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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (15811)	11/17/2002 11:07:08 PM
From: MCsweet	Read Replies (2) of 78702

Pensions As a first step, I think you need to back out the unsmoothed pension liability from the footnotes and adjust the balance sheet to reflect the true liability versus the fake "smoothed" liability used in GAAP. This unsmoothed liability gives you a true picture of the company's financial condition subject to the pension estimate assumptions. Potential manipulation of the pension estimate assumptions is more difficult to analyze, but as least you can compare general assumptions across companies and look for dubious changes in assumptions. One of the Financial Reporting books for the CFA talks about much of this. I don't have the name of this book off the top of my head, but can get it. As far as research goes, I am sure there is in the Financial Accounting field on this topic. I am not familiar with the research myself, but I know a professor that does work in this area. She would likely know. MC

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