What was done was in accordance with GAAP (Generally Accepted Accounting Procedures). Those are followed in corporate America, corporate Europe, in fact most of the developed and developing world. (They are not followed in Communist China.) So, your first part of your post is not accurate. I am not talking about the second half, which I did not copy.

And yes, for my masters I took a Cost Accounting course and the capstone course including analyzing corporate annual reports. I got an A in both. So I am speaking with authority.