Well, for starters, I CARE sir. Mania's end. EBIDTA (you forgot the "D" I might add) works if one is comparing EBIDTA with EBIDTA between various domestic, offshore and foreign entities.
As far as semantics go, remember the old brain strain games of our youth when we were challenged in Acct'g 101 by the posited puzzler: " when is a revenue not posted in the revenue?" Ah...the fond memories of youth-ish debate. Then there was always the old FIFO, LIFO, accelerated depreciation arguments. Then, toss in the CEO wanting the corporation to pay for his swimming pool -remember the tax case of Liberace and his piano shaped pool charged to "advertising?"
One reason why money flows offshore is not just for "tax shelter purposes" and for pro-shorting games, but to take advantage of the shall I be kind and call it looser accounting practices, as well as irregular reporting periods of foreign companies.
It's hell breaking out a quarter for Q2Q comparisons for example on a foreign entity who only reports Semi, and that's just one example. And as you point out, in a mania, now is the most important consideration to some, and hiding something in the fine printed numbers for 6 months is totally unacceptable. Capiche?
And yes, we agree...Levitt is full of himself, and the USA- SEC is full of itself. But it beats the SEC-like agencies in the likes of mainland China for example. And if I'm not mistaken, PCCLF is aiming for the mainland, and not particularly the friendlier, maniacal EBIDTA shores of our fair land...
Regards |
