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Ebay Financial Reporting Ebay Corporation: Financial Reporting Essay

ebay financial reporting eBay Corporation: Financial Reporting

The current market trend in the American business world shows that many businesses are making the switch to the fair market value of accounting for employee stock options. The Journal of Accounting Research defines fair market accounting as accounting for the fair value, or price, of an asset or liability based on the current market price of that asset or liability, or for similar assets and liabilities, or based on another objectively assessed "fair" value (Riedl and Serafeim, 2011, p. 1083). In understanding this concept fully, one can then assess its role within specific businesses' financial decisions -- in this case, eBay.

Ethical and Financial Considerations

Footnote disclosure is a widely-used system of financial reporting, which has brought about instances of ethical questioning in past years since its introduction within eBay's reporting protocol. The introduction of backdated accounting disclosure in the form of footnotes caused an instance of ethical dilemma within eBay in 2000. This new accounting disclosure required that companies report what earnings would have been had they been in compliance with fair value stock option expensing. Upon disclosing this old material in a new format, it was gauged that in 2000, eBay reported a "net profit of $48 million," when in reality it should have "reported a loss of almost $91 million" (Bradshaw, 2005, p.1). This brings about a massive breach in ethics in terms of reporting. In a company where employees were regarded as "key risk factors," fluctuations in stock prices into "extremely volatile" zones brought about the threat of employee departure (Bradshaw, 2005, p.2-3).

Plans of reporting were then employed to attract and motivate employees and the amount of shares reserved for these employees...

As seen in Exhibit 5 in Bradshaw's reporting, in 1996, eBay adjusted its reserved stock shares from 5,100,000 to 30,600,000 (Bradshaw, 2005, p. 8). Had fair market accounting been employed from the get-go in terms of financial reporting, employees within eBay would have proven to be far less inclined to buy up reserved stock had they known the company was not as profitable as it had been made out to be through its reporting tactics.
Financial considerations are also crucial to eBay's financial reporting, as seen in the provided financial statements. In viewing financial statements provided in Bradshaw's review, it can be seen that as the company began to see significant expansion in the late 1990s until 2000, nearly every aspect of eBay's profitability also rose significantly. The financial reporting notes that between the years of 1998 and 2000, net revenues jumped from $86,129 to $431,424, providing gross profits of $70,035 and $335,971 respectably after accounting for the cost of net revenue (Bradshaw, 2005, p. 5).

Had the aforementioned disclosure been in effect from the beginning of eBay's operations, these accountings would likely be significantly different. With disclosure of any losses comes the likelihood for stockholders to think more carefully before placing further interest in a company. While it is likely that eBay would have still taken off in terms of popularity and financial holdings, its massive rise in such a short period of time may have been extended.

Impact of Fair Market Accounting for Employee Stock Options

Assuming Meg Whitman, CEO of eBay, made the decision to switch to the fair market value of accounting for employee stock options, certain aspects of eBay's financial statement would be impacted. Instead of accounting…

Sources used in this document:
References

Bradshaw, M. (2005). eBay, Inc.: stock option plans (A). Harvard Business School cases:

accounting and control. PDF. Accessed on: 7 August 2011.

Congressional Budget Office. (2004). Accounting for employee stock options. Accessed from: http://www.cbo.gov/doc.cfm?index=5334&type=0&sequence=2.

Riedl, E. And Serafeim, G. (2011). Information risk and fair values: an examination of equity. Journal of Accounting Research. 49(4), 1083. Retrieved from: ProQuest Database.
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