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Michele Bachmann announces presidential campaign

:2rofll:

@ J-mac. That's funny, right there. Good one.

I can only imagine the democrat reaction to this Bachmann news.

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j-mac said:
Politics today is known to be a joke...

j-mac
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Many of today's youth gather their knowlege of current political events from comedians too. Somehow, that makes some kind of ironic sense.
 
Captain America said:
Many of today's youth gather their knowlege of current political events from comedians too. Somehow, that makes some kind of ironic sense.
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those who look to Stewart as ANY kind of serious opinion on anything are easily led.

j-mac
 
j-mac said:
those who look to Stewart as ANY kind of serious opinion on anything are easily led.

j-mac
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Better Stewart than Beck or Oberman.

But I don't think that is what he is saying. :coffeepap
 
Sheik Yerbuti said:
woohooooo! Another loon joins the fray.

Bachmann, Gingrich, Romney and Cain ...

... a nut, a slut, a mutt, and a butt. :cool:
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Huurrr hurrr....I madez a funniez
 
Captain America said:
I think Jon Stewart and Dennis Miller are secret lovers.
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I always thought Dennis Miller had some secret fetish fantasy where he got to be in an gangbang with Solzhenitsyn, Orwell, Tolstoy, and Jane Austen.
 
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Fiddytree said:
I always thought Dennis Miller had some secret fetish fantasy where he got to be in an gangbang with Solzhenitsyn, Orwell, Tolstoy, and Jane Austen.
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Seems you have quite the fetish fantasy yourself.
 
Lachean said:
If they are "losing money" that means negative total net income (The term "bottom line" refers to the net income at the bottom of their Income Statement), regardless what small profits individual departments may make in their revenue lines.

Having revenue != making profits.
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Uh no. Revenue =/= Profit.

Furthermore, the issue of reserve funds distorts the actual income they may be making. For instance, Microsoft can put away $500 million for software warranty costs that it really knows will only cost $200 million. They just took of $300 million from pre-tax net income. So firms can be "losing" money and still be profitable.
 
Grant said:
If they made a profit they didn't lose money.
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That depends how we define made a profit. Are we including reserve accounts? How about one time charges that are presented as outflows due to ability to determine timeliness and amount but haven't actually been paid? How about stock buy backs?

A firm can make a huge profit but report a loss based on where they put the money and what they recognize based on GAAP.
 
apdst said:
I think I said that the only way for a coporation to get a refund was to pay too much in taxes.
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Refundable credits are a way a company can pay nothing and get a refund.

That's not a loss, it's a deduction.
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Actually it's both. Net Operating Loss deduction. Either a carryback or carryfoward of current year or prior year losses. So it is a loss, but it's also a deduction.
 
They hear loss and think it means net operating loss....
 
Misterveritis said:
You may be coming late to the game. A company that is losing money is not profitable. Never mind. Why should I even bother...?
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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.
 
SheWolf said:
They hear loss and think it means net operating loss....
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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.
 
j-mac said:
those who look to Stewart as ANY kind of serious opinion on anything are easily led.

j-mac
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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.
 
obvious Child said:
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.
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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... :lol:
 
SheWolf said:
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... :lol:
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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.
 
obvious Child said:
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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Give us some garden variety examples of place to hide money, like what you're talking about.
 
obvious Child said:
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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You're probably lucky, but I think IFRS is easier than GAAP in some ways...
 
apdst said:
Give us some garden variety examples of place to hide money, like what you're talking about.
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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.
 
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obvious Child said:
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.
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So, a reserve account can be set up for anything?
 
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