EU Accounting Change Makes Vodafone Profitable, Hurts Glaxo

mkpdavies · 27-12-2004, 03:00 PM

http://www.bloomberg.com/apps/news?p...E&refer=europe

Quote:

Dec. 27 (Bloomberg) -- Vodafone Group Plc Chief Executive Arun Sarin says a switch to international accounting rules will allow the world's biggest mobile-phone operator to book a profit next year after losses of 48.1 billion pounds ($93 billion) since 2000.

With a wave of the magic EU wand non-profit becomes profit and vice versa. Alice in wonderland, eat your heart out!

Quote:

For investors, using the new numbers is like learning to drive, said Ken Wild, a Deloitte & Touche LLP partner in London who coordinates the firm's IFRS activities globally.

Why am I suspicious that this learning to drive, is designed to confuse and cloud people judgements in and already cloudy area! I can see some unscrupulous people taking advantage of this situation!

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