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Letters from Prison

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Letter from Prison

Esta lectura relata el caso de Stephan Richards y su travesia por Corporate Associates (CA) finalizando en 7 anos de carcel. Veo como el problema principal que los directores de CA estaban enfocados en el fin sin importarles los medios. En otras palabras, los directivos manipulaban los datos financieros (fechas de los cierre de contratos en cada cuatrimestre) para cumplir sus metas de ventas internas previamente establecidas y por ende llegar al EPS prognosticado por los analistas.
El GAAP establecia que los ingresos por licencias de software fueran reconocidos una vez se firmaba el contrato, el software estuviera entregado y el pago razonablemente asegurados. Según GAAP, CA debio registrar el valor presente del contrato en el cuatrimestre que se cumpliera con estas 3 condiciones.
A continuación un dateline de los acontecimientos del caso:
Julio 2000 – CA anuncia que sus resultados financieros para 1er trimestre 2011 seria menos de lo prognosticados por Wall Street. CA justifico este resultado por la tendencia de muchos clientes esperar ultimo minuto para firmar esperando beneficiarse de mayor oferta, plazos mas largos de pago, servicios gratuitos, etc. y resulto que no firmaron a tiempo.
April 2001 – NY times cuestiona las practicas de contabilidad excesivamente agresivas para usados por CA para impulsar ganacias. CA se defiende.
April 30, 2001, KMPG, los auditores de CA, defiende las practicas de contabilidad de CA. Empieza una investigación de DOJ y SEC.
Julio 2003 investigadores federales no están satisfechos con investigaciones internas de CA. CA contrata a Sullivan + Cromwell para investigar mas profundamente.
Octubre 2003 Shuetze, director y presidente del comité de auditoria, anuncio suficiente evidencia de contratos con cambios de fechas retroactivamente. Kumar, Richards y otros directivos negaron estar involucrados
April 2004 Investigadores federales encontraron evidencia la cual implicaba Kumar, Richards y 6 ejecutivos mas.
April 24, 2004 Richards se declaro culpable y fue sentenciado a 7 anos de cárcel.
En dia de ayer durante la discusión de clase preguntaban si lo que hizo Richards era un “minor infraction” o “grave crime.” Es una pregunta difícil de contestar porque la alta gerencia dia a dia trabaja en una area gris para tomar decisión. Considero que fue un error en reporte los contratos en fechas incorrectas ya que esto resultaba en un prejuicio para la empresa (los ejecutivos se ganaban sus incentivos, los EPS eran valores irreales resultando en otro gasto para la empresa especialmente el caso del Q2 cuando EPS debió ser $0.05 y CA anuncio $0.60), pero tambien para el publico en general ya que muchos debieron haber pagado mas por las acciones de CA en base a estos resultados manipulados de lo que valían.
Una obligación de los estados financieros es informar a los usuarios de la información mas verídica. Hay muchas maneras de legalmente manipular los resultados ahí viene la ética de los directores. Tambien lo estados finacieros deben respetar las normas GAAP. Estos estados son la base para los usuarios tomar decisiones y si son manipulados, como fue en este caso, es un crimen grave. Lo ideal hubiera sido que Richards reflejara la realidad y estableciera estrategia/objetivos basados en estos resultados reales. Ahora viendo la cultura de CA, esto no hubiera sido aceptado por los altos directivos y fácil Richards no hubiera durado todos estos anos en CA. Esta contabilidad creativa era un problema corporativo, pero tambien de Richards como persona porque se ganaba sus bonos pero tambien complacía a su ego de ser de los mejores.

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