Under the current accounting standards and regulatory framework, there is indeed some room for "accounting policy choices" and "accounting estimate adjustments". These adjustments are technically legal, and enterprises can choose different treatment methods according to their own circumstances within the permitted scope. For example, enterprises have a certain degree of autonomy in choosing revenue recognition, asset impairment provisions, inventory valuation, depreciation methods, and provision accounting. The following points can illustrate this situation: 1. Freedom of accounting policy choice: Accounting standards often allow enterprises to choose the accounting policy that best suits their business model from a number of alternative methods. Different methods may have different effects on profits, balance sheet items, and cash flow statements. If the explanation and disclosure of these choices are not transparent or clear enough, it may cause external analysts or investors to misunderstand the true operating conditions of the enterprise. 2. Earnings management and accounting estimates: When implementing earnings management, enterprises may use accounting estimates (such as bad debt reserves, inventory depreciation reserves, etc.) to make moderate adjustments to smooth profit fluctuations. This operation is in line with accounting standards within a reasonable range, but if the adjustment is too large or lacks reasonable basis, it may also lead to the outside world forming a wrong understanding of the quality of the enterprise's earnings. 3. Special items and one-time gains: The recognition of certain one-time gains or expenses may also affect the company's financial appearance. Although such treatment is legal as long as it is disclosed in accordance with regulations, if investors and analysts lack a deep understanding of it, they may also misjudge the company's ability to continue as a going concern. It should be pointed out that although these adjustments are "legal" in accounting, companies must follow the principles of fairness, transparency and full disclosure. Any use of accounting policy choices or accounting estimates for "window dressing" (i.e., trying to mislead investors by playing with numbers to make the book situation more optimistic than the actual situation) may face regulatory scrutiny and legal risks. At the same time, from the perspective of ethics and corporate governance, deliberately using such liberalized accounting policies to mislead the market will not only damage the company's reputation, but may also cause legal and compliance issues. In summary, although there are legal accounting adjustments under the current laws and accounting standards, companies should take good faith and full disclosure of information as the basic principles. Although using these means to deliberately mislead investors and analysts may circumvent legal red lines in the short term, in the long run it will not comply with regulatory requirements, will undermine market trust, and may lead to severe legal and regulatory penalties.