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Essay / Research Paper Abstract
This 16 page paper discusses three questions. First, what happened at Enron and WorldCom? What went wrong? Data are included in this section. The second issue has to do with the accounting standards and discusses the SEC, FASB, GAAP and auditing committees. The last section in the paper talks about the changes in international accounting standards since Enron and WorldCom. Discussion includes the International Accounting Standards Board and examinations that are taking place in the European Union and in the United Kingdom. The position of the U.S. in terms of international standards is also presented. Bibliography lists 12 sources.
Page Count:
16 pages (~225 words per page)
File: MM12_PGenstw.rtf
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the effect these had on the energy crisis in California although Enron did not play as great a role in this crisis as did other energy corporations (Leonard, 2001). The
company was raking in billions of dollars in its trade deals (Leonard, 2001). Then, the Spring of 2001 came and rumors began floating that Enron was in trouble (Leonard,
2001). Enron had diversified, the company moved into fiber optics and decided to trade bandwidth as a commodity just as it was trading gas and electricity (Leonard, 2001). The corporations
investments in bandwidth, in fiber optic capacity and in other telecommunication venues proved to be expensive and disastrous because the telecom sector crashed (Leonard, 2001). Then, Jeff Skilling resigned
only six months after being promoted to that position; he had been hand-picked by CEO Lay (Leonard, 2001). Skilling was to have transformed the company from the old economy involving
the pipeline to the new economy and his swift and sudden departure left everyone in the industry as well as Wall Street in a state of confusion and surprise (Leonard,
2001). Enron reported a 2001 third quarter loss of $618 million and that included a $1.2 billion write-off of shareholder equity as a result of ending some of the
companys more obscure partnerships (Leonard, 2001). And, it was these partnerships that severely hurt Enron. Executives, including the CFO Andrew Fastow, who was ousted in early November 2001, had set
up numerous partnerships, partnerships that borrowed billions of dollars and then invested those funds in Enron (Leonard, 2001). These other businesses, in other words, borrowed money and turned around and
bought assets for Enron or otherwise invested the funds in other ventures (Leonard, 2001). Enron is definitely not a transparent, open-book company. In fact, this is a company that has
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