Wednesday, May 9, 2012
Audited financial Statements REQUIRED for all NYSE listings: Tales From Normal, Mn: FICTION
All foreign companies that desire listings on the New York Stock Exchange have now been required by the Mayor of Normal, Mn. to provide audited financial statements following regular accounting principles in order to make those shares available to citizens of Normal, Mn. This was done so that the locals would be fairly advised as to the truthfull bookeeping,a foreign concept in itself, and hopefully the truth of the financial condition. Even though Normal, Mn is a small fishing village, it is hoped by the local accoutants that by this act of financial courage that they can set a standard of accounting leadership for all concerned. Stay tuned as I follow this story.