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Essay / Research Paper Abstract
This 12 page paper examines the failure of Enron from an accounting perceptive. The causes of the collapse are identified as ranging between auditing issues, such as independence, accounting issues including the way that special purpose entities (SPE’s) were used to conceal losses, corporate governance attitudes and structures, pensions, banking issues, and derivative issues. The paper argues that in the UK this would be unlikely to occur due to the higher regulation levels and a profile rather than a rules bases framework. The bibliography cites 10 sources.
Page Count:
12 pages (~225 words per page)
File: TS14_TEEnron2.rtf
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Unformatted sample text from the term paper:
2001. At the time of the filing this was the biggest bankruptcy ever to occur, it was also one that had not been expected as Enron was seen as
a success story growing at a rapid rate and fulfilling the American Dream. The company grew its income from less that $10 billion at the beginning of the 1990s to
a figure of $101 billion in 2000 (Jickling, 2002) The collapse began with a statement that between 1997 and 2000 there had been
an over statement of $569 million and that these years were unreliable. The general feeling is was that the cause of the failure was greed and a lack of integrity
(Leone, 2002). However, if this is to be cited the greed and lack of integrity is not limited to the Enron boardroom. The fault must also lie in an accounting
system that made many of the concealments that took placer legal, or at least borderline, and the attitudes of those who ser the rules and audits the accounts. When looking
at the failure of Enron it is these accounting standards that appear to fail. In looking at the failures of the US accounting system it may be argued that a
collapse in the style of Enron is much more unlikely due to very different accounting environment and culture as well as stricter rules. The collapse of Enron has brought to
the attention of the US accounting standards regulators and the IASB the weaknesses of their systems in such the way the Poly Peck failure impacted on the UK Accounting Standards
Board (Tweedie, 2001). This previous failure is arguably at least part of the reason for the striker standards in the UK. To look at the reasons behind the Enron
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