Readings

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• Bond ratings

• Capital Structure

• Earnings Announcements

• Earnings Management
• Enron

• Financial ratios

• FASB-SEC

• Financial Economics

• Financial-Ratios

• Fun

• Inter-Corporate-Investments

• International

• Long term assets and value

• Movies and videos

• Off balance Sheet

• Sarbanes-Oxley Act

Text Book Appendices
4A Estimating Operating Leverage.
4B Earnings Per Share—additional Issues.
6A Lifo Measurement Issues.
6B Empirical Studies - Inventory.
7A Research And Development Affiliates.
7B Analysis Of Oil And Gas Disclosures.
18 Risk

Cash Flow Readings - [More]
An-interview-with-Microsoft's-CFO-McKinsey-Quarterly

Cash Flow Reigns Once Again

Cash Flow: a Better Way to Know Your Bank

Cash-Flow Hocus-Pocus

Corporate-Cash-Umbrellas-Too-Big-for-This-Storm

Credit Woes Hit in Unlikely Places

Firms-Ponder-What-Constitutes-Cash

GM-Expects-to-Continue-Burning-Cash-[Q]

How Some Companies Abuse Cash Flow

In India, Clues Unfold to a Fraud’s Framework

Is-Target-Corp.'s-Credit-Too-Generous

Looking-for-Cable's-Moment-in-the-Sun

Options Rule Could Hit Cash Flows (CFO to CFF)

Retailers-continue-defensive-inventory-strategy

Steve Jobs' Bonus - Feb 20 00 - SJMNews

Stock Options Pad Cash Flow Of Soaring Technology Issues WSJ Jul 17 2000

Stocks-End-Flat,-Microsoft-Lifts-Techs

US-Companies-Can-Seize-Roughly-$600-Billion-From-'Working-Capital

Voluntary-Disclosure-of-Free-Cash

Where Accounting Meets Language

Georgia-Tech-Crew's-Report-Spurs-Change-in-Accounting-For-Operating-Cash-Flow-Mar-05

Outside-Audit-Cash-Flow-Never-Lies-Or-Does-It

Altria Ready to Consider Next Breakup [Q]

Cigarette-lawsuits-light-up-Kraft-spin-off-talk

Inventory Readings
http://www.lifopro.com/index.html
Big Oil's Accounting Methods Fuel Criticism

IFRS LIFO suction

Is It Time to Liquidate LIFO

KPMG-IFRS-Is-Coming,-What-Does-This-Mean-for-Tax

LIFO and IFRS How Closely Linked

Must-LIFO-Go-to-Make-Way-for-IFRS

Potential-Consequences-of-the-Elimination-of-LIFO-as-a-Part-of-IFRS-Convergence-Georgia-Tech

Republicans-Drop-a-Tax-Plan-After-Businesses-Protest-New-York-Times.htm

The Battle to Preserve LIFO - CFO.com

Will Congress Sink LIFO? - CFO.com

Rep Davis Questions Treasury Secretary Geithner on Proposed LIFO Repeal

http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000472----000-.html

http://www.youtube.com/watch?v=ZAg2Pab7-tY&feature=youtube_gdata

http://capwiz.com/aedaction/issues/alert/?alertid=13227461

http://www.financialexecutives.org/eweb/startpage.aspx?site=_fei

Options Readings
Bill-Would-Weaken-FASB-Effort-To-Require-Expensing-Options-WSJ-April 21, 2004
Congress Enters the Options Debate August 9, 2004
Expensing Options More Detours BW Mar 20005
FASB Exposes Stock Option Truth April 2004
FASB to Require Expensing of Options Starting Next Year - Dec 17, 2004
FASB: Proposed Statement of Financial Accounting Standards:
Share-Based Payment—an amendment of Statements No. 123 and 95
'Goodwill' Is Not an Option: Against Accounting Change; March 4, 2003
How profitable is eBay? Hard to say. And that could be a problem
Lawmaker-Warns-SEC-It-May-Not-Get-All-Funding-It-Seeks-April 1, 2004
Loophole May Ease Pain Of Expensing Options ; November 23, 2004
Nothing-'Imaginary'-About-Options'-Value-March 31, 2004
Options-are-costs-Rulemaker-Chicago-Tribune-April 1, 2004
Options Fix Needs Fixing-June 20, 2005
Semiconductor-Trade-Group-Opposes-Expensing-Options-April 1, 2004
Some Surprises in Option Costs - Jan 06
Stock Options Old Game, New Tricks-DECEMBER 19, 2005
Wall Street Turns Blind Eye to Results Of Option Expensing July-2005

Coke Statement 2001 (Look at NOTE 12:) • Coke Statement 2003 (Look at NOTE 13:)

Taxes Readings • Cartoons • More Readings

Amazon-4Q-2004- Look at the news item and tax disclosures (page 16) • Amazon-4Q-2005

Amazon's Earnings Tumble 43% Revenue Misses Estimates Feb 2006
Amazon Squeezed by Online Rivals, Feb 05

Corporate-Income-Taxes-In-The-Bush-Era Institute on Taxation and Economic Policy

Corporate-Tax-Game-March-2003

GAO - Challenges Remain in Combating Abusive Tax Shelters

GAO - Comparison of the Reported Tax Liabilities

GE Report Raises Doubts

GM Will Book $39 Billion Charge [Q]

How Lehman Sold Plan To Sidestep Tax Man 709

KPMG Used Its Own Tax Shelter
KPMG-Fraud-Survey
KPMG's Knight in Shining Armor
Levin Introduces Bill to End Double Standard in Corporate Tax

Lifting the Veil on Tax Risk [Q]

Minding the Gap [Q]

PWC-Guide to Accounting for Income Taxes - 2009 Edition

Rite Aid Struggles with Tax Break Prescription

Tax Breaks for Executives Who Earn Now, Pay Later

Tax Shelters: Exotic or Just Plain Illegal?

Taxes round the world, Fortune 2003

Tech Titans' Tax Picture Is Clouded by Options

The-Corporate-Tax-Game,-March-2003

The Lure of Sirius: Tax Losses

The Tax Hit You May Not See

Why Citi Struggles to Tally Losses [Q]

Inside Wal-Mart's Bid To Slash State Taxes

Wal-Mart Cuts Taxes By Paying Rent to Itself

Why Wal-Mart Set Up Shop in Italy

Markets Readings - C

705 Documenting the Impact of Hedge Funds on Target Companies

705 U.S. Securities Law - Does 'High Intensity' Enforcement Pay Off

706 Wealth Hazard - Guessing Low On Profit Growth

Data-Mining-Isn't-a-Good-Bet-For-Stock-Market-Predictions

Dividends-Show-Us-The-Money-Fortune

Dividend-Stocks-Haven't-Caught

Do Stocks Have Any Zip Left

Earnings-Guidance-McKinsey

Everybody's an Analyst [Q]

IBM shares fall as accounting is scrutinised

IHOP's Tall Order: Reviving Applebee's [Q]

Investor Group Seeks Bond Protections [Q]

Losing Money by Buying Stock Back

Pfizer Plans a Revamp And $4 Billion in Cost Cuts

Pro Forma Earnings - A Different Recipe

Tax Cut, Shareholder Pressure Stoke Surge in Stock Dividends

These Days, Detective Skills Are Key

This Manager Keeps His Focus On The Balance Sheet

Tide-Turns-'Basic'-for-P&G-in-Slump

Valuation of a Business-AICPA

Technical Analyis

Papers

Debt • Earnings-Guidance • Fundamentals or emotions • Making capital structure support strategy

Measuring long-term performance • Measuring stock market performance •

The right role for multiples in valuation • The value of share buybacks

Capital Structure

At Levi Strauss, Dockers Are In [Q]

Big Buybacks Begin to Haunt Firms [Q]

Boom in Buybacks Helps Lift Stocks To Record Heights

Buybacks Lag, Squeeze Looms For Earnings

Corporate-Bond Investors Feel Heat

Debt and the Corporate Tax Base

Debt exposure in 757's wake-November 22, 2004

Debt-Driven Deals Shake Up Holders of Highly Rated Bonds [Q]

Dividends, Buybacks Set New Benchmark for Largess As Corporate Coffers Swell, Holders Reap the Rewards;

Firms-Move-to-Scoop-Up-Own-Debt

For Some, Minority Interests Will Be a Major Boost

Home Depot Details Buyback [Q] 709

IBM to Spend $15 Billion In Expanded Stock Buyback [Q]

In Emerging Markets, Fewer Debt Covenants [Q]

Investor Group Seeks Bond Protections [Q]

Losing Money by Buying Stock Back

Making-capital-structure-support

McDonald's bondholders less than thrilled with payout plan 709

Oasis for Bonds - Investment-Grade Issuance Soars 709 [Q]

PWC - FAS-150 Accounting for certain financial instruments with characteristics of both liabilities and equity

The Dividends From Far, Far Away

Why The Flurry Of Buybacks

Earnings Announcements

At the End of a Winning Streak, a Painful Reckoning

Circuit City Highlights Doubts About Analysts

CVS-Caremark-Post

Exxon's Stingy Capital Spending May Haunt It`

Exxon's Profit Will Be Hard to Top

GE's Results Pull Plug on Wall

GOOGLE-ANNOUNCES-FIRST-QUARTER-2009-RESULTS

Google-Apr-09-Announcement-non-GAAP

Icahn Bid Adds To Woes Dogging Motorola's CEO

Intel 2007 Q2 Earnings Release Final

Intel Signals Strong Chip Demand

Intel's profit rises 44%

Intel's Profit Decline Shows Weight of Rivalry

New Blows Hit Housing Industry

Earnings Management Readings § O

American Express Sets Aside More for Losses

AOL-Write-Off-Marketing-Costs 1996

Apple Gets a Bruise by Blaming

Dell Details Accounting Woes

EA Shows Some Signs Of Progress Amid Loss [Q]
Enron case may show earnings manipulation - Feb 2006
Forensic-Investing
GE probe brings accounting shift

Grocers Find Food Prices Hard to Swallow [Q]

Icahn Bid Adds To Woes Dogging Motorola's CEO

No More 'Stealth Restating'

Loophole Lets Bank Rewrite the Calendar

Magic-Tricks-on-the-Corporate-Books

No More 'Stealth Restating'

Profit Tweaking May Lose Favor After Enron Trial Feb 2005.htm
Reports Help Uncover Red Flags.htm
Schilit's Guide to Accounting Shenanigans
Stock Buyback Now May Spur Big Bill Later
Survey: Pro_Forma Earnings Use

These-Days,-Detective-Skills-Are-Key

The Warranty Windfall, Dec 2004

The Warranty - When Service Contracts Make Sense Dec 2004

This Game Theory Is Cautionary Tale [Q]

This Manager Keeps His Focus On The Balance Sheet Nyt July 6, 03

Virtuous Losses [Q]

Wall-Street-Plays-Numbers-Game---Wsj-7-22-03
Why-AOL's-Accounting-Problems-Keep-Popping-Up---Fortune
10-04-29 17:29

Debt Analysis and Bond ratings Readings

Altman et al: Zeta Analysis A New Model To Identify Bankruptcy Risk Of Corporations

Altman-Slides-Credit Scoring Models

Rates and Ratings

Bond Boom's Thin Ice

Bonds Suffer Subprime Hit Credit-card-quiz

CreditStats Final Adjusted Key U.S. Industrial Financial Ratios

CreditStats Adjusted Key U.S. Industrial Financial Ratios 200 to 2002

CreditStats: Operating Lease Analytical Model

Ford-Navigates-Path-to-Profitability

Hunting the Nearly Extinct AAA

Junk Turns Golden, But May Be Laced With Tinsel

Municipal-Bond-Fans-Get-a-Rude-Awakening-Feb-205

Now GM Has Woes on Audits

Ratings Can Spark Triple Trouble

Ratings Cuts By S&P, Moody's

Triple-A Ratings Grade on a Curve

Raters and standards

Big Bond Rally Isn't in Bonds

Commentary: Conflicts and the Credit Crunch by Arthur Leavitt

Congress-Takes-On-Credit-Ratings

Moody's Faces the Storm

Moody's, S&P Still Hold Advantage

Ohio-Sues-Credit-Rating-Agencies-for-Pension-Fund-Losses

Rating agencies lose free-speech claim

SEC Aims to Rein In The Role of Ratings

SEC-Select-Credit-Rating-Agencies.pdf

SEC-Role and Function of Credit Rating Agencies

Triple-A Failure

S&P: • Corporate Ratings criteria (114pgs) • Rating methodology (35 pgs) • S&P Ratings and Ratios (7 pgs)

S&P-2008 Corporate Criteria Analytical Methodology

S&P-Credit Spreads Composite Overview and Methodology

Moodys: • Moodys rating process • Public Firm Risk Model

Links
DefaultRisk.com • Frontline Special http://www.pbs.org/wgbh/pages/frontline/shows/credit/
Federal Reserve Board - Interest rates

Bond Ratings and Prices: http://cxa.marketwatch.com/finra/BondCenter/Default.aspx

Disclosure readings
704 Accounting Alert FAS 159 Deloiitte 07-5.htm

704 GE's Financial Units Help Boost Profit [Q]

702 The Fair Value Option for Financial Assets and Financial Liabilities - FASB
702 In Call to Deregulate Business, a Global Twist [Q]

Accounting Devils Hide in Footnotes - Dec 2005

Accounting Games Companies Play (Especially With Revenues and Costs) - Knowledge@Wharton
At Levi Strauss, Dockers Are In [Q]

Criminal conduct could be concealed in a thicket of detail Dec 2005

Merrill Upped Ante as Boom In Mortgage Bonds Fizzled

Nortel Unveils New Accounting Flubs - Jan 12 2004

Pension Accounting Hurts Managers -- And They in Turn Hurt Us Jan 2006

SEC Adopts Rules on Provisions of Sarbanes-Oxley Act: Non-GAAP Financials etc.

Seeking an Edge, Big Investors Turn to Network of Informants [Q]
Why accounting rules shouldn't drive strategy

Off balance Sheet Readings

Citi's $41 Billion Issue - Should It Put CDOs On the Balance Sheet[Q]

Deloitte-Boards Consider Feedback on Leases ED

Disney-Take-Losses-in-France-March 26, 2004

Enron Aside, Special Purpose Vehicles (SPVs) Are Legal, Innovative and Widely Used

http://www.pbs.org/wgbh/pages/frontline/shows/tax/

Equipment Leasing Association

ELA Weighs in on PBS Television Show

ELA Lease Accounting Separating Myth from Reality White Paper

ELA Lease Accounting Separating Myth From Reality Response

FASB-Leases (Topic 840).pdf

FIN 46 Adds Billions to Bank Balance Sheet

Fin-46-FASB • Fin-46-Deloitte • Fin-46-PWC

General Motors Revved Up Its Accounting

How Big Tax Shelter With Cities.

How Leases Play A Shadowy Role In Accounting ct

IFRS - Lease accounting rules

Lease Accounting - Falling Rents Will Boost EBITDA

Leasing Lattes: To Drink or Not to Drink

Lehman-Examiner-s-Report-Vol-3

PWC-future of leasing

PWC-The future of leasing Research of impact on companies ratios

Risks Sparking Bailout Were Still in Shadows By Post-Enron Rules 710

SEC Seeks Enhanced Disclosure Of Pension and Lease Obligations June 2005

Surprise - New Consolidation Rule May Affect Private Equity

Will FASB Ever Issue Good Lease Accounting Principles?

With New, United Voice, Auditors Stand Ground On How to Treat Crunch 710

You May Be Liable For That Lease

On Balance Sheet
Accounting Overseer Hits the Books

Enron Readings

Companies-Scandals

Ebbers-Loses-Most-Of-Assets

Enron's Chief Offers His Case

Enrons-Foonote-Accounting-Skilling-Senate

Ex-Enron CEO Skilling Seeks To Move Trial Out Of Texas

FIN 46 Adds Billions to Bank Balance Sheet

Financial Oversight of Enron - The SEC and Private-Sector Watchdogs - Full report from the senate

• Senate-Letter

Guilty Verdicts Provide 'Red Meat' To Prosecutors Chasing Companies

H&R Block Faces Fraud Over Enron Bonds
How Enron did it ? Testimony of Frank Partnoy, Hearings before the United States Senate

Jury Convicts 5 Involved in Enron Deal With Merrill

Persons of the Year 2002 - Cynthia Cooper, Coleen Rowley and Sherron Watkins

Varible Interest Entity (Fin 46 summary From FASB); Statement: http://www.fasb.org/pdf/fin%2046R.pdf>

Short-Lived Lessons From an Enron Short

Surprise - New Consolidation Rule May Affect Private Equity

Enron 10K Report 2000 • Original-Documents • Enrons-Foonote-Accounting-Skilling-Senate

Experts-Arnold • Expert-Mulligan • Expert-Rush

Fastow-Compalint-Oct-01-02 • Fastow-Indictment-Oct-31-02 • Indictment-Of-Andersen-By-DOJ

Kopper-Civil-Fraud • Kopper-Agrement • Kopper-vs-US

Arthur Andersen LLP v. United States - Supremes

ARTHUR ANDERSEN LLP v. UNITED STATES certiorari to the united states court of appeals for the fifth circuit http://caselaw.lp.findlaw.com/cgi-bin/getcase.pl?court=US&navby=case&vol=000&invol=04-368

Powers Report: (A report by the Enron law firm) I have split the report into parts. All the associated charts are in the last file. The first file (18 pages) gives an overall summary Powers 1 Introduction • Powers 2 Chewco • Powers 3 LJM and 4 Rhythms • Powers 5 Raptors • Powers 6 Other • Powers 7 Oversight • 8 Related Party Disclosures • Powers Report charts

UIC Enron Course: http://accounting.cba.uic.edu/Enron/Outline.htm

Sites that summarize and track the Enron saga
http://www.chron.com/news/specials/enron/ - Houston Chronicle - Best site with current news

http://encarta.msn.com/encyclopedia_701610398/Enron_Scandal.html

Humor

http://minibytes.mondominishows.com/enron/main.asp%3F

http://politicalhumor.about.com/od/enron/

http://cbae.nmsu.edu/~dboje/enron/index.htm

Interesting
The Corporate Scandal Sheet - from Forbes continuously updated
Tech Wreck
Titans of the Enron Economy - The Ten Habits of Highly Defective Corporations
Footnoted: http://www.footnoted.org/blog.html
Accounting-For-Terrorist-Attacks
SEC Speech: Renewing the Covenant With Investors (A. Levitt)
Excise Taxes Muddy Comparisons

Sarbanes-Oxley Act

Sarbanes-Oxley-Act - The original Text
Sarbanes-Oxley-KPMG
SOX-Act-Section-404-Practical-Guide-July-2004-PWC
For Financial Whistle-Blowers, New Shield Is an Imperfect One
Nortel Unveils New Accounting Flubs - Jan 12 2004

International
WSJ.com - As IASB Unveils New Rules, Dispute With EU Continues

[Readings/Pensions/List.htm]

Approaches to Interethnic Equality

Accountants Try to Put a Little Kick in Their Image

Accounting-Movies

A Few Good Accountants
Buzz-Words

CFO Excellence Award for Capital Structure Management

Forget Earnings--Try Fully Diluted EEBS!
Grading Policy

Henry the Accountant
I Think That I Shall Never See, A Spreadsheet Lovely as a Tree
Jokes •

Martin-Luther-King-had-been-an-aid-offical-powerpoint

Mathematical-terrorist • Math-Riots-Prove-Fun-Incalculable

Mixed Metaphors • Ode On Accreted Earnings

Once Upon a Number

Oxymorons • Oxymorons 2 •

Ponderisms • Probability

Putting a Price on the Brooklyn Bridge •

Sad-but-true •

You-have-two-cows • Rip

http://www.taxgirl.com/street-accountants/
http://www.youtube.com/watch?v=HnA9Lu58oHc

http://www.youtube.com/watch?v=G6vS1edTsV8&feature=related