This thread is one of the best I have ever read on pprune. I thank Capt. K for his efforts. In dissecting the company accounts there is little guidance available making comparison extremely difficult. It has be near on impossible to understand 'contribution margin'
The Sarbanes-Oxley Act was instituted as a result of the collapse of Enron. Students of the corporation would be well advised to see just how misleading Enron's accounting ,record keeping and statements to the market actually were.
The reality is that the Japanese market has allowed an "apples to apples" comparison. This has been very difficult to date. In revealing the reality of JQ international's success or otherwise Capt. K has raised very important issues with respect to statements made by management, the standards adopted by the company and more broadly the issue of transparency in accounting standards and corporate governance. No matter in which "entity" one sits it poses some very big questions...