Jack T. Ciesielski, an accounting expert and editor of The Analyst's Accounting Observer, recently published a report on untaxed foreign earnings at the nation's largest companies.

The study "shows the General without its clothes, and it's not pretty," said the author of the new report, Jack T. Ciesielski, publisher of The Analyst's Accounting Observer.

As for the idea of using a write-down to improve profits, Jack Ciesielski, publisher of The Analyst's Accounting Observer, explained that companies writing down inventories must follow set formulas.

Jack Ciesielski, an accounting authority and editor of The Analyst's Accounting Observer, said: "The increase in depreciation would stimulate capital spending.

"The only thing people get paid for these days is growth, not running a company well," Jack Ciesielski, editor of The Analyst's Accounting Observer in Baltimore, says.

Jack T. Ciesielski, publisher of the Analyst's Accounting Observer, a Baltimore-based research service for securities analysts, is one of the skeptics.

"More choice is always better," said Jack T. Ciesielski, the publisher of The Analyst's Accounting Observer.

Jack Ciesielski, publisher of The Analyst's Accounting Observer, questioned the size and timing of the write-down.

The lack of disclosure about the sale was disturbing to Jack Ciesielski, editor of The Analyst's Accounting Observer.

Jack Ciesielski, publisher of The Analyst's Accounting Observer, says net income is the best measure of performance: "In the short run you can move the company with something aside from earnings.