Company to the former warrant holders as an unsecured debt and is recorded as a component of other accrued expenses
on the consolidated balance sheets.
The amended 10-QSB correctly states the Company's accrued expenses
as of March 31, 2008 and net loss for the period, which had been previously inadvertently overstated due to an accounting error.