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To: Win-Lose-Draw who wrote (168983)	5/30/2002 8:03:16 AM
From: Giordano Bruno	Respond to of 436258

No smoking shred -g- ..Halliburton's most recent annual report to the S.E.C. says that the company adopted an even more aggressive approach last year to recognizing revenue on big construction projects. Halliburton now sometimes reports sales months before it has billed its clients for work, the filings show. And the company now keeps some disputed bills on its books for more than a year, instead of writing them off and reporting a loss to investors. Neither change necessarily violates accounting rules, but both are aggressive, accounting experts said. In general, accounting rules encourage companies not to report sales unless they are sure they can collect them, and to write off losses as soon as they are certain of them. Whether the S.E.C. inquiry will reach Mr. Cheney, who as chief executive had final responsibility for Halliburton's books, is unclear. In a memo in 2000 to his colleagues at Arthur Andersen, which was Halliburton's auditor, the partner who managed the Halliburton account boasted of his close relationship with Mr. Cheney. nytimes.com