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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Hawkmoon who wrote (2263)	11/17/1999 11:05:00 AM
From: Paul Berliner	Read Replies (1) of 3536

Hi Ron, don't mean to bud in. I read the article and my take is this: Parrish seems like a veteran CPA that is horrified at the clever ways that MSFT manages its earnings. However, financial reporting and tax-basis reporting are two entirely different things. When companies file financials with the SEC, the numbers usually bare little resemblance to what is on the company's actual tax returns, which of course we are not of privilege to see. Their tax return for the most recent FY may very well have shown a multi-billion dollar net loss, in comparison to the handsome net income reported in SEC filings. Nonetheless, MSFT's tactics are all legal under GAAP, so I find Parrish's passionate report of little worth and I doubt anyone, no matter how much publicity the report receives, will react as he hopes. Stock options are not currently expensed from the income statement unless a charge is recognized for the accelerated vesting of options at an acquired company.

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