From the Wall Street Journal:

In testimony this morning, Jerry Arnold, a defense consultant and accounting professor at the University of Southern California, testified that [tag]Enron[/tag] wasn’t required to [tag]write down[/tag] declines in the value of its international operations that weren’t slated to be sold and that Enron hadn’t determined were permanent. He said his review found no evidence of either.

Government witnesses had previously testified that several businesses had fallen sharply in value and that Messrs. Lay and Skilling choose not to write down the book value, [tag]misleading investors[/tag] during a time of heightened concern about the company’s operations. Mr. Arnold rejected their testimony as incorrect or incomplete. He said today that he was paid $600,000 for his work.