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To: L. Adam Latham who wrote (170700)	9/6/2002 10:10:23 AM
From: Dan3	Read Replies (1) \| Respond to of 186894

Re: GAAP earnings are not an accounting fluke GAAP changed the rule on accounting for acquisitions last quarter.

To: L. Adam Latham who wrote (170700)	9/6/2002 1:12:20 PM
From: GVTucker	Read Replies (1) \| Respond to of 186894

Adam, RE: Sorry, but GAAP earnings are not an accounting fluke - they are the ONLY way to evaluate corporate earnings in this hostile environment. Sorry, but there is no ONLY way to evaluate corporate earnings, no matter what the environment. I have yet to see a financial statement that didn't need some kind of adjustment in order to better reflect reality. Sometimes it truly is the pro forma statement that is so maligned nowadays. Other times it doesn't necessarily conform to any accounting rules but rather common sense. But to look at GAAP as some bastion of truth is folly. GAAP is not a fact, but an opinion. In that sense it is no different than pro forma earnings.