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Question - In a September 1998 speech, former Securities and Exchange Commission Chairman Arthur Levitt used the term cookie-jar reserves to describe a "cooking the books" technique used by some publicly owned companies to manage earnings. The technique involved establishing fictitious liabilities for bogus expenses or realized and earned revenues in a highly profitable quarter or fiscal year, and reversing the liabilities in subsequent low earnings periods.
Instructions -
a. Obtain and study SEC AAER 1140, "In the Matter of W. R. Grace & Co., Respondent" (June 30, 1999) and describe the "cookie-jar reserves" technique used by Grace.
b. Review the Staff Accounting Bulletins issued by the SEC subsequent to June 30, 1999, and briefly describe the provisions of a Bulletin dealing with the Grace matter and the SEC staff's resultant requirements.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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