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- W3502401 abstract "Take a flat earth at the center of a fixed universe; how simple measurement of motion would be. But walk south on a rotating earth orbiting a moving sun out in the arm of a spiraling galaxy which itself speeds away from its big bang birthplace and you face a somewhat less trivial problem. Similarly, the flat-earth-style financial measurement system imposed on petroleum companies also fails to measure the motion of this dynamic industry. Accountants labor to report something they call return on shareholders equity, which many publications dutifully print as a measure of stock quality. The actual return on a real stockholders equity tells a much different story. Analysts also calculate book value, an attempt that fails utterly because the flat-earth-style formula assumes that (1) physical equipment will lose value in some nice, linear fashion without regard to market conditions and (2) reserves in the ground have no value. Looking to create profit stabilization, which is impossible to realize in the real world, these same accountants fictitiously spread out equipment cost over its life rather than place it at purchase time when spending occurs. These procedures create large differences between cash profit and accounting profit, as well as beckonmore » the tax man to collect his due much earlier than otherwise. None of the above would be of consequence except that some people actually use these kinds of numbers to make operational and investment decisions.« less" @default.
- W3502401 created "2016-06-24" @default.
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- W3502401 date "1986-08-01" @default.
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- W3502401 title "Exploration numbers game - who's misleading whom" @default.
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