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  "documentTitle": "Amdocs Limited (DOX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-01-23 00:00:00",
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  "notes": "Uses a direct quote from FASB Accounting Standards Codification to highlight a discrepancy in Amdocs' financial reporting.",
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      "kind": "paragraph",
      "text": "360 Property, Plant, and Equipment\n10 Overall\n45 Other Presentation Matters",
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      "text": ">> Presentation of Long-Lived Assets or Disposal Group Classified as Held for Sale\n45-14 A long-lived asset classified as held for sale (but not qualifying for presentation as a discontinued operation in the statement of financial position in accordance with paragraph 205-20-45-10) shall be presented separately in the statement of financial position of the current period. The assets and liabilities of a disposal group classified as held for sale shall be presented separately in the asset and liability sections, respectively, of the statement of financial position. Those assets and liabilities shall not be offset and presented as a single amount. The major classes of assets and liabilities classified as held for sale shall be separately presented on the face of the statement of financial position or disclosed in the notes to financial statements (see paragraph 360-10-50-3(e)).",
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      "text": "If these asset disposals do in fact represent legitimate asset sales rather than hidden write-offs, Amdocs is not accounting for them correctly. According to GAAP standards, assets which are held for sale, but which are not associated with discontinued operations, are to be reported separately from other PP&E. By not breaking these assets out, management deflates reported (net) capex as it gradually disposes of these assets, thereby flattering free cash flow. In the context of Amdocs' other accounting obfuscations, the decision not to break these assets out appears suspicious to us.",
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