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Technology Stocks : MessageMedia Inc. (MESG)

MESG 18.65

-25.4%

May 25 5:00 PM EST

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To: FredB who wrote ()	11/18/1999 11:37:00 PM
From: Gutterball	of 553

SEC seeks tighter Web revenue booking rules - WSJ NEW YORK, Nov 18 (Reuters) - In a bid to stop Internet companies from overstating their numbers, the U.S. Securities and Exchange Commission has asked U.S. accounting rule makers to tighten standards governing the way such companies book revenue. The SEC has found Web firms juicing up numbers by including in revenue figures the total revenue for product sales even when they merely are distributing products on behalf of other companies, when instead they should be reporting as revenue only the distribution fees they get, the Journal said. The agency has also found Internet companies booking revenue for the ''free'' services they provide companies, and has found they book revenue for barter transactions in which they exchange advertising with another Web firm, the paper said. But the Financial Accounting Standards Board on Wednesday postponed addressing the issues, a FASB spokesman told the Journal.

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