21–30 of 39 posts
Worth pointing out that this is largely a US only problem. Rest of the world uses IFRS which clamped down on that non-GAAP adjustment stuff pretty hard because well it’s not exactly a subtle gambit
Worth pointing out that this is largely a US only problem. Rest of the world uses IFRS which clamped down on that non-GAAP adjustment stuff pretty hard because well it’s not exactly a subtle gambit
It was news to me that IFRS cracked down on non-GAAP adjustments, particularly because I follow some foreign filers in the US and haven't noticed much of a difference. But then again, I don't follow a lot of companies with the type of management that harps on EBITDA and adjusted EBITDA anyway. According to Charlie Munger, "I think you would understand any presentation using the word EBITDA, if every time you saw that word you just substituted the phrase, “bullshit earnings.”
Worth pointing out that this is largely a US only problem. Rest of the world uses IFRS which clamped down on that non-GAAP adjustment stuff pretty hard because well it’s not exactly a subtle gambit
This lets current politicians and current and near future recipients of defined benefit pensions to transfer the costs to future future taxpayers.
Earlier quoted context omitted.
If Firefox does not offer reader mode by itself, prepend about:reader?url= to the url to force loading the page in reader mode by the way.
Is there any way to turn this into a bookmarklet, so that clicking on it would prefix the current URL with that?
javascript:window.location="about:reader?url="+window.location
Worth pointing out that this is largely a US only problem. Rest of the world uses IFRS which clamped down on that non-GAAP adjustment stuff pretty hard because well it’s not exactly a subtle gambit
What a horrible article most investors understand Chinese companies lie about their number all the time. The non Chinese example is WeWork which was completely rejected by the market and failed to go public?
And Enron, Olympus, bt, WorldCom, Tesco, those people who bought dragon dictate and the African firm whose balance sheet was entirely supported by a large green gemstone. Just to name a few off the top of my head. Trying to work out a firm's true assets, liabilities and income is a genuine problem.
Earlier quoted context omitted.
Thanks for the tip. I'm curious, do you know how some sites prevent the reader mode button from appearing?
From what I would guess, it might be rather that these pages do not conform to what Firefox expects from a page to be suitable to be shown in reader mode. Large pieces of text with a few pictures in them or something like that. If you check back in a few hours, I might have posted more information on this.
https://hg.mozilla.org/mozilla-central/file/default/toolkit/...
Especially:
https://hg.mozilla.org/mozilla-central/file/a6a5a4f31ea26906...
Edit: this is a potshot.
Worth pointing out that this is largely a US only problem. Rest of the world uses IFRS which clamped down on that non-GAAP adjustment stuff pretty hard because well it’s not exactly a subtle gambit
Edit: I found a little more detail under revenue recognition page on wikipedia : https://en.wikipedia.org/wiki/Revenue_recognition
Worth pointing out that this is largely a US only problem. Rest of the world uses IFRS which clamped down on that non-GAAP adjustment stuff pretty hard because well it’s not exactly a subtle gambit
I think non-GAAP adjustments were mostly used in the article as a rough marker of "crookedness" that you can measure. Because by far, worldwide, the primary means of fraud involves revenue recognition and other accounting shenanigans (very much recommend the book by the same name) that both IFRS and GAAP are vulnerable to. It's just that's much harder to find that stuff out. But, when the SEC notices a problem with y…
>It was news to me that IFRS cracked down on non-GAAP adjustments
It's mostly achieved by prohibiting adjustment for "extraordinary items". That stops 90% of this bullshit right there. I gather US GAAP has done the same but kept the concept of non-recurring items.
Whether presenting "Alternative Performance Measures" is allowed at all depends on the country specific regulator. Where they are it's generally in addition to the IFRS measures and if you look at ESMA (EU regulator) they require a reconciliation and various other stuff about fair presentation thereof:
https://www.esma.europa.eu/file/1689/download?token=VQsQ7JzC