WorldCom Finds $3.8 Billion Error, Fires CFO

[Dauphin]

Edit - Just ignore me.

[TCO]

aaargh. I missed it. What did you say, finance-weeny? Come play in our sandbox...

[Dauphin]

Just amazed at how lax the implimentation of accounting standards appears to be in the US.

[TCO]

1. I think it is a recurring problem. Many stocks during the "go-go" mid-60's had issues as well.

2. Do you think that there is a definite difference in the amount of adherence to standards in Britian and US or just some high profile news stories? Just curious. Do you all have a US branch? Have you worked over here? Or talked to coleagues who have? (Not being argumentative...just want to pull more insights out of you.)

[Dauphin]

I say appearance, as I don't think there is as big a difference as the big stories would suggest. Most accounting standards are similar to International accounting standards anyway, but the US standards appear to be more open to choice in treatment and hence "manipulation".

I don't know enough about American Accounting standards to be more critical.

Do accounts use the "true and fair" overide?

[Bereta_Eder]

Originally posted by GP
LOL--yes! Where is fooker, so I can abuse him? Silly business journalists.

What's your beef with my clan Atlantian?

(yeah my holidays are over it seems )

[Ecthy]

And I achieved that for you!

[Bereta_Eder]

By shivering your ass around apparently.

[Ecthy]

Nothing like that. I just ratted on you to MtG, told him all about your hairy businesses.

[Bereta_Eder]

So does that mean you'll not kill jews from now on? (hairy stinky kraut)

[TCO]

Hey! I organized the "Free fooker. We will never forget!" campaign. See Dino's thread as well as the Hall of Fame thread.

ummm...I didn't know you were going to catch me beating up on your guild, fooker. Sorry about that. I really respect the economic and finance insights of all business journalists.

/me crosses fingers and whistles...

[Ecthy]

Let's play chicken!

We should be careful or we get banned again.

Bad enough noone started a "Free Ecth" campaign.

[Bereta_Eder]

Originally posted by GP
Hey! I organized the "Free fooker. We will never forget!" campaign. See Dino's thread as well as the Hall of Fame thread.

I saw it, thanks

ummm...I didn't know you were going to catch me beating up on your guild, fooker. Sorry about that. I really respect the economic and finance insights of all business journalists.

* GP crosses fingers and whistles...

I'm quite adept at beating my own clan down. If you want just ask me to.

[Sava]

I hope the markets crash.... oooh think of the panic.... think of the wonderful revolution that would take place.

[TCO]

Originally posted by Sagacious Dolphin
I say appearance, as I don't think there is as big a difference as the big stories would suggest. Most accounting standards are similar to International accounting standards anyway, but the US standards appear to be more open to choice in treatment and hence "manipulation".

I don't know enough about American Accounting standards to be more critical.

Do accounts use the "true and fair" overide?

Thanks, BC. I'm not familiar with "true and fair". I know a little bit about the pitfalls of looking at accounting metrics rather than economic metrics, but I don't have detailed knowledge of accounting.