**Daily Journal Corporation Addresses Accounting Allegations** Daily Journal Corporation has publicly responded to allegations from investment adviser Buxton Helmsley USA, Inc. regarding its accounting practices. The adviser, led by CEO Alexander E. Parker, claimed that the company should capitalize its software development costs under ASC 985-20, rather than expensing them, suggesting that this change could enhance shareholder value. In return, Parker demanded a 15% share in the stock price appreciation as compensation for his idea. Daily Journal Corporation refuted these claims, asserting that their accounting for software development costs is compliant with ASC 950-20, following a thorough review by their Audit Committee and external experts. The company criticized Parker's demands and actions, including his calls for executive resignations and reports to regulatory bodies, labeling them as misguided and based on a misunderstanding of relevant accounting standards. The corporation emphasized its commitment to focusing on genuine business value creation for its shareholders.
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