SUBJECT: Accounting fraud at WorldCom Problem Statement WorldCom penetrated the largest accounting fraud in U.S history by overstating its tax income between 1999 and 2002. The main players in WorldCom’s accounting fraud included CFO Scott Sullivan‚ the General Accounting and Internal Audit departments‚ external auditor Arthur Andersen‚ and the board of directors. While individuals did have their own sins‚ employees cowardice and self-interested‚ the board passive and ineffective‚ external auditors
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IS IFRS a better Accounting Standard than US GAAP for achieving good financial reports? This research paper delivers an analysis of determining whether the International Financial Reporting Standards‚ hereafter known as IFRS‚ is a better reporting standard than the US Generally Accepted Accounting Principle (GAAP). Financial Statements have to provide high quality financial reporting information with regards to economic entities‚ primarily financial in nature‚ which are useful for economic decision
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SUBJECT: Forensic Accounting Introduction In this memorandum‚ I will explain the reasons as to why managers feel more pressure than in past years. Also‚ I will discuss several ways that managers can commit fraud for personal gain‚ and how these schemes are eventually caught by forensic accountants. Rising Pressure There has been a growing trend to hold managers accountable for their company’s performance. Wall Street analysts have become enemies of CEOs. These analysts set target quarterly
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The world of accounting opens doors of opportunity for investors‚ stockholders and many businesses and organizations. However‚ accountants must follow guidelines established by “The American Institute of Certified Public Accountants”. (AICPA) Council designated the Federal Accounting Standards Advisory Board or (FASAB) as the body that establishes generally accepted accounting principles (GAAP). Accounting Standards GAAP is considered to be collection of methods used to prepare‚ process and
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Generally Accepted Accounting Principles (GAAP) in Health Organizations Cherilynne Dator HCS|571 March 16‚ 2013 Tamica Lewis Generally Accepted Accounting Principles (GAAP) in Health Organizations The increasing pressure of the cost in providing health care services to the public and the inflation in the health sector that has resulted in inflated costs of providing medical and clinical health care has prompted health providers and nurse managers
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Generally Accepted Accounting Principles Generally accepted accounting principles is a set of broad guidelines‚ rules‚ and requirements followed by financial preparers’ used in preparing an organization’s financial statements‚ (Cleverley‚ Song‚ & Cleverley‚ 2011). Health care organizations financial statements are the key tools in presenting and projecting current and future economic viability‚ (Finkler‚ Kovner‚ & Jones‚ 2007). The financial prepared by organization’s are as follows:
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the patient to be able to safely discharge home‚ and back to their daily lives. The company is publicly traded‚ and has seen its share of controversy in the early 2000s. Richard Scrushy‚ founder and former CEO‚ was ultimately acquitted of accounting fraud‚ but was found guilty in civil court. The scandal was colossal‚ and rocked the industry and brought down top executives. The rapid growth of the company and the fraudulent activity impacted thousands of stakeholders. Scrushy was not thinking
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112: PRINCIPLES OF ACCOUNTING 1 ACCOUNTING THEORY NOTES (a) International Accounting Standards and International Financial Reporting Standards. The foreword to accounting standards defines Accounting Standards as Authoritative statements of how particular types of transaction and other events should be reflected in financial statements. Accounting Standards are developed to achieve comparability of financial information between and among different organizations. International Accounting Standards
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in terms of international accounting. Despite this‚ there are differences in the way accounts prepared dependent upon the country which they take place. For example looking at two companies in the same manufacturing industry; Dell and Hartcourt Companies‚ Inc. the accounts are prepared under different regimes. Dell is a US computer distributer and hardware manufacturing company and the accounts are prepared according to the Generally Accepted Accounting Principles (GAAP). By comparison‚ Hartcourt
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UNIVERSITY OF LONDON 279 0025 ZA 996 D025 ZA BSc degrees and Diplomas for Graduates in Economics‚ Management‚ Finance and the Social Sciences‚ the Diploma in Economics and Access Route for Students in the External Programme Principles of Accounting Wednesday‚ 5 May 2010 : 10.00am to 1.15pm Candidates should answer FOUR of the following SEVEN questions: QUESTION 1 of Section A‚ QUESTION 2 of Section B‚ ONE question from Section C and ONE further question from either Section B or
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