Starbucks Files First Quarter Fiscal 2005 Form 10-Q; Review of Lease Accounting Practices Complete
Topic 1 Business WireStarbucks Files First Quarter Fiscal 2005 Form 10-Q; Review of Lease Accounting Practices Complete February 16, 2005 WednesdayNo Change to Previously Reported Fiscal 2004 or Q1 2005 EPS, or to Fiscal 2005 TargetsStarbucks Corporation (Nasdaq:SBUX) announced today that it has filed the Company's first quarter fiscal 2005 Form 10-Q with the Securities and Exchange Commission (SEC). On Friday, February 11, 2005, Starbucks issued a notification via press release and Form 8-K filing that the Company had requested a five-day extension of the filing date for its Form 10-Q in order to correct its accounting for tenant improvement allowances and rent holidays, in light of the views expressed by the Office of the Chief Accountant of the SEC on February 7, 2005, in a letter to the American Institute of Certified Public Accountants.Company management has reviewed its lease-related accounting and determined that its current method of accounting for tenant improvement allowances and rent holidays is not consistent with generally accepted accounting principles. Accordingly, the Company has corrected its accounting for both of these items.(NASDAQ:SBUX)
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