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  "documentTitle": "Amdocs Limited (DOX)",
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  "authorName": "Ben Axler",
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  "notes": "Uses financial statement excerpts to point out accounting inconsistencies.",
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      "text": "Note: Amdocs has kept this void account on its balance sheet since FY 2007. Why? (See later discussion)",
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      "text": "An unamortized item such as this would be an awfully convenient place to park some capitalized expenses, wouldn’t it?",
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      "text": "An unamortized item such as this would be an awfully convenient place to park some capitalized expenses, wouldn’t it?",
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      "text": "Internally-developed software is listed under intangible assets in Amdocs’ subsidiaries, and software acquired via M&A is given the same treatment at the parent company. However, management lists internally-developed software as a fixed asset at the parent company – and, importantly, avoids amortizing software for internal use.",
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      "text": "At best, Amdocs is avoiding amortizing actually-developed software. At worst, it is stuffing improperly-capitalized costs onto its balance sheet and not accounting for them consistently across its various subsidiaries.",
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      "text": "At the parent level, however, the situation is flipped: the fixed asset account dwarfs the intangible account, and the relatively large (internally-developed) software item is included in “Computer equipment” within the fixed asset account.",
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      "text": "Note 9 - Goodwill and Intangible Assets",
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      "text": "FY 2014 20-F Assets table",
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      "text": "Note 8 - Equipment and Leasehold Improvements",
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      "text": "...So What Is The \"Software\" In The Fixed Asset Account At The Parent Level?",
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