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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 82.09

-1.2%

12:24 PM EST

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To: Stock Farmer who wrote (67902)	5/18/2005 8:31:04 AM
From: GVTucker	of 77400

John, RE: If the accounting value shouldn't matter, and if indeed it doesn't matter, then what the heck are Chambers and the entire tech lobby wasting everybody's time arguing about? Ah, that's the big question. IMO, Chambers doesn't give the markets near the respect that they deserve. The accounting value does matter, for sure, because it goes to the integrity of the financial statements. GAAP accounting contains all kinds of estimates and guesses in the statements, not just with options accounting. If you don't put forth your best effort to account for options properly, then you call into question everything else that requires a CFO's opinion. Your trust of a company's financials goes down, and this impedes a company's valuation. Proper accounting is good for all stocks. The good news in all this is that in specific respect to options, it has gained so much attention over the past couple of years that everyone is paying attention to it. An adjustment in GAAP rules or Cisco's interpretation won't adjust most people's thoughts on the matter at this point.

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