ie. booking future profits before the sale is consummated.
I wonder if there are Halliburton whistleblowers who 'know' about this creative accounting scheme which undoubtedly would have misled shareholders and increased the profits of certain individuals(like Cheney!). IT is also possible this was used to 'make the numbers' appear to support a the spin off of KBR.
http://www.tpmmuckraker.com/archives/003500.phpHalliburton Accused of Accounting Irregularities
By Spencer Ackerman - June 21, 2007, 4:35 PM
Last year, Halliburton lost billions of dollars of revenue with the U.S. Army discontinued a worldwide supply contract with the oil-and-defense-services company. Yet Halliburton continues to report massive profits. What gives? A new reported column by Bloomberg's Jonathan Weil proposes an answer: Halliburton may be cooking its books.
Through a Freedom of Information Act request, Weil got ahold of court papers filed by Halliburton's former director of technical accounting research and training, Anthony Menendez, who alleges that Halliburton reported "billions" of revenue from sales before the sales ever happened. For good measure, according to Menendez's court filings with an administrative-law judge for the Department of Labor in Louisiana, Halliburton retaliated against him after he went to the Security and Exchange Commission with his concerns last year.
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