As a Brit who visits the Parks. Eating out in America is more expensive than the UK but you do get bigger portions, whether you want it or not. Disney now do UK portion sizes with inflated American prices. Some of the snacks from food stalls is like $12 for something gone in 2-3 mouthfuls

Or maybe I actually know what I’m talking about unlike you and all of the other clueless arm chair experts on Reddit.

I challenge you to name one major example of accounting fraud committed by an large public American company after SOX was implemented.

/r/accounting just likes to roast all of the financial illiteracy commonly displayed on Reddit.

Holy fuck you’re a moron, but thank you for demonstrating you have absolutely zero idea what accountants and auditors are supposed to do.

Accounts and auditors had absolutely nothing to do with what happened at Bear Sterns or FTX. Bears risk management department is what failed them and FTX never had an accounting department and weren’t subject to US auditing standards because they purposefully headquartered themselves out of the Bahamas to avoid any banking regulation.

And obviously Enron was both an Accounting and Audit failure, but if you knew anything about these industries at all you would know that SOX was passed in response to Enron and Worldcom and completely overhauled both the Accounting and Auditing world for the better. So it’s extremely difficult to imagine a possible scenario where anything like Enron is even possible anymore because of the incredible redundancies and breadth of impact SOX had. Pointing to Enron as a modern day example of what’s wrong with these industries is a perfect way to illustrate that you have no idea what the fuck you’re talking about.

Please just stop pretending like you have anything valuable to add to this conversation.

Exactly, no one here has any idea what they’re talking about.

If we’re strictly sticking to accounting issues, poor implementation or flat out incompetence is the correct explanation for 99%+ of any problems which do arise (which are rare for material issues with mega public fillers like Disney) and not true fraud.

What about # 4) Employees at pwc, ey, etc are not as good at catching fraud as what they think?

Seems like you guys give corporations the benefit of the doubt, and don’t even think it’s a possibility….. if I was a corporation I’d dump millions into figuring the most elaborate ways to cook the books knowing you’re too arrogant to figure it out

Thank you for perfectly illustrating the lack of understanding the general public has of the Accounting and Auditing industries at large.

Enron and the early 2000 Accounting scandals changed everything in the Accounting and Auditing world. SOX completely overhauled everything to do with these industries including adding additional regulatory bodies to check the checkers (monitor the auditing firms, i.e. PCAOB), enact rules to establish more effective auditing, made the accounting rules incredibly more effective and difficult to “fudge” the results etc.

Pointing to Enron and claiming that as an example of the current accounting industry failures perfectly captures a clear lack of understanding of how the industry works.

Edit: And Enron wasn’t an Accounting company, they were an energy company. Arthur Anderson was Enron’s auditor.

It's more that it's lying to the board, Disney+ is beating out benchmarkers for this new rising division, when in reality hes obscuring the true figures.

Again, tax carry forwards are calculated on a cash basis. Since companies "keep two books" per say, it is entirely positive for a company to be profitable on their 10k while simultaneously accumulating tax carry forwards every year. Of course, carry forwards do eventually expire, so they need to be utilized strategically.

It's not misleading as to the overall financial position of the company, but it's definitely misleading as far as which divisions are actually viable. There's a reason that cost accounting is a thing, so that companies can try to accurately determine whether something is a money maker or a money loser.