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The AAO Weblog covers accounting issues and current events as they relate the practice of investment analysis. All posts prior to September, 2007 are in the public domain, but after September 4, only subscribers to The Analyst's Accounting Observer will see all posts going forward. Only selected, occasional posts will be released to the public domain from September 4 forward.

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This STILL Won't Make Accounting Sexy...
Location: BlogsAAO Weblog (Public)    
Posted by: Jack Ciesielski 1/24/2005 3:14 PM
But it doesn't really need to be; it's got plenty of cops 'n robbers entertainment value just the way it is.

The Wall Street Journal reports today that Penthouse publisher Robert Guccione, along with a former executive officer and a former shareholder, were charged with accounting fraud by the SEC.

The details are sketchy, but they carry the aroma of early revenue recognition. It sounds as if there was a contract that was pulled into the March 2003 quarter, earlier than it should have been: the article says the misleading information revolved around a backdated document. Further, according to the SEC, Guccione certified a filing that he hadn't reviewed. The net result: inflated results for the March quarter.
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