Commodity trading book – e. whether based upon average cost; first-in, first-out; or on the identified security basis).

In others, there was a deception arising from the failure to qualify the amounts of profits and losses when portfolio securities had been disposed of after a write-down. In these cases, although proceeds from sales of securities were less than original cost, results were characterized as profits without the qualification that they represented merely the proceeds in excess of written-down values. Likewise, trading losses were considerably understated when they were reported without the explanation that they were not based upon original cost. By a failure in some instances to publish adequate analyses, reserve accounts became instrumentalities for covering up realized losses and for the distortion of trading results. Similarly, inadequate analyses of surplus accounts in published reports led to the concealment of substantial realized losses.

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Commodity options trading

[tags]commodity trading Charts[/tags]