I got drawn into a cabaret act about the mishaps of a foreigner in France and low standard of quality displayed by certain firms in the country. I will post some of the other stories that we have investigated but will not have time to depict during Cabaret (next Friday!!!) on this blog, for your enjoyment, in due time.

In the meantime, here is some more Heard in Class and Faithfully reported

"I call these pro forma statements taht turn a $1.4bn loss into a $3bn profit a Cisco Remedial Accounting Principles, otherwise known as CRAP" - Financial Statement Analysis professor

(raising his right hand in a ceremonious manner)
"I want all of you to hereby make a promise to me, take a pledge. I want you all to swear that from now on, you will all be looking at the comprehensive statement of income to be the true representation of the economic performance of a firm. All those who wish to take this pledge, please stand up, raise your right hand and say Hi." - FSA professor

"How can the UK and the US GAAP transform a loss into a profit??? Clearly it is much better for Marconi to do their business in the profit country. In fact, they should move all their operations over there!! One would think that they would agree on cash, but NO! Even their cash flow number is different, by $20m!!!!" - FSA professor

Not everything likes the teaching style of this professor but I must admit that by just looking at a company's balance sheet and income statement, he works miracles and can unroll a whole story that would never have crossed my mind, if I had not talked to people in the business, do some due diligence, etc...He is extremely good - and I want to be able to do that, one day. In my dreams.