Bausch + Lomb, now a division of Valeant Pharmaceuticals International, Inc., began in 1853 in Rochester, New York, as a small optical shop that grew into a multinational billion-dollar company with approximately 12,000 employees worldwide. Its mission is to help you see better to live better, protect and enhance the gift of sight. Its products consist of three different marketed goods. The first of which is the vision care segment which includes products such as contact lenses and solutions to clean and care for them. Its second product line includes pharmaceuticals, such as over-the-counter eye drops, and medicines to treat a variety of eye conditions such as glaucoma and conjunctivitis. Bausch and Lomb's latest product line includes a full suite of products such as intraocular lenses and other surgical equipment needed for cataract and vitreoretinal surgeries (about Bausch + Lomb). However, in the 1990s the company's vision care business ran into ethical accounting issues related to shipping its product and subsequent revenue recognition. The contact lens market began to move away from traditional contact lenses and instead focused on the new model of frequently replaced disposable lenses created by Johnson and Johnson (Maremont). Where Bausch and Lomb got it wrong is that: "The company increased revenue from sales of contact lenses and sunglasses by shipping products to warehouses even though there were no legitimate orders, secretly agreeing to allow customers customers from returning unwanted lenses and recording sales in fiscal year 1993 even though the items were not shipped until the end of the fiscal year on December 25." (Norris). This process is known as channel stuffing and is done by forcing... half the paper... a better position than the real one to encourage extra investment and approval of new loans. The practice of channel stuffing, while beneficial in the short term, is very harmful to the long-term financial health of a company. Works cited "About Bausch + Lomb". Bausch + Lomb. Np, nd Web. May 16, 2014.Financial Accounting Standards Board (FASB). Accounting Principles Codification TM. Financial Accounting Standards Board (FASB), 2010. Web. May 16, 2014. Maremont, Mark. "Bausch & Lomb numbers game?" Bloomberg Business Week. Bloomberg, December 18, 1994. Web. May 16, 2014. Norris, Floyd. “Bausch & Lomb and SEC Settle '93 Profits Dispute.” The New York Times. The New York Times, November 18, 1997. Web. May 16, 2014. Plunkett, Linda M., and Robert W. Rouse. "Revenue Recognition and the Bausch and Lomb Case." CPA Journal Sept. 1998: n. page CPA Journal. Network. May 16 2014.