Value has to be measured relative to something such as earnings, revenues, cash in the bank, or accounting book value.
Daimler trades at accounting book value and for just 0.39 times sales.
Amongst many other weaknesses, they never have enough competent accounting professionals to book the complex transactions it takes to create their balance sheet.
The company was able to book record accounting profits in FY 2007 (the year ended March 31, 2008), but during the year days inventory increased to 48 days.
An opaque, book-value accounting system made judging performance difficult, and bureaucratic dictat ensured that such returns turned out pretty similar anyway.
Under accounting rules, the company must book the credits because it's likely to use them to offset income taxes.
It's one of the oldest accounting scams around: Desperate executives book corporate revenue in a reporting period knowing that it doesn't meet the rules for revenue recognition.
Over a year ago, more than a dozen former employees gave statements that outlined a scandalous litany of misdeeds--deliberately understating costs, hiding bad debt, backdating contracts to book orders earlier than accounting rules allow.
E-books continued to be popular, accounting for 13-14% of book sales.
Yes, the Court said, the plaintiff could copyright his book explaining the system of accounting, but that copyright would not extend to the forms themselves.
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In 2008-09 already troubled U.S. banks were being battered by a recently reenacted, arcane accounting rule that was gratuitously destroying the book value of bank capital.
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With the new entity accounting for 25% of English-language book sales, the merger is sure to get a long, hard look from anti-trust regulators.
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Banks with privately traded stock have a difficult time establishing that their stock is worth more than 100% of tangible book value, a commonly used accounting metric in the banking industry, he explained.
And unless they have professional representation, they must also book their own travel, do their own accounting (Ben paid taxes in six states and Canada last year), negotiate endorsement deals and hire and fire caddies and coaches.
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However, any measure based on book value has to get over the fact that accounting measures are not carved in stone.
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As I say in the book, all of this strategically planned fundraising and lobbying effort assures that the accounting industry is well positioned at every lever of power, either to promote their interests or to squelch a provision that threatens their status quo.
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Global accounting rule makers proposed a change that would prompt non-U.S. banks to book losses on bad loans more quickly, though it wouldn't be as quick as U.S. banks may have to.
Because of something called A-133 (also the yellow book), audits of not-for-profits had become the Balkans of public accounting, generating much more complexity than they could reasonably pay for, unless you were a sole practitioner with minimal overhead.
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What's strange is that the accounting trick doesn't seem to help Merck in the least, because it allowed the company to book sales but not additional earnings.
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