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1、SECInstitutesProceedingsAgainstAOLOverItsAccountingTreatmentofAdvertisingCostsLEADSTORY-DATELINE:TheWallStreetJournal,May16,2000.AmericaOnline,Inc.(AOL)providesInternetaccesstomillionsofsubscribersthroughouttheworld.AOLislistedontheNewYorkStockExchange(
2、NYSE)andisregisteredwiththeSecurities&ExchangeCommission(SEC)pursuanttotheSecuritiesExchangeActof1934.DuringitsfiscalyearsendedJune30,1995andJune30,1996,AOLundertookextensiveadvertisingeffortstorapidlyexpanditscustomerbase.Theseeffortsincludeddistributi
3、ngmillionsofcomputerdiskscontainingAOLstart-upsoftwareandpayingcomputerequipmentmanufacturerstobundlethestartupsoftwarewiththeircomputers.Thecompanycapitalizedtheexpendituresasanasset,"DeferredMembershipAcquisitionCosts(DMAC),"thusdeferringtheadvertisin
4、gcostsasanassetratherthananexpense.EffectiveJuly1,1995,AOLchangedtheperiodoverwhichitamortizedtheseacquisitioncostsfromtwelveandeighteenmonthstotwenty-fourmonths,resultinginanincreaseinreportednetincomeof$48.106million.Asaresultofthisaccountingchange,AO
5、Lreportednetincomeof$30millionforthefiscalyearendedJune30,1996,ratherthanalossof$18million.ThisaggressiveaccountingmethodallowedAOLtoreportprofitsforsixoftheeightquartersduringfiscal1995and1996.AccordingtotheSEC,ifAOLwouldhaveexpensedthecosts,asrequired
6、undergenerallyacceptedaccountingprinciples(GAAP),theywouldhavereportedlossesineachofthe8quartersinfiscalyears1995and1996.BySeptember1996,thesedeferredadvertisingcostsreached$385million.Finally,inOctober1996,AOLannouncedthatitwrote-offthe$385millionbalan
7、ceofcapitalizedDMACatSeptember30,1996becausethecompanybelieved"itnolongerhasanadequateaccountingbasistosupportrecognizingdeferredsubscriberacquisitioncostsasanasset,"andwouldexpenseallsuchcostsfromOctober1,1996forward.Thewrite-offresultedinareportednetl
8、ossof$354millionforthethreemonthsendedSeptember30,1996onrevenuesof$350million.OnMay15,2000,AOLagreedtopaya$3.5millionpenaltyandrestateitsoperatingresultsfrom1995and1996toreflecttheproperaccountingtreatmentoftheadvertisingcoststos
