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Technology Stocks : Datastream Systems, Inc. (Nasdaq: DSTM)
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To: Adelantado who wrote (505)1/13/1999 10:45:00 PM
From: blankmind  Read Replies (1) of 721
 
From Yahoo... the lawsuit appears to be frivolous at best...

- 1st: I'm a cpa/mba & I teach college accounting

- 2nd: there's no such thing as "generally accepted accounting practices;" it's GAAP - stands for generally accepted accounting principles - I have to believe this twist on GAAP was intentional

- 3rd: "improperly accounted for operating expenses as one-time charges connected to acquisitions" - what should you do? capitalize them & inflate earnings. This is called the principle of conservative statement; and perfectly fine. DSTM is basically being accused of under-stating earnings. This is ludicrous.

- 4th: "capitalized marketing expenses that had previously been expenses without disclosing a material change in its accounting practices" - I'd have to know more. But under GAAP, if the marketing efforts pay off over 2 years; then yes, you can capitalize the costs and amortize accordingly. Basically, DSTM is being accused of inflating earnings.

- 5th: nothing more to say. The lawsuit is a total joke. If the this suit gets dismissed, I will lend my personal time, free of charge, to bring the law firms involved up on malicious practice charges with the State Bars it practices under. This is no way practice law and abuse the system.
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