Tag Archives for revenue
Exxon Mobil’s profits and taxes: both records
Exxon Mobil announced recently the highest annual profits by a US corporation in history. Reaction was predictable — the US Congress was littered with outraged politicians calling for a windfall profits tax. But that would be wrong, and the Tax … Continue reading
Mining Wikipedia for accounting topics
Wikipedia is a good source of information about a variety of topics. I’m pleased to find that it’s generally pretty good about accounting too. The article on the Balance Sheet contains “case studies” showing the effect of some transactions on … Continue reading
Nortel completes latest restatement
Nortel released their 2005 financials Friday and completed more restatements of prior years’ results. The restatements related to revenue recognition and decreased revenues and net income because the revenue should’ve been booked in different periods. Maybe this will mark a … Continue reading
Nortel’s revenue recognition wrinkles
Om Malik, writer at Business 2.0 and power blogger, has posted his thoughts on the Nortel announcement from a couple days ago that they would have to restate their earnings again. His reaction is one of incredulity that Nortel, “a … Continue reading
Revenue recognition and Nortel
Nortel Networks Corp. once again will have to restate its financial results to fix accounting mistakes, the company said on Friday as it posted a fourth-quarter loss of $2.2 billion. Their chief executive maintains that the revenue was just recognized … Continue reading