Rush to beat US accounts deadline

AMERICAN executives flooded the Securities & Exchange Commission with statements swearing to their accounts, as they rushed to beat Wednesday's deadline. Some 700 were required to certify their accounts. The signs were most had done so. Some will get a routine five-day extension.

The new requirement produced few accounting horrors, although Household, a credit card company valued at £10bn, sheepishly restated accounts going back to 1994.

Many British bosses whose companies have dual listings joined in, even though under the new Sarbanes-Oxley law they are not yet required to do so. They included Rolf Stahel and Angus Russell, chief executive and finance director of Shire Pharmaceuticals, and Barclay Knapp and John Gregg at beleaguered cable group NTL.

WPP's Sir Martin Sorrell has vowed to sign. Vodafone's Sir Christopher Gent and Ken Hyman are also preparing to do so. Blue-chips are sure to comply. 'We haven't got the full details yet,' said drinks giant Diageo. 'Of course if it is a legal requirement we will oblige.' Rival Allied Domecq agreed.

Lastminute.com said it will 'wait and see'. Finance director David Howell said: 'If we are required to sign of course we will, but there is huge pressure on the SEC from the UK Government.' Britain is worried the law could produce jurisdictional problems.

For some minnows, the law may make a New York listing an expensive luxury. The law was enacted to boost confidence, but the main beneficiaries may be lawyers, as each executive seeks advice at £200 an hour.