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Strategies & Market Trends : Misleading Earnings Reports
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To: Fundamentls who wrote (2)9/24/2000 11:26:14 PM
From: peter michaelson   of 53
 
Great thread idea, Fund.

Of course, there is no such thing as 'pro forma' accounting. There are no rules to it, except in pro forma schedules in IPO's merger documents and whatever, to make prior periods comparable to past periods.

Today's pro forma accounting should be renamed 'press release' accounting, where the prior period is made comparable to a future period.

In the end, the SEC will prohibit anything but GAAP figures being released, but that will take years. After all, there was a reason Generally Accepted Accounting Principles were developed and required in the first place.

Should be an interesting thread. Peter
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