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Groupon is about to file an amended S1 filing that will strip out Adjusted Consolidated Segment Operating Income, or ACSOI, the controversial accounting metric it included in the original filing to go public, Kara Swisher at All Things D reports.ACSOI was a way to show how the well the company is doing if you don’t include marketing expenses. A somewhat preposterous idea since the company is built on massive marketing expenses. The accounting gimmick was panned by the media when it first came out.
And it turns out the SEC wasn’t fond of it either. It has been pressuring Groupon to drop the silly metric, and it looks like Groupon has finally taken the SEC’s advice.
Swisher says the new filing should be out this week and it will also have more numbers showing Groupon’s growth in size, and costs.
We’re not sure whose idea it was to include ASCOI, Groupon or its bankers, but we’re happy to see it go. Henry Blodget, our editor in chief said, “chalk one up for the good guys in the war against bullshit accounting.”