Fuzzy-Math Accounting Chided by Buffett Gets Fresh SEC Scrutiny
- U.S. companies increasingly report numbers that exclude losses
- ConocoPhillips admonished for metric based on 2013 oil prices
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It’s generally accepted that a lot of accounting isn’t, well, generally accepted.
But with more and more companies promoting bookkeeping that deviates from U.S. standards known as GAAP, for Generally Accepted Accounting Principles, the Securities and Exchange Commission is warning about getting too creative.