Accounting

On September 28, 1998, Chairman of the U.S. Securities and Exchange Commission Arthur Levitt sounded the call to arms in the financial community. Levitt asked for, "immediate and coordinated action... to assure credibility and transparency" of financial reporting. Levitt's speech emphasized the importance of clear financial reporting to those gathered at New York University. Reporting which has bowed to the pressures and tricks of earnings management. Levitt specifically addresses five of the most popular tricks used …

…Where are the Accountants." Business Week 5 Oct. 1998. Melcher, Richard and Sparks, Debra "Earnings Hocus Pocus" Business Week 5 Oct. 1998. Bartlett, Sarah, "Corporate Earnings: Who Can You Trust" Business Week 5 Oct. 1998. Turner, Lynn E. "Continuing High Traditions" Speech, 5 Nov. 1998. Turner, Lynn E. "Remarks" Speech, 10 Feb. 1999. Aeppel, Timothy "Eaton's Earnings Increase but Miss Analysts' Forecasts" 20 Oct. 1999. Tran, Khanh "Excite At Home Posts Quarterly Loss Due to Charges but Meets Estimates" 20 Oct. 1999. Bank, David "Microsoft Earnings Exceed Expectations" 20 Oct. 1999.