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In the late 1990s, CIBC helped Enron Corporation structure 34 "loans" that appeared in the financial statements as cash proceeds from sales of assets. Enron subsequently went bankrupt in 2001 and left many unhappy investors and creditors with billions of dollars lost. In December 2003, CIBC settled four regulatory investigations with the U.S. Securities and Exchange Commission. U.S. Federal Reserves, U.S Justice Department, and Canadian Office of the Superintendent of Financial Institutions. The settlement, which amounted to U.S. $80 million, was then one of the largest regulatory penalties against a Canadian bank. The regulatory authorities felt that CIBC had aided Enron in boosting for this settlement. No additional reserve were set aside.
Instructions: Problem 1: Discuss any financial reporting issues relating to CIBC 2003 and 2017 financial statements. Use the conceptual framework for the analysis.`
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