10-Q/APeriod: Q1 FY2002

CBRE GROUP, INC. Quarterly Report (Amendment) for Q1 Ended Mar 31, 2002

Filed August 13, 2002For Securities:CBRE

Summary

CBRE Holding, Inc. filed an amendment to its quarterly report for the period ending March 31, 2002. This amendment, filed on August 12, 2002, primarily addresses the inclusion of disclosures required by SFAS No. 142 concerning "Goodwill and Other Intangible Assets." Additionally, it confirms that the unaudited financial statements for the first quarter of 2002 have now been reviewed by a new independent accounting firm, as the company engaged a firm other than Arthur Andersen LLP. This review was a necessary step following the temporary SEC rules allowing filings without auditor review if Arthur Andersen was the previous auditor and the company decided not to continue the engagement.

Key Highlights

  • 1Amendment to the Q1 2002 10-Q filing to include SFAS No. 142 disclosures on Goodwill and Other Intangible Assets.
  • 2Financial statements for the quarter ended March 31, 2002, have been reviewed by a new independent accounting firm.
  • 3CBRE engaged a new independent accounting firm, replacing Arthur Andersen LLP.
  • 4The amendment addresses SEC temporary rules related to auditors impacted by the Arthur Andersen situation.
  • 5Company disclosed outstanding shares of Class A and Class B common stock as of April 30, 2002.

Frequently Asked Questions

The primary reason for this amendment is to include disclosures required by SFAS No. 142 regarding Goodwill and Other Intangible Assets, which were omitted in the original filing. It also confirms the review of the financial statements by a newly engaged independent accounting firm.

CBRE engaged a new independent accounting firm other than Arthur Andersen LLP. This action aligns with the SEC's temporary rules that allowed companies previously audited by Arthur Andersen to file reports without an immediate review, but required engagement of a new firm for subsequent reviews.

SFAS No. 142, 'Goodwill and Other Intangible Assets,' requires companies to report on how they account for goodwill and other intangible assets, including disclosures about impairment testing and amortization policies.