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Metropolis Reality Forums « CEO & CFO Reports due today August 14/02 »

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CEO & CFO Reports due today August 14/02
« on: Aug 14th, 2002, 12:52am »		 Quote Quote Modify Modify
Want to see how the CEO's and CFO's are managing in getting their reports filed by today's deadline check it out at the SEC web site http://www.sec.gov/rules/extra/ceocfo.htm
 
Following accounting scandals at Enron and WorldCom, the SEC on June 27 required companies with annual sales of more than $1.2 billion to submit the sworn statements backing up the accuracy of their financial reports.  
 
Those reports always contained signatures of some company officers; now they must have the CEO's and CFO's.  
 
But with the deadline for these certified statement 24 hours away, questions loom about whether the requirements will lift the sagging confidence in corporate accounting that has hammered stocks this year.  
 
Boeing (BA: Research, Estimates), Continental Airlines (CAL: Research, Estimates), Maytag (MYG: Research, Estimates) and Sherwin-Williams (SHW: Research, Estimates) are among the latest companies whose CEOs have said under oath that their annual reports are accurate "to the best of their knowledge."  
 
They join more than 240 out of 947 large companies required to submit statements amid a time of stubborn skepticism over the accuracy of profit statements.  
 
About 700 companies have until Wednesday to file. The rest, because of their non-calendar fiscal years, most do so by Nov. 29 at the latest.  
 
But the lag time between the arrival of the statements and their posting on the SEC Web site may complicate the task of determining which companies stand by their numbers and which ones don't  
 
"We are going to do it as quickly as we can," said SEC spokesman John Heine, who could not say how much time may elapse between the 5:30 p.m. Wednesday deadline and Web notification.  
 
Companies can request a five-day extension on Aug. 15 if they don't meet the filing deadline. Those extension requests should show up in the form of a filing on the free EDGAR database, Heine said.
 (the above excerpts taken from http://money.cnn.com/2002/08/13/news/sec_deadline/index.htm )
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