3/24/2010. The Accounting Illusions
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- Reynard Dean
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1 1
2 2
3 The Accounting Illusions 3
4 Adjust earnings to a desired outcome Management incentive to serve their own best interests Includes aggressive earnings management and fraud 4
5 The Red Flags Boxes 5
6 Red Flags 6
7 Quarterly results Cost vs. Benefits Costs Fraudulent financial information Cost of raising future capital Benefits Increase in share price Managers and company and shareholders Cost Benefit for Entity vs. Cost Benefit for Managers 7
8 8
9 9
10 Paramalat 10
11 Satyam Adelphia Communications 11
12 Adelphia Communications Transfer of liabilities to the books of related entities hiding the real debt of the company Manipulation of reporting of operational and financial metrics Cable subscriber numbers Operating profits Capacity Debt under coborrowing facility assigned\transferred as debt of Related entities $412 mn Led the telecom industry into profitability in the 90 s In a low margins environment Worldcom decided growth=survival Acquisition strategy completed many mega deals 1999 : revenue growth halted; impact on stock price Was U.S. 2 nd largest long-distance operator in 1998 and 2002 Had over 20 million customers in 2002 Borrowed $366 million to cover losses on stock which was not repaid Secured loans from WorldCom to fund personal investments including a $100 million Canada ranch, $658 million in Mississippi timberlands and a $14 million Georgia shipyard Netted $140 million from stock sales CEO Bernard Ebbers resigned from WorldCom on April 30, 2002 Scott Sullivan, CFO Directed staff to make false accounting entries Personally made false and misleading public statements regarding finances Netted $45 million from stock sales 12
13 Worldcom Line Costs From , WorldCom reduced reserve accounts held to cover liabilities of acquired companies` WorldCom added $2.8 billion to the revenue line from these reserves Reserves didn t cut it; An was sent in December 2000 to a division in Texas directing misclassification of expenses. CFO told key staff members to mark operating costs as long-term investments. To the tune of $3.85 billion Opex to capex Increase in retained earnings Huge losses turned into enormous profits. $1.38 billion in net income in 2001 Inflated the company s value in its assets Enron Failure to consolidate dependent SPEs Failure to disclose related party relationships of SPEs Overstatement of earnings from mark-to market Quality of reports was poor due to above Earnings management Lack of controls and tone at the top 13
14 Enron Recorded anticipated revenue immediately Getting deeply in debt Treadmill of: keep growing, book bigger deals Special Purpose Entity (SPE) 3% ownership to keep off books Borrows money from bank, backed by Enron stock Enron sells asset to SPE and gets loan Money Arrangements hid debt No transfer of risk to the SPE Profiteering Enron Skilling (CEO) received approximately US$200 million from sale of Enron stock options, netting over US$89 million in profit and was paid more than US$14 million in salary and bonuses Lay (Chairman) received US$300 million from sale of Enron stock options, netting over US$217 million profit and paid more than US$19 million in salary and bonuses Richard Causey (Chairman)received more than US$14 million from sale of Enron stock and options, netting over US$5 million profit and paid more than US$4 million in salary and bonuses Tyco Compensation amounting to millions paid to executive officers, loans extended to executive officers which were later forgiven, related party transactions, certain executives utilizing Tyco's corporate resources to fund personal ventures and property acquisitions, to increase their own personal wealth Adelphia Communications Routinely used Adelphia's corporate aircraft for their personal affairs, without reimbursement to Adelphia, used approx US$252,157,176 in Adelphia funds to pay margin calls against loans to the Rigas family 14
15 Reigning in Earnings Management Opportunity Pressure Culture 15
16 Qualitative Horizontal\Vertical Financials Multi period and industry data Base year and growth Stock market related Corporate governance Auditing Executive compensation Insider Trading Risk Management The number of financial restatements fell in 2009 for the third year in a row, according to a new report. The report, by research firm Audit Analytics, posits that the Sarbanes-Oxley Act and the Securities and Exchange Commission are behind the decline. 16
17 IFRS Concept Earnings management 17
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