NON CONSOLIDATION ACCOUNTING POLICIES OF SPECIAL PURPOSE ENTITIES BEHIND ENRON ISSUE Free Essay, Term Paper and Book Report
1 Introduction
Though the US accounting standard was firstly designed to be principle-based, it has become more rule-based by its complex and lengthy GAAP .It implies that the application of GAAP can always result in a ¡°true and fair¡± presentation.
But that is not always the case. Accounting process can be more creative than just presenting facts. Terry Smith (1992) believes that the growth for many companies have been maintained by using accounting techniques rather than by winning competition in the market. Some famous examples have also shown that skillful report providers can mislead readers for their own purposes, while at the same time satisfy accounting rules. Enron¡¯s manipulation is a good example. Enron was once the world¡¯s leading energy company, and had been believed to be a successful profit generator before the public found out that it was the accountants rather than business itself the true creators of profit. How could this happen? How could these people create images that had not existed?
Some people believe the existence of controversial accoun......
Word Count: 2958
Page Count: 11.8 (250 words a page / double spaced)
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