Tangled web they wove

Over at the AAO Weblog, there’s an interesting post concerning the Adelphia fraud and an “enabler”, Scientific-Atlanta, which is now a unit of Cisco. Around August 2000, Adelphia asked Scientific-Atlanta to increase the price of digital cable television set-top boxes it was selling to Adelphia – then kick back the difference to Adelphia in as […]

FASB and AICPA seek small, private company input

The Financial Accounting Standards Board and the American Institute of CPAs have announced a joint project whose aim is to seek “constituent feedback on proposed enhancements to the FASB’s standard-setting procedures that would determine whether the Board should consider differences in accounting standards for private companies.” This is the classic conundrum commonly known to those […]

Does the media understand public accounting?

The short answer is no. Here is a story from the Associated Press that claims the FASB is going to “tackle the thorny question of accounting for leased equipment and property.” Excuse me? Have we just been ignoring leases until this point? Does any journalist do research any more? Lease accounting isn’t new, although it […]

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 turning point for the Canadian communications equipment company and they can retain (or regain) their […]