Sorry. The article still will not copy and paste. It is by Zvi Bar who has a long position in both CBI and Berkshire. Monday, July 28. Just go to "News for Chicago Bridge and Iron". Thorough discussion of the accounting issues.
Read it. The comments were also very enlightening. Nothing very alarming there. I don't expect to make much of a difference short term, though. The fear ends when we find out if BRK held firm.
The stuff hits the fan if something substantive in terms of debt ratings worsen or credit become unavailable. With their backlog, I can't imagine those things happening. Accounting standards are one thing, will you pay me back is the real question.
CBI has a $30 billion+ order backlog and Shaw will be accretive long term. You will probably have to wait for next quarter's earnings to come out, and if good, all the talk about accounting tricks, will be history