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1、SECInstitutesProceedingsAgainstAOLOverItsAccountingTreatmentofAdvertisingCostsLEADSTORY-DATELINE:TheWallStreetJournal,May16,2000.AmericaOnline,Inc.(AOL)providesInternetaccesstomillionsofsubscribersthroughouttheworld.AOLislistedontheNewYorkStockExchange(NYSE)andisregisteredwiththeSecu
2、rities&ExchangeCommission(SEC)pursuanttotheSecuritiesExchangeActof1934.DuringitsfiscalyearsendedJune30,1995andJune30,1996,AOLundertookextensiveadvertisingeffortstorapidlyexpanditscustomerbase.TheseeffortsincludeddistributingmillionsofcomputerdiskscontainingAOLstart-upsoftwareandpayin
3、gcomputerequipmentmanufacturerstobundlethestartupsoftwarewiththeircomputers.Thecompanycapitalizedtheexpendituresasanasset,"DeferredMembershipAcquisitionCosts(DMAC),"thusdeferringtheadvertisingcostsasanassetratherthananexpense.EffectiveJuly1,1995,AOLchangedtheperiodoverwhichitamortize
4、dtheseacquisitioncostsfromtwelveandeighteenmonthstotwenty-fourmonths,resultinginanincreaseinreportednetincomeof$48.106million.Asaresultofthisaccountingchange,AOLreportednetincomeof$30millionforthefiscalyearendedJune30,1996,ratherthanalossof$18million.Thisaggressiveaccountingmethodall
5、owedAOLtoreportprofitsforsixoftheeightquartersduringfiscal1995and1996.AccordingtotheSEC,ifAOLwouldhaveexpensedthecosts,asrequiredundergenerallyacceptedaccountingprinciples(GAAP),theywouldhavereportedlossesineachofthe8quartersinfiscalyears1995and1996.BySeptember1996,thesedeferredadver
6、tisingcostsreached$385million.Finally,inOctober1996,AOLannouncedthatitwrote-offthe$385millionbalanceofcapitalizedDMACatSeptember30,1996becausethecompanybelieved"itnolongerhasanadequateaccountingbasistosupportrecognizingdeferredsubscriberacquisitioncostsasanasset,"andwouldexpenseallsu
7、chcostsfromOctober1,1996forward.Thewrite-offresultedinareportednetlossof$354millionforthethreemonthsendedSeptember30,1996onrevenuesof$350million.个人收集整理勿做商业用途OnMay15,2000,AOLagreedtopaya$3.5millionpenaltyandrestateitsoperatingresultsfrom1995and1996toreflecttheproperaccountingtreatment
8、oftheadverti
