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AS Madison Avenue slowly seeks a return to business as usual -- whatever that may now mean -- agencies are being affected by changes in accounts for large advertisers like the Coca-Cola Company and the Burger King Corporation, with billings estimated at $575 million.
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Accounting standards are constantly evolving to meet the needs of a rapidly changing business environment and changes in accounting theory.
A sale to another bank would be tricky because of changes in accounting rules.
Changes in accounting standards are intensifying the pressure on troubled companies.
Companies have been forced to recognise this by changes in accounting rules.
Citigroup also took advantage of beneficial changes in accounting rules related to toxic securities that have not traded in months.
In the same period last year, it lost $53.6 million, including a $64.1 million charge related to changes in accounting rules for acquisitions.
Yahoo lost $53.6 million in the quarter, largely because of a $64 million charge related to changes in accounting.
"We didn't expect the changes in accounting rules to affect us this much," said Susumi Naito, a senior managing director.
Although it reported a loss for the third quarter, that included a one-time charge related to changes in accounting rules.
Banking industry executives who have long sought changes in accounting treatment of good will applauded the decision.
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