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Authored by: Winter on Tuesday, July 31 2012 @ 05:10 AM EDT |
"The company's minders (management and board) manage the company
_on_behalf_of_the (stockholding) owners."
You still believe in fairy tales?
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Some say the sun rises in the east, some say it rises in the west; the truth
lies probably somewhere in between.[ Reply to This | Parent | # ]
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Authored by: Anonymous on Tuesday, July 31 2012 @ 06:24 AM EDT |
And those balance sheets don't have to actually contain much of a breakdown in
how the figures are arrived at; earnings management (also know as more rudely,
and accurately, as creative accounting) can massage the raw data into impressive
sounding financial reports that hide underlying problems, for example the
collapse of Polly Peck, British and Commonwealth, Coloroll, etc where the
financial statements showed what seemed to be a healthy position, but
months/weeks later they collapsed into receivership.
Personally I'd rather see a[n extended] trial balance than an Income Statement
and Balance sheet (and I've only just started studying accountancy).
Better get back to my studies...[ Reply to This | Parent | # ]
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