Accounting Reporting for American Businesses
Tuesday, December 31, 2002 by joetheblow | Discussion: WinCustomize News
I just read an articla on how businesses publish thier data. It would seem that pushing the style of accounting to the edge is what made companies like Enron, Tyco and WorldCom implode with fraud.This artical focuses on Tyco for an example of aggressive accounting and points out that there is only a yes or a no for there approval of thier numbers:
"The explanation for this gulf is fairly simple. While the accounting rules allow for interpretations ranging from conservative to aggressive, companies are effectively graded pass-fail: either they receive a signature from their accountants attesting to their compliance with the rules, or they do not. There is no indication in a company's audited results whether or not it is fluffing its numbers through aggressive tactics."
- NY Times
So as long as they follow a known accounting formulas and use what is known as the GAAP (generally accepted accounting principles), but still have outragous numbers.
Why post on a skinning site?
As an artist, I know you fellow artists don't poke your head out into the world to much because your working For thos regular skin lovers, downloaders and such, I think there is always more news that effects all of us that is thought about so why not think about it and download at the same time?
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