Pearson filed their annual 20-F report with the SEC last week, which includes an extensive set of financial statements for the Penguin Random House venture. Those financials are actually more detailed in some ways than what Bertelsmann releases, and give us additional insight into some important aspects of the company’s performance. Most significantly, Pearson details the exact effect of the new accounting rules for agency ebook sales on PRH’s performance. As you may recall, we explained that Bertelsmann’s application of the new revenue standard — under which they now count the full consumer price paid for ebooks in many instances, […]
