Creative financial accounting: its nature and use
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York u.a.
Prentice Hall
1993
|
| Ausgabe: | 1. publ. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XIV, 250 S. |
| ISBN: | 0130617636 |
Internformat
MARC
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| 264 | 1 | |a New York u.a. |b Prentice Hall |c 1993 | |
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Datensatz im Suchindex
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|---|---|
| adam_text | Contents
Preface xiii
1 Introduction 1
2 Regulating Financial Information 3
Introduction 3
The demand for financial information 4
The necessity or otherwise of regulating financial information 7
The case against regulation 8
The case for accounting regulation 20
Who should enforce accounting regulations? 26
Summary and conclusion 30
Review questions 31
3 Creative Accounting under Different Accounting Systems 32
Introduction 32
Some early examples of creative accounting 33
The allocation problem 38
Cash flow accounting system 41
The history and nature of cash flow accounting 41
The case for cash flow accounting 42
The case against cash flow accounting 43
Summary and conclusion 46
Review questions 46
4 The Accounting Profession s Response to Creative
Accounting 48
Introduction 48
Creative accounting distorts the purpose of preparing the
accounts 48
The accounting profession s response 49
The arguments for and against TR 603, ED 42 and ED 49 54
vii
iii Contents
Creative accounting definition and the cause of its growing
popularity 59
Creative accounting definition 59
The cause of the increase in the practice of creative accounting 59
Summary and conclusion 66
Review questions 66
5 Accounting for Short term Investment and Trade Debtors 68
Introduction 68
Valuation of short term investments 68
Valuation at cost price 69
Valuation at market value 69
Lower of cost or market price (LCM) 69
Evaluation of the methods 69
Scope for creative accounting 70
Accounting for trade debtors (short term receivables) 72
Valuation problems 73
Determination of face value 73
Probability of uncollectible trade debtors 74
Evaluation of allowance methods 75
Scope for creative accounting 75
Review questions 83
5 Accounting for Stock 85
Introduction 85
Identification of goods that should be included in the stock 85
Effect of stock manipulation on the profit and loss account and balance
sheet 86
Measurement problems in accounting for stock and cost of sales 86
Stock unit cost 86
Stock cost flow methods 87
Evaluation of methods 89
Estimating the cost of the closing stock 90
Variable costing versus absorption costing 91
The results of the analysis of the European sample surveyed 92
Possible schemes of creative accounting 92
Circular transactions 92
Completed contract method versus percentage of completion
method 93
The assignment of work in progress 94
Schemes of removing debt from the balance sheet 95
Sales with a high level of goods returned 95
Contents ix
Sales on instalment 96
Sale and repurchase of stock 98
Consignment stock 98
Scope for creative accounting 99
Review questions 101
7 Accounting for Tangible Fixed Assets 103
Introduction 103
Determining the cost of plant assets 103
Initial components of cost 103
The results of the analysis of the European sample surveyed 105
Capitalization of interest used to finance the construction or the
development of fixed assets 106
Cash discount 109
Depreciation methods 109
The results of the analysis of the European sample surveyed 111
Revaluation of tangible fixed assets 112
Scope for creative accounting 114
The results of the analysis of the European sample surveyed 118
Review questions 118
8 Acounting for Intangibles 121
Introduction 121
Measuring and recording intangible assets at acquisition 121
Amortization of the cost of intangible assets 122
Disposal of intangibles 122
Revaluation of intangibles 122
Identifiable and unidentifiable intangible assets 123
Accounting for goodwill 123
Methods of measuring goodwill 123
Amortization of goodwill 125
The results of the analysis of the European sample surveyed 126
Operating or finance lease 127
Sale and lease back schemes 133
Research and development arrangement 133
Accounting for exploration and development costs in the oil and gas
industry 134
Accounting for brands 136
Acquired brands 136
Advantages of reporting brands on the balance sheet 136
Home grown brands 137
Review questions 139
x Contents
9 Accounting for Long term Liabilities 141
Nature of long term debt 141
Mortgage payable 141
Bonds payable 142
Straight line amortization 142
Present (interest) value method 142
Convertible bonds payable 144
Deeply discounted or zero coupon bonds 145
In substance (or economic) defeasance 147
Borrowing across the end of the year 151
Review questions 152
10 Accounting for Shareholders Contributed Capital (Equity) 155
Introduction 155
Ordinary shares (common stocks) 155
Preferred shares (preferred stocks) 155
Debt characteristics of preferred shares 156
Accounting for the issuance of shares 157
Subscriptions 157
Special sale of shares 157
Lump sum sale of shares 158
Unrealized capital decrement (debit balance) 158
Unrealized capital increment 159
Repurchase by a company of its own shares 159
The results of the analysis of the European sample surveyed 161
Review questions 161
11 Further Examples of Creative Accounting 164
Introduction 164
Non subsidiary dependent companies 164
Overnight sale and repurchase of assets 167
The abuse of acquisition accounting 167
The results of the analysis of the European sample surveyed 172
Foreign currency translation 172
The results of the analysis of the European sample surveyed 176
Extraordinary items 178
The results of the analysis of the European sample surveyed 181
Interest rate swaps 182
Project financing arrangements 187
Captive finance companies 189
Contents xi
Options 192
The results of the analysis of the European sample surveyed 193
Review questions 194
12 Creative Accounting: Summary and Some Empirical Evidence
on its Nature and Use 196
Introduction 196
The empirical study s objectives 196
Research questions 197
Hypotheses 199
Methodology and results 202
Respondents employment details 203
Respondents auditing experience 204
Status of the audited companies 204
Industrial classification of the audited companies 206
Examples of creative accounting 209
The senior auditors ability to detect the use of creative
accounting 213
Reasons behind the use of creative accounting 214
The legitimacy and strength of the creative accounting
problem 216
The consequences of the continued use of creative accounting 218
What should be done to eliminate the use of creative
accounting 218
Summary and conclusions 220
Bibliography 222
Appendix 238
Author Index 243
Subject Index 247
|
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| indexdate | 2024-07-09T17:33:33Z |
| institution | BVB |
| isbn | 0130617636 |
| language | English |
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| spelling | Naser, Kamal H. Verfasser aut Creative financial accounting its nature and use Kamal H. M. Naser 1. publ. New York u.a. Prentice Hall 1993 XIV, 250 S. txt rdacontent n rdamedia nc rdacarrier računovodstvo - vrednostni papirji Rechnungswesen (DE-588)4048732-5 gnd rswk-swf Rechnungswesen (DE-588)4048732-5 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006139807&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Naser, Kamal H. Creative financial accounting its nature and use računovodstvo - vrednostni papirji Rechnungswesen (DE-588)4048732-5 gnd |
| subject_GND | (DE-588)4048732-5 |
| title | Creative financial accounting its nature and use |
| title_auth | Creative financial accounting its nature and use |
| title_exact_search | Creative financial accounting its nature and use |
| title_full | Creative financial accounting its nature and use Kamal H. M. Naser |
| title_fullStr | Creative financial accounting its nature and use Kamal H. M. Naser |
| title_full_unstemmed | Creative financial accounting its nature and use Kamal H. M. Naser |
| title_short | Creative financial accounting |
| title_sort | creative financial accounting its nature and use |
| title_sub | its nature and use |
| topic | računovodstvo - vrednostni papirji Rechnungswesen (DE-588)4048732-5 gnd |
| topic_facet | računovodstvo - vrednostni papirji Rechnungswesen |
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