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Article Excerpt
* THE LATEST PRESCRIPtion to fortify investor confidence in financial reporting comes not from the usual sources--the FASB, SEC, NYSE, or from Standard & Poor's.
In a bid to solve the problem of GAAP earnings distortions on one hand and idiosyncratic, incomparable "pro forma" earnings adjustments on the other, S&P, the credit rating and information services company owned by The McGraw-Hill Companies, began in May 2002 promulgating its methodology for a standard operating number.
S&P's proposed "core earnings" adjusts net income to include expenses from stock-option grants, restructuring charges from ongoing operations, write-downs of depreciable or amortizable operating assets, pension costs, and purchased research...
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Impatient nation. (End Note).(long term predictions)(Brief Article), July 01, 2002
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