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Essay / Research Paper Abstract
A 6 page paper seeking to determine how Enron should it now approach its financial reporting. The purpose here is to present a method that senior management can use to arrive at sound and appropriate decisions regarding the matter of financial reporting. The paper discusses several approaches to decision-making, choosing the rational model (problem identification, development of available alternatives; choice of the best alternative) as the framework in which Enron should proceed. The paper recommends four months for review of financial records created well after the scandal unfolded, creation of another approach and implementation of the new system. Bibliography lists 7 sources.
Page Count:
6 pages (~225 words per page)
File: CC6_KSacctEnronDec.rtf
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Unformatted sample text from the term paper:
the time of this writing, former Enron CEO Ken Lay is whining that its not his fault, that Enrons CFO, Andrew Fastow, was the "mastermind" behind the accounting deception that
in the end was Enrons undoing. Fastow is providing cooperation in prosecuting other former Enron executives as his wife Lea begins a sentence term. Enron emerged from bankruptcy
on July 15, 2004 (Enron Emerges from Bankruptcy, 2004), still operational but without a shred of credibility. How should it now approach its
financial reporting? The purpose here is to present a method that senior management can use to arrive at sound and appropriate decisions regarding the matter of financial reporting. The
Situation The Financial Accounting Standards Board (FASB) has instituted changes in its requirements and rules since Enrons true financial state became public knowledge.
Enron has other choices to make regarding its financial reporting, but the special purpose entity (SPE) will not be among them, at least not in the same form as
before the fraud became known. Horizontal analysis reveals that Enron outperformed WorldCom in nearly every category, and this is the view that Enron
made available to all of the outside world including Wall Street analysts. The news of its financial problems came as a surprise to many, for none of the source
of its problems was consolidated into its balance sheets in either year. It was the crushing debt that Enron attributed to its SPEs that proved to be its undoing.
At the time that Enron began establishing its several SPEs, its overt purpose was to build for the long-term future without adversely affecting
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