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In re America West Airlines, Inc.
Citation:
Accounting and Auditing Enforcement Release No. 562 [1991-1995 Transfer Binder] Fed. Sec. L. Rep. (CCH) ¶ 74,022 (May 12, 1994)Facts
America West Airlines engaged in several improper accounting practices during the early 1990s when the airline industry was experiencing significant financial difficulties. The company failed to properly account for certain maintenance expenses by inappropriately capitalizing costs that should have been expensed. Additionally, America West did not adequately disclose the nature of certain accounting changes that materially affected its financial statements. The company also improperly recognized revenue from a marketing agreement with another company. These accounting improprieties resulted in America West overstating its income and assets in financial statements filed with the SEC, misleading investors about the company’s true financial condition during a period when it was experiencing severe financial distress.
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