41.   Earlier this month, SEC Chairman Arthur Levitt coaxed FASB to speed adoption of this accounting rule.

42.   He pointed to one accounting rule that Enron used to keep related entities off financial statements and suggested it be modified.

43.   He concluded the profit was not allowed under generally accepted accounting rules.

44.   However, the Microsoft SEC filing also shows the effect of a new accounting rule on high-technology companies that depend on stock options to compensate employees.

45.   I do think that book value has been artificially depressed by some new accounting rules, like for health care costs.

46.   In Britain, a new accounting rule forces companies to show the actual results of their pension plan investments.

47.   In almost all cases, the eventual total deductions would be significantly larger than under current accounting rules and much greater than the original price of the equipment.

48.   In fact, the accounting rule makers cannot keep up with the software companies ever-changing sales practices.

49.   In its statement, Halliburton said it believed that its accounting was proper and in accordance with standard accounting rules.

50.   In part, that may be because new accounting rules force the banks to report losses on many bonds when market prices decline.