Download or read book International Accounting in Light of Enron written by Mark H. Lang and published by . This book was released on 2012 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent accounting scandals have led some to argue that US reporting is fundamentally flawed and that other systems might be preferable. However, the arguments are often based on anecdotes and conjecture. In this paper, my goal is to bring insights from empirical research to bear on the issue of the relative effectiveness of US reporting. I argue that research evidence on cross country differences in accounting suggests that US reporting compares well with other countries' and that evidence on cross listing indicates that US accounting has a level of credibility not enjoyed by most other systems. Further, there is relatively little systematic evidence of deterioration in US accounting over time. Subject to the natural caveats with empirical research, the evidence suggests that US accounting has performed relatively well historically. While there are important lessons to be learned from experience with recent scandals, I argue that the empirical evidence supports the conclusion that changes should be incremental rather than wholesale. Further, the ongoing response to the scandals may actually strengthen the US system relative to other countries.
Download or read book Following the Money written by George Benston and published by Brookings Institution Press. This book was released on 2004-05-13 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and American Enterprise Institute publication A few years ago, Americans held out their systems of corporate governance and financial disclosure as models to be emulated by the rest of the world. But in late 2001 U.S. policymakers and corporate leaders found themselves facing the largest corporate accounting scandals in American history. The spectacular collapses of Enron and Worldcom—as well as the discovery of accounting irregularities at other large U.S. companies—seemed to call into question the efficacy of the entire system of corporate governance in the United States. In response, Congress quickly enacted a comprehensive package of reform measures in what has come to be known as the Sarbanes-Oxley Act. The New York Stock Exchange and the NASDAQ followed by making fundamental changes to their listing requirements. The private sector acted as well. Accounting firms—watching in horror as one of their largest, Arthur Andersen, collapsed after a criminal conviction for document shredding—tightened their auditing procedures. Stock analysts and ratings agencies, hit hard by a series of disclosures about their failings, changed their practices as well. Will these reforms be enough? Are some counterproductive? Are other shortcomings in the disclosure system still in need of correction? These are among the questions that George Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer address in Following the Money. While the authors agree that the U.S. system of corporate disclosure and governance is in need of change, they are concerned that policymakers may be overreacting in some areas and taking actions in others that may prove to be ineffective or even counterproductive. Using the Enron case as a point of departure, the authors argue that the major problem lies not in the accounting and auditing standards themselves, but in the system of enforcing those standards.
Download or read book Enron and World Finance written by P. Dembinski and published by Springer. This book was released on 2005-12-16 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: Four years after the debacle, the term 'Enron' has earned its place in the everyday vocabulary of business ethics. Hardly anyone understands the business intricacies of what really happened with the sophisticated energy conglomerate. Even fewer are those able to envision, beyond the business case, the ethical questions and dilemmas facing actors at any one stage of the drama. Using the collapse of Enron as a case study, this book not only shows how and where ethics came into play, but also draws lessons and discusses possible remedies that may prevent the whole financial system from falling apart as a result of either excessive greed or over-regulation.
Download or read book Following the Money written by George Benston and published by Brookings Institution Press and AEI. This book was released on 2003-02-26 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: A few years ago, Americans held out their systems of corporate governance and financial disclosure as models to be emulated by the rest of the world. But in late 2001 U.S. policymakers and corporate leaders found themselves facing the largest corporate accounting scandals in American history. The spectacular collapses of Enron and Worldcom--as well as the discovery of accounting irregularities at other large U.S. companies--seemed to call into question the efficacy of the entire system of corporate governance in the United States. In response, Congress quickly enacted a comprehensive package of reform measures in what has come to be known as the Sarbanes-Oxley Act. The New York Stock Exchange and the NASDAQ followed by making fundamental changes to their listing requirements. The private sector acted as well. Accounting firms--watching in horror as one of their largest, Arthur Andersen, collapsed after a criminal conviction for document shredding--tightened their auditing procedures. Stock analysts and ratings agencies, hit hard by a series of disclosures about their failings, changed their practices as well. Will these reforms be enough? Are some counterproductive? Are other shortcomings in the disclosure system still in need of correction? These are among the questions that George Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer address in Following the Money. While the authors agree that the U.S. system of corporate disclosure and governance is in need of change, they are concerned that policymakers may be overreacting in some areas and taking actions in others that may prove to be ineffective or even counterproductive. Using the Enron case as a point of departure, the authors argue that the major problem lies not in the accounting and auditing standards themselves, but in the system of enforcing those standards. Rather than attempting to craft a single set of accounting and reporting standards for all companies throughout the world, the authors advise policymakers to allow competition between the two major sets of standards: Generally Accepted Accounting Principles and International Financial Reporting Standards. The authors also believe that the corporate disclosure system needs to be updated to reflect changes in the underlying economy. In particular, they recommend new forms of disclosure for a variety of nonfinancial indicators to better enable investors and analysts to ascertain the source and nature of intangible assets. They also urge policymakers to exploit the advantages of the Internet by encouraging more frequent financial disclosures in a form that will make them more widely accessible and more easily used.
Download or read book International Accounting Standards in the Wake of Enron written by University of North Carolina. School of Law and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inside Arthur Andersen written by Susan Elaine Squires and published by FT Press. This book was released on 2003 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors bring their unique insights to a close-range observation of Andersen's culture that has continued for more than 15 years. They first review Andersen's unique history and role; its traditionally careful attention to "enculturing" new employees via mentoring, social networking, rewards and punishments; and its social structure characterized by personal, "familial" relationships. Next, they narrate two decades of change at Andersen, showing how the firm's tightly integrated cultural system gradually began to devolve, rapidly coming apart in the wake of the 1990s new economy revolution. The book concludes with an insightful discussion of the systemic cultural and business factors that placed Andersen and many other organizations at risk, along with a realistic assessment of the proposed reforms.
Download or read book Lessons Learned from Enron s Collapse written by United States. Congress. House. Committee on Energy and Commerce and published by . This book was released on 2002 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book International Accounting written by Shahrokh M. Saudagaran and published by CCH. This book was released on 2009 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Enron written by Gordon Yale and published by . This book was released on 2002 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Enron Scandal Main Reasons for the Downfall of the Company written by Milena Luke and published by GRIN Verlag. This book was released on 2018-11-22 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2016 in the subject Business economics - Business Management, Corporate Governance, grade: 1,3, Rhine-Waal University of Applied Sciences, course: Auditing / Wirtschaftsprüfung, language: English, abstract: This essay discusses the scandal of Enron Corporation. In the first part, main reasons having led to its sudden and scandalous downfall will be explained; in particular accounting and business practices as well as corporate governance will be outlined. Subsequently, in the second part, important parties having been involved will be shown; notably the role of the auditing company Arthur Andersen and their conduct will be analyzed. In a final step, aftermaths for Enron, Arthur Andersen and further involved actors will be outlined. A special focus will be on consequences for the accounting world and how regulations have been changed in order to prevent future accounting violations.
Download or read book The Enron Scandal written by Theodore F. Sterling and published by Nova Publishers. This book was released on 2002 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Preface; Enron: A Select Chronology of Congressional, Corporate, and Government Activities; Enron and Stock Analyst Objectivity; Soft Money, Allegations of Political Corruption, and Enron; Enron: Selected Securities, Accounting, and Pension Laws Possibly Implicated in Its Collapse; The Enron Collapse: An Overview of Financial Issues; Auditing and Its Regulators: Proposals for Reform after Enron; Enron's Banking Relationships and Congressional Repeal of Statutes Separating Bank Lending from Investment Banking; Enron Bankruptcy: Issues for Financial Oversight; The Enron Bankruptcy and Employer Stock in Retirement Plans; Enron and Taxes; Title vs Enron Corp. and Fiduciary Duties Under ERISA; Possible Criminal Provisions Which May Be Implicated in the Events Surrounding the Collapse of the Enron Corporation; Index.
Download or read book Corporate Aftershock written by Christopher L. Culp and published by John Wiley & Sons. This book was released on 2003-06-17 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: Das Scheitern von scheinbar grundsoliden, unerschütterlichen Unternehmen wie Enron haben nicht nur zu großen Missverständnissen über die Märkte geführt, sondern auch zu übereilten Forderungen nach strengeren Vorschriften. "Corporate Aftershock" ist eine fundierte Antwort auf die zahlreichen Vorschläge, Derivate und andere Finanztransaktionen als Folge des Zusammenbruchs von Enron, zu beschränken. Der Band präsentiert eine stichhaltige Analyse der Situation der Public Policy nach dem Enron Debakel. Er erläutert, was wahrscheinlich passieren wird und geht auch darauf ein, was aus Sicht einer ausgewogenen Wirtschaftsanalyse passieren sollte. Autor Christopher Culp ist ein anerkannter Experte auf diesem Gebiet. Er ist Managing Director von C.P. Risk Management LCC, Adjunct Associate Professor of Finance an der Graduate School of Business der Universität von Chicago sowie Gastprofessor für 'Risk and Insurance' am Institut für Finanzmanagement der Universität Bern.
Download or read book Following the Money written by George Benston and published by Brookings Institution Press and AEI. This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The failure of Enron has pushed the issue of corporate disclosure policies in the US onto the front pages of major newspapers, into the halls of Congress and onto the agendas of key players in the regulatory community and the private sector. Only a few years ago, the Asian financial crisis of 1997 called attention to the devastating impact of disclosure failures on the world economy. Today, the increasingly multinational character of equity markets has intensified the need for systems that are global in nature. While many countries impose disclosure rules on their public corporations, differences in accounting standards, verification and enforcement across countries are introducing uncertainty and risk that inhibit cross-border movement of capital. This text focuses on the disjunction between national systems of corporate disclosure and the increasingly global character of capital markets. The authors offer recommendations for public and private decision-makers on the accounting and reporting reforms necessary to improve disclosure in international equities trading.
Download or read book International Financial Reporting written by Clare B. Roberts and published by Pearson Education. This book was released on 2005 with total page 738 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fully updated to reflect the ongoing changes in international accounting standards, International Financial Reporting contrasts the processes of convergence on global harmonisation with the continuing causes of national diversity in accounting and accountability. It analyses the work of the International Accounting Standards Board in setting internationally applied standards (IFRS) of measurement and disclosure. Key Features Chapters on research in international accounting, commended by users of previous editions. Coverage of use of accounting information by global market participants. Includes examples of accounting practices drawn from the published accounts and reports of multinational companies such as Heineken, Kingfisher, Kodak and Wal-Mart. A chapter on 'issues in multinational accounting' provides a comparative discussion of national practices in relation to IFRS. New to this edition Increased focus on accountability in corporate reporting, particularly the impact of the Sarbanes-Oxley Act. Focus on the whole annual report including narrative reporting The development of financial reporting practices across Europe is integrated in one chapter with particular reference to Poland as the largest economy entering the EU in the 2004 enlargement. International Financial Reporting: A Comparative Approach is ideal for advanced undergraduate and postgraduate students of accounting and international business, studying in any country throughout the world. Clare Roberts BSc MSc PhD is Professor of Accounting at the University of Aberdeen. She has held permanent teaching positions in the UK at Glasgow and Exeter Universities, and visiting positions in the US at Texas A & M University and the University of California Santa Barbara, and in Australia at Newcastle University, New South Wales. Pauline Weetman BA (Oxon) BSc PhD CA is Professor of Accounting at the University of Strathclyde and was formerly Dean of Faculty and Professor of Accounting at Heriot-Watt University. She received the British Accounting Association's Distinguished Academic Award in 2005. Paul Gordon BA MA FCA is Lecturer in Accounting and Finance at Heriot-Watt University, having held positions at Glasgow, Aberdeen and Wales (Bangor).
Download or read book Accounting finance Lessons of Enron written by Harold Bierman and published by World Scientific. This book was released on 2008 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a great deal of confusion regarding the factors that led to Enron's collapse. This important book addresses this problem by providing a coherent explanation of the accounting and finance problems associated with the collapse. The Skilling-Lay trial, as it is related to accounting or finance issues, is critically described as well. Through its well-balanced take on events surrounding the trial, the book therefore enables readers to analyze the validity of the arguments offered by the U.S. attorneys.
Download or read book Enron and the Powers Report written by Cheryl de Mesa Graziano and published by . This book was released on 2002 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book After Enron written by William A. Niskanen and published by Rowman & Littlefield. This book was released on 2007 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: After Enron addresses the major lessons about accounting, auditing, taxation, and corporate governance that are illustrated by the collapse of Enron and other recent major corporate scandals. The book then develops a set of proposals for changes in public policy that would lead accountants, bankers, board members, lawyers, and corporate managers to better serve the interests of the general public.
