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TriZetto Group (TZIX)
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TZIX » Topics » Change in Accounting Method-Preferred Stock

This excerpt taken from the TZIX 8-K filed Mar 27, 2007.

Change in Accounting Method—Preferred Stock

As a nonpublic entity, the Company had previously elected to classify its preferred stock in permanent stockholders’ equity at a carrying value equal to the original issuance price. Additionally, the Company had not accreted the undeclared cumulative preferred stock dividends. Due to the nature of certain provisions of the outstanding series of preferred stock (Note 6) and as a result of the financial statements filing requirements arising from the sale of the Company to a public entity, in accordance with EITF Topic No. D-98, the Company has retroactively reclassified the preferred stock to Mezzanine Capital as of the earliest period presented and has accreted the cumulative preferred stock dividends.

QUALITY CARE SOLUTIONS, INC.

NOTES TO FINANCIAL STATEMENTS—(Continued)

 

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