I don't know much about this Singer guy. If a big firm says they meet GAAP, that's a pretty good stamp of approval. What may be more accurate is that their "cost accounting", or methods of allocating internal costs between product lines and operations, is a grey area. GAAP covers the overall moneymaking capability of the company. It is concerned with accurately reporting costs, revenues, and capital uses of funds in X time period. It allows shareholders to evaluate their investment. Because allocating money among product lines does not change the overall annual/quarterly picture, GAAP doesn't affect that.
Ergo the beef about states trains. It's a beef I share. $3m subsidy to yearly operate the 0.5x/day Hoosier when the 20x/day South Shore (including double track, wires, 12 stations, 85 cars, etc.. for $12m/year???? No way the state trains are billed fairly. But that's not a GAAP violation. That's no different than an airline charging higher prices to people with more inelastic demand, which they do all day.
And to Jeff's comments about PSR: That's why I suggested outsourcing motive power to the host road, or the majority host road. Every summer you see pics of host road GEVO's towing dead and late trains home. If they went to HEP on skids in the quasi-empty baggage cars, and wet-leased power, the host railroads would be very incentivized to keep said power in top shape. Besides, the P42's are at the end of life and there are literally thousands of freight units in storage.
The new Acela: It's not Aveliable.