Tax Guru-Ker$tetter Letter
Monday, July 22, 2002
Low Cost Accounting Lessons
Some good analogies illustrating what some corporate accounting departments did to artificially beef up their balance sheets.
While everyone is expressing shock & surprise at these tricks, I can remember a lot of good coverage of them years ago; especially AOL's bogus accounting for the millions of freebie disks they were littering the nation with. It was no surprise that eventually they would have to be written off against income.