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Thread: Michele Bachmann announces presidential campaign

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    Re: Michele Bachmann announces presidential campaign

    Quote Originally Posted by Misterveritis View Post
    You may be coming late to the game. A company that is losing money is not profitable. Never mind. Why should I even bother...?
    She's not wrong. But I didn't see her address the easiest and arguably most abused method of turning a profit into a loss for reporting purposes. Reserve accounts are notorious for storing income that is later used to smooth out earnings. It's not as bad as it used to be as GAAP has been modified to require firms to use the same treatment on their reserves on consecutive years.
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    Re: Michele Bachmann announces presidential campaign

    Quote Originally Posted by SheWolf View Post
    They hear loss and think it means net operating loss....
    Okay, I haven't looked at a 10K in while, but are stock buy backs above the net income line or below it?

    Question though, why didn't you mention reserve accounts like warranties? That's was a big issue some years back regarding smoothing.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Michele Bachmann announces presidential campaign

    Quote Originally Posted by SheWolf View Post
    They hear loss and think it means net operating loss....
    Honestly, I don't think they get that. Most people here don't get finance, much less financial accounting. And don't even get me started on the tax accounting ignorance here.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Michele Bachmann announces presidential campaign

    Quote Originally Posted by j-mac View Post
    those who look to Stewart as ANY kind of serious opinion on anything are easily led.

    j-mac
    Easily led to what? The basis for Stewart's show is "Our political system, government, and media are all completely absurd, and this can be really funny (and also infuriating)."

    I'd already come to that conclusion on my own. Stewart just makes it fun to watch.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Michele Bachmann announces presidential campaign

    Quote Originally Posted by obvious Child View Post
    Okay, I haven't looked at a 10K in while, but are stock buy backs above the net income line or below it?

    Question though, why didn't you mention reserve accounts like warranties? That's was a big issue some years back regarding smoothing.
    Some years back... I was probably in school and not working, and I went more towards accounting than finance. I have to sit for my exam, so I'll refresh on everything. My brain is pretty fried for now...

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    Re: Michele Bachmann announces presidential campaign

    Quote Originally Posted by SheWolf View Post
    Some years back... I was probably in school and not working, and I went more towards accounting than finance. I have to sit for my exam, so I'll refresh on everything. My brain is pretty fried for now...
    Oh good luck with that. I got that out of the way as fast as I could. But I'd imagine it's not as bad as when they first changed Financial. Be glad you weren't the first set of test takers for the IFRS FAR exam. I got to take it when it was still US GAAP.
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    Re: Michele Bachmann announces presidential campaign

    Quote Originally Posted by obvious Child View Post
    She's not wrong. But I didn't see her address the easiest and arguably most abused method of turning a profit into a loss for reporting purposes. Reserve accounts are notorious for storing income that is later used to smooth out earnings. It's not as bad as it used to be as GAAP has been modified to require firms to use the same treatment on their reserves on consecutive years.
    Give us some garden variety examples of place to hide money, like what you're talking about.

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    Re: Michele Bachmann announces presidential campaign

    Quote Originally Posted by obvious Child View Post
    Oh good luck with that. I got that out of the way as fast as I could. But I'd imagine it's not as bad as when they first changed Financial. Be glad you weren't the first set of test takers for the IFRS FAR exam. I got to take it when it was still US GAAP.
    You're probably lucky, but I think IFRS is easier than GAAP in some ways...

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    Re: Michele Bachmann announces presidential campaign

    Quote Originally Posted by apdst View Post
    Give us some garden variety examples of place to hide money, like what you're talking about.
    Warranties. Which I already named RTFT dude. This happens to include software warranties, repairs warranties and return warranties. Banks have similar reserve accounts for bad debts. And every company can have a bad debt allowance reserve account.

    Companies for reporting purposes can turn a profit into a loss by allocating amounts towards reserve accounts. Look up the smoothing issue over 10K reporting.

    These got the humorous name of "cookie jars."

    http://en.wikipedia.org/wiki/Cookie_jar_accounting

    I don't agree with the last part of that link though. Sure the SEC prohibits it, but it still happens. Just not as bad as it used to.
    Last edited by obvious Child; 06-26-11 at 01:11 AM.
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    Re: Michele Bachmann announces presidential campaign

    Quote Originally Posted by obvious Child View Post
    Warranties. Which I already named RTFT dude. This happens to include software warranties, repairs warranties and return warranties. Banks have similar reserve accounts for bad debts. And every company can have a bad debt allowance reserve account.

    Companies for reporting purposes can turn a profit into a loss by allocating amounts towards reserve accounts. Look up the smoothing issue over 10K reporting.

    These got the humorous name of "cookie jars."

    Cookie jar accounting - Wikipedia, the free encyclopedia

    I don't agree with the last part of that link though. Sure the SEC prohibits it, but it still happens. Just not as bad as it used to.
    So, a reserve account can be set up for anything?

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