Replies to post #123078 on Plastic2Oil Inc (PTOI)

[99leadballoons]

Of course an exception should be made for JBII! It is the greatest company ever. They should create new Accounting standards just for JBII.

[umiak]

And that is why JBI submitted the restatement, engaging a top 30 audit firm to ensure it was done right. Imo it is also why the investigation did not turn up any other problems, JBI has been determined to get their filings right, since having to go through the restatement process and expense.

The SEC requires companies to submit accurate audited financials. GAAP is the standard.

[Zardiw]

I'm saying the whole thing is not worth discussion.....arguments can be made BOTH WAYS.....using ACCEPTED ACCOUNTING METHODS........the company decided to ONCE AGAIN bend over backwards to avoid ANY confusion.......How many companies can make that claim?........z

[pennybuffet]

Many small comapnies are unaware of the total scope of GAAP and even FASB continues to make improvements to the current STANDARDS, these standards are sometimes misinterpreted. I think JBI took a great step forward in hiring a great accounting firm to handle their financials from here on out. That fact can not be ignored. An honest mistakes was made, and more than adequate measures have been taken to correct and improve future reports, that is obvious and that is going to be taken into account. Company stumbles; gets up; marches forward; history made.