above present fairly, in all material respects, the consolidated financial position o f Intel
Corporation at December 28, 2013 and December 29, 2012". Additionally, they state, "Intel
Corporation maintained, in all material respects, effective internal control over financial
reporting as of December 28, 2013".
Annual reports can be over a 100 pages. The latest from Intel is 140 pages. W ithin
those pages, companies have a choice on making it more or less easy fo r someone to assess the
company's accounting quality and use the statements to understand the business reality of the
firm . Overall, Intel appears to make an attem pt to be as transparent as possible w ith their
financial reporting. While some aspects of the accounting procedures are subjective and
accounting changes made in 2011 and 2012 increase this qualitative approach, this seems to
have been done to increase the level o f fidelity into specific elements o f revenue streams
versus just aggregating them in one num ber that is reported.
The Executive Letters accompanying Intel's annual report are prim arily cheerleading and
m otivational speech. However, the Management's Discussion and Analysis of Financial