Reference at Newman Library

Report that Prof. Carmichael’s students need

Accounting students of Prof. Carmichael need the Missal Final Report regarding the New Century Financial Bankruptcy Investigation.  The report, more than 500 pages, is posted on the website of the law firm in which Missal is a partner. I located it with a Google search, missal final report new century.  There are articles on ABI/Inform, Business Source Complete and Factiva relating to the report and its impact.

New Century Financial restated some financial statements, filed for bankruptcy and emerged from it.  Audit Analytics has some information and the SEC filings may be located on the SEC website.  (Some databases remove filings of bankrupt companies and also remove the original filing after a restatement.)

Definitions of terms used in Edgar Online I-Metrix

I asked Edgar Online I-Metrix what “cross calculated” meant in their financials of companies, and this is what I learned:

a.       Original – This  is as the word says original data for the period.

b.      Amended – Company updated the financials of a recently filed period by filing a 10Q/A or 10K/A

c.       Preliminary – Data coming from 8K

d.      Restated – This is flagged when a company updated financials for a historical period in a more recent filing.

e.      Cross Calculated – More than one document is used to generate a particular period number. This is mostly the case with Cash flow statements for the 2nd, 3rd and 4th Qtrs as companies only report YTD numbers.

I hope this is helpful.  Rita