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Creative Accounting, Fraud and International Accounting Scandals / Edition 1

Creative Accounting, Fraud and International Accounting Scandals / Edition 1

by Michael J. Jones


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Product Details

ISBN-13: 9780470057650
Publisher: Wiley
Publication date: 01/18/2011
Pages: 576
Product dimensions: 7.60(w) x 9.60(h) x 1.60(d)

About the Author

Michael Jones, MA Oxon, is Professor ofFinancial Reporting at Bristol University. He has taught accountingfor 33 years at all levels from GCSE to final-year degree course,and has published over 140 articles in professional and academicjournals, covering a wide range of topics including financialaccounting, the history of accounting and international accounting.

He is joint editor of the British Accounting Review and serveson two more editorial boards. He is Director of the FinancialReporting and Business Communication Unit and he chairs the BritishAccounting Association Financial and Reporting Special InterestGroup. He has served on the British Accounting AssociationCommittee and on the Committee for Professors of Accounting andFinance. He is also the author of three textbooks: Accounting,Financial Accounting and Management Accounting.

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Table of Contents

List of Contributors.




1 Introduction – Setting the Scene (MichaelJones).

1.1 Introduction.

1.2 Exploring the Terms.

1.3 Structure of the Book.

1.4 Conclusion.

2 The Creative Accounting and FraudEnvironment (Michael Jones).

2.1 Introduction.

2.2 The Main Actors.

2.3 Effective Corporate Governance.

2.4 Economic Environment.

2.5 Conclusion.

3 Motivations to Indulge in Creative Accounting andFraud (Michael Jones).

3.1 Introduction.

3.2 Conclusion.

4 Methods of Creative Accounting andFraud (Michael Jones).

4.1 Introduction.

4.2 Basic Principles.

4.3 Nature of Accounting.

4.4 Methods of Creative Accounting.

4.5 Simple Numerical Example.

4.6 Fraud.

4.7 Conclusion.

5 Evidence for Creative Accounting andFraud (Michael Jones).

5.1 Introduction.

5.2 The Descriptive Studies.

5.3 The Statistical Studies.

5.4 Conclusion.

6 Impression Management (Michael Jones).

6.1 Introduction.

6.2 Conclusion.

7 Taking the Long View: Accounting Scandals overTime (Michael Jones).

7.1 Introduction.

7.2 Conclusion.


8 Accounting Scandals in Australia since the Late1980s (Garry D. Carnegie and Brendan T.O'Connell).

8.1 Introduction.

8.2 Overview of Accounting Scandals during and since the1890s.

8.3 Case Studies of Accounting Scandals since the Late1980s.

8.4 HIH Insurance.

8.5 Corporate Governance Reforms Following the AccountingScandals of the Early 2000s.

8.6 Conclusion.

9 Corporate Accounting Scandals inChina (Catherine Huirong Chen, Yuanyuan Hu and JasonZezhong Xiao).

9.1 Introduction.

9.2 Summary of Corporate Scandals.

9.3 A Case in Depth – Zhengzhou Baiwen.

9.4 Conclusion.

10 Accounting Scandals in Germany (HansrudiLenz).

10.1 Introduction.

10.2 Accounting Scandals Between 1985 and 2006.

10.3 Most Important Cases: Flowtex and Comroad.

10.4 Accounting Scandals and Regulatory Responses.

10.5 Examinations of the German Financial Reporting EnforcementPanel 2005–2006.

10.6 Conclusion.

11 Creative Accounting and Fraud inGreece (George Kontos, Maria Krambia-Kapardis andNikolaos Milonas).

11.1 Introduction.

11.2 Two Accounting Scandals.

11.3 The Bank of Crete Scandal.

11.4 The Aftermath.

11.5 Conclusions.

12 Corporate Creative Accounting in India: Extent andConsequences (Bhabatosh Banerjee).

12.1 Introduction.

12.2 Some Examples of Creative Accounting in India.

12.3 Some Important Corporate Cases in India.

12.4 The Satyam Computer Services Ltd Scandal (2009).

12.5 Aftermath.

12.6 Conclusion.

12.7 Acknowledgements.

13 Creative Accounting and Accounting Scandals inItaly (Andrea Melis).

13.1 Introduction.

13.2 Creative Accounting Practices in Italy: A Case StudyAnalysis.

13.3 The Most Important Accounting Fraud in Italy: The ParmalatCase.

13.4 The Aftermath of the Parmalat Scandal and its Impact onBusiness and Society.

13.5 Conclusion.

14 Creative Accounting and Accounting Scandals inJapan (Kazuyuki Suda).

14.1 Introduction.

14.2 Accounting Regulations and Standards in Japan.

14.3 Short History of Accounting Scandals Before the 1980s.

14.4 Three Types of Accounting Scandal Post-1980s.

14.5 Consequences of the Accounting Scandals.

14.6 Conclusion.

15 Financial Accounting Scandals in theNetherlands (Henk Langendijk).

15.1 Introduction.

15.2 Some Minor Accounting Scandals.

15.3 Royal Ahold.

15.4 Conclusion.

16 Creative Accounting and Financial Scandals inSpain (Nieves Carrera).

16.1 Introduction.

16.2 Accounting Scandals in Spain Since the 1980s.

16.3 Investments in Stamps: The Latest Series of FinancialScandals in the Country. Afinsa and Fórum Filatélico.

16.4 The Aftermath of the Scandals.

16.5 Conclusion.

17 Accounting Scandals in Sweden – A LongTradition (Gunnar Rimmel and Kristina Jonall).

17.1 Introduction.

17.2 Fermenta and Prosolvia: Swedish Stock Market Darlings.

17.3 Two Scandals in Multinationals that Dominated the SwedishMedia.

17.4 Conclusions.

18 Creative Accounting – The UKExperience (David Gwilliam and Richard H.G.Jackson).

18.1 Introduction.

18.2 Historical Background.

18.3 Some Recent Accounting Scandals.

18.4 Polly Peck.

18.5 The Immediate Aftermath.

18.6 Subsequent Developments.

18.7 Conclusions.

18.8 Acknowledgements.

19 Creative Accounting and Accounting Scandals in theUSA (Charles W. Mulford and Eugene E.Comiskey).

19.1 Introduction.

19.2 Scandals since the 1990s.

19.3 Enron and Worldcom.

19.4 Aftermath of the Scandals.

20 Bank Failures and Accounting During the Financial Crisisof 2008–2009 (Simon D. Norton).

20.1 Introduction.

20.2 Kaupthing Bank.

20.3 Origins of the 'Credit Crunch'.

20.4 Financial Instruments Associated with the CreditCrunch.

20.5 Creative Accounting in the Banking Sector.

20.6 Lehman's, Madoff and Bear Stearns; Failures andConsequences.

20.7 Conclusion.


21 Identifying Some Themes (MichaelJones).

21.1 Introduction.

21.2 Some Themes.

21.3 The Major Methods Used.

21.4 Methods of Fraud.

21.5 Incentives for Creative Accounting and Fraud.

21.6 Overstrong Personalities.

21.7 Failure of Internal Controls.

21.8 Failure of External Auditors.

21.9 Conclusion.

22 The Impact of Accounting Scandals and CreativeAccounting (Michael Jones).

22.1 Introduction.

22.2 Short-term Immediate Effects.

22.3 Long-term Effects.

22.4 Cumulative Effects.

22.5 Conclusion.

23 Conclusion – Looking Backwards andForwards (Michael Jones).

23.1 Overview.

23.2 Thematic Analysis.

23.3 Lessons for the Future.

23.4 Prognosis.

23.5 Conclusion.

Appendix 1 Chronological List of Major Instances ofAccounting Issues Across 12 Countries and Beyond.

Appendix 2 Alphabetical List of Most Important AccountingScandals Across 12 Countries and Beyond since about 1980.


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