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The company's comptroller also told the board that Dunlap had told him to push the limits of accounting principles. [23] On June 13, 1998, Dunlap was fired. According to Charles Elson, one of several directors appointed by Dunlap, the board was angered when Dunlap tried to explain the lackluster financials by claiming 1998 was a "transition year."
The philosophy of accounting is the conceptual framework for the professional preparation and auditing of financial statements and accounts.The issues which arise include the difficulty of establishing a true and fair value of an enterprise and its assets; the moral basis of disclosure and discretion; the standards and laws required to satisfy the political needs of investors, employees and ...
Accounting ethics is primarily a field of applied ethics and is part of business ethics and human ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics. Accounting was introduced by Luca Pacioli, and later expanded by government groups, professional organizations, and independent ...
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Wanda Curry – chief accounting officer of Enron North America prior to Wesley Colwell displaced by Colwell, "not capable of making aggressive accounting decisions" U.S. District Judge Sim Lake did not allow prosecutors to get into details about the transaction – year-end 1999 electricity trading deal with Merrill Lynch – that prompted J ...
An aggressive investor may also look to emerging markets for higher growth even though these geographies come with higher risks. Any bond allocation might include high-yield bonds of companies ...
The terms "innovative" or "aggressive" are also sometimes used. Another common synonym is "cooking the books". Creative accounting is oftentimes used in tandem with outright financial fraud (including securities fraud), and lines between the two are blurred. Creative accounting practices have been known since ancient times and appear world-wide ...
Prior to 1929 no group – public or private – was issuing or responsible for any accounting [4] standards. After the 1929 stock market crash, a call to regain the public's confidence and investor's trust was demanded and the Securities and Exchange Act of 1934 was passed resulting in public companies being supervised by the U.S. Securities and Exchange Commission.