Can’t Spell Felon Without ELONAdventures in Capitalism
This may surprise people, but accounting isn’t a black and white endeavor—there’s actually a lot of gray area—particularly when you deal with accruals and estimates for future events. This is the reason that two very similar companies can report very different short-term results. What is the useful life of equipment from a depreciation standpoint? What is the eventual cost of environmentally remediating an oil well? What assumptions should you use for a pension fund’s performance and discount rate? Two well-meaning CFOs may come to two very different sets of assumptions. The assumptions used . . .
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