盈余管理的时间和误区

EarningsManagement:PracticeandPitfalls,PhilipLivingstonPresidentandCEOFinancialExecutivesInternational,WhatisEarningsManagement?,Theprocessofestablishingstakeholderexpectationsandachievingtheresultthroughlegitimateand/orillegitimatemethods,WhyAreWeTalkingAboutIt?,IllegitimatemethodsCLOUDfinancialreportingtransparencyContrarytounbiasedreportingResultislowqualityearningsevenifthetargetisreached.U.S.capitalmarketsplacedapremiumonpredictabilitySECactionin1998,LegitimateEarningsManagement,PlanningdiscretionaryspendingMarketingandadvertisingResearchanddevelopmentEmployeemeetings,T&E,LegitimateEarningsManagement,SpecialQuarter-EndSalesPricereductionsSalesforceincentivesQuantity/truckloadofferstocustomersShipmentsHoldorPushDailymanagementofrevenueAddwarehouseworkersSchedulefactoryandwarehouseovertime,LegitimateEarningsManagement,Institutingahiringfreeze,temporarilyavoiding:HiringexpenseNon-essentialsalaryexpenseBenefitcosts,TopProblemArea,RevenueaccountingmanipulationSidedealsbysalespeoplethatareundisclosedtoaccountingallowances,deductionsandcredits.Shipmentstodistributorsorintermediariesassociatedwithgreatuncertaintyofsale.PrematurerecordingwhenrightofreturnexistsPaymentcontingenciestiedtoothereventsInvoicesthatareinconsistentwithunderlyingtransactions,“ManagingtheBottomLine”PastAccountingPractices,MergerandAcquisitionReserveAbusesSettingupreservestocoverfutureoperatingcostsofanacquiredcompanyProvidingrichreservesthatallowforfutureadjustmentsthatfavorablyimpactearningsWriting-offexcessive“in-processR&D”toavoidfutureamortizationcharges,“ManagingtheBottomLine”PastAccountingPractices,RestructuringReserveAbusesProvidinggeneralrestructuringreservessubjecttosubsequentadjustmentReservingforexitcoststhatwillbenefitfutureperiods(employeemovingandtraining)Includingintherestructurechargethecostofassetsalreadyimpaired,“ManagingtheBottomLine”PastAccountingPractices,MaterialityAbusesExclusiverelianceon“ruleofthumb”criteria(e.g.5%ofearnings)fordeterminingmaterialityIntentionalfailuretorecorditemsdeemed“immaterial”perthesecriteriaImproperlyAggregatingandNettingunrecordedadjustments,JudgmentAreasSubjecttoAbuse,AdjustingReservesandAccrualsonaQuarterlyBasisThosethatrequireconsiderablejudgment:InventoryobsolesceandvaluationSalesreturnsandallowancesAccrualsforprofessionalfeesAccruedmarketingcostsWarrantyclaimreservesReservesforself-insuredbenefits,JudgmentAreasSubjecttoAbuse,AdjustingReservesandAccrualsonaQuarterlyBasisThosethatrequireconsiderablejudgment:BaddebtallowanceInventoryoverheadabsorptionratesTaxratePrepaidexpenses,SECActions:SAB#99Materiality,RequiresconsiderationofQUALITATIVEfactors,notjustquantitative“Isitprobablythatthejudgmentofareasonablepersonrelyinguponthereportwouldhavebeenchangedorinfluencedbycorrectionoftheitem?”StrivestoeliminateINTENTIONALfailuretorecordimmaterialitemsRequiresconsiderationofthematerialityofmisstatementsindividually,andinaggregate,SECActions:SAB#100RestructuringandImpairmentCharges,Priortorecordingarestructuring,companiesmust:Haveadetailedplan,approvedbytopmanagementCommunicatetoemployeestheirbenefitsentitlementDiscloseexpectedheadcountreductions,timetableforplanexecution,andexpectedcostbycategoryReportindetail,progressagainsttheplan,ManagingEarningsExpectations:PastPractices,Informaldiscussionswithselectanalystsintendedtoinfluenceearningsestimates“Tipping”selectedanalystsinanticipationofearningsreleasesExchangingtippedinformationinexchangeforagreementto“reinin”marketexpectations,RegulationFD“FairDisclosure”,Wheneveracompanydisclosesmaterialinformation,itmustmakepublicWhenevernon-intentionaldisclosureismade,thecompanymustmakeitpublicwithin24hours.PublicdisclosureincludesfilingtheinformationwiththeSECpressreleaseprovidingpublicaccesstotheconferencecallormeeting,BestPracticesGoingForward,Sticktolegitimate“operational”solutionsMakeearningsforecastspublicUpdateforecastsregularlyConsiderprovidinganearningsestimaterangeDiscussshort-termforecastwithinthecontextoflong-termplans,FinancialExecutivesInternationalInternetCommunity,FEIExpresseNewsletterOn-lineJobPostingsModelsandPr