Re: Synopsis of forces and events leading to '48-'50 styling

Posted by MJG On 2020/3/24 12:00:34

One of the reasons why publicly traded companies are prohibited from using the cash basis of accounting - you can easily manipulate earnings. Packard's external audit firm would never have signed off on the financials if a material misrepresentation was being made. In this case it would have materially misrepresented the P&L... SEC doesn't like that. My employer is a multi-billion dollar private company, we love cash basis accounting..