Comments on: Did Palm Fudge Last Quarter's Sales Numbers?
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RE: Not a big deal.....
Doing a little damage control are we?
RE: Not a big deal.....
RE: Not a big deal.....
RE: Not a big deal.....
RE: Not a big deal.....
This sort of thing is really just a symptom of how arbitrary GAAP has become. Auditors often say that the accounts must show the "economic substance", but they often differ in what that means. To borrow an old joke: ask three bean-counters a question and you will get four different answers. (And the more they argue, the more fees they can charge for their so-called "advice".)
RE: Not a big deal.....
Revenue, as you may already know, is recorded in the period in which it is earned, not when it is realized. No problem here. Rebates, however, are treated as a contra account (contra-revenue, if you will) in the period IN WHICH IT IS DECLARED. If Palm already closed last period's numbers, IT IS AGAINST GAAP to go back and alter the prior period's revenue. It must be taken as a discount in the present period. Yet another reason they could not take it in the prior period is because, by nature, Palm does not know exactly how many rebates they will receive. It is up to the end user to go through the motions and actually send in the rebate. So, in a nutshell, Palm is and has always been in accordance with GAAP with respect to this issue.
Los
RE: Not a big deal.....
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Not a big deal.....