Fuel prices drag down Virgin America’s financials

[rjpilot7667]

Financial reports are subject to stringent ethical and auditing guidelines. No way that the CFO of Virgin America is violating those guidelines, she's one of the people who WROTE the guidelines.

Privately held companies are not compelled to adhere to the GAAP (Generally Accepted Accounting Principles)

 

[ackattacker]

They're not compelled by law to adhere to GAAP, but in practice large privately held companies are forced to anyway. When they go to creditors and stakeholders with their financials they are going to be demandand audited financials adhering to GAAP accounting principles. Having chosen to release financial statements, they are required by law to be correct and of course in addition the IRS is going to demand accurate accounting in accordance with standards. CFO's have in the past received serious jail time for releasing false or distorted financial reports and so they aren't going to be signing their names to bogus reports.

 

[onewithwings]

This thread is getting closed due to the number of complaints.