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Accountants, SEC 'Have Gone Absolutely Wacko,' Says Sun CEO TORONTO, Oct. 3, 2003 (SmartPros) Scott McNealy, chief executive of Sun Microsystems Inc., declared at a Empire Club conference in Toronto this week that accountants, along with the Financial Accounting Standards Board and Securities and Exchange Commission, "have gone absolutely wacko" in their attempts to clean up the industry. "I'm a Stanford MBA, I went to most of my classes. I took accounting. I can't read annual reports, income statements and SEC filings any more. They are absolutely undecipherable," said McNealy. "What we need to do is move away from the FASB world and move back to cash accounting." McNealy said he "can't believe investors haven't gone nuts (at) the cost of accountants" and added that accountants and CEOs should not be in charge of making judgments. The speech on Wednesday came two days after the network computer maker warned its first quarter would fall short, which prompted Merrill Lynch analyst Steven Milunovich on Thursday to urge the company to cut between 5,000 and 7,000 jobs in order to slash costs. 2003 SmartPros Ltd. All rights reserved. |
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