Beazer Homes Delays Quarterly Report

Beazer Homes delayed filing its June quarterly report with the Securities and Exchange Commission last Friday, due to accounting complications related to its land-development costs and costs to complete houses.

The troubled homebuilder stated in the filing that its former chief accounting officer Michael Rand may have recorded the liabilities in previous quarters in "excess of amounts that would not have been appropriate under generally accepted accounting principles."

Atlanta-based Beazer said it doesn't believe any adjustment to previous financial statement will be needed and an Audit Committee has retained independent legal counsel, who will be working on completing the financial statement.