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Technology Stocks : America On-Line (AOL) -- Ignore unavailable to you. Want to Upgrade?

To: puborectalis who wrote (41207)	7/24/2002 6:40:29 PM
From: puborectalis	Read Replies (1) \| Respond to of 41369

Parsons said that Ernst & Young confirmed that the accounting for the transactions and financial statements were appropriate and within accounting practices. Parsons added that he had called the SEC and gave them a “heads up” before the two articles appeared last week to assure AOL Time Warner’s full cooperation. After the stories appeared, the SEC notified Parsons about the inquiry. • Companies under the microscope “We’re living at a time when merely complying with GAAP (generally accepted accounting principles) may not be enough,” said Parsons. AOL chief financial officer, Wayne Pace, said, “We are comfortable with the accounting practices and policies in place at our company. Our accounting is appropriate for the businesses in which we operate.” AOL executives will provide more details and information about the media conglomerate’s business, including the AOL online unit, something that investors and Wall Street analysts have long requested. The SEC inquiry was hardly a surprise to the media giant’s analysts. “It is good that [the company] is being proactive and upfront with the SEC,” said David Joyce, analyst who follows AOL for the Miami investment firm Guzman & Co. “Obviously the company wants to get that issue over and done with, so they will act quickly.”