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How balance sheet quality and earnings quality were impaired

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Reference no: EM132720658

Problem 1: Identify how balance sheet quality and earnings quality were impaired in each of the following accounting scandals:

  1. Waste Management 1988 - Falsely increased the useful lives of long-lived tangible assets
  2. Enron 2001 - Underreported balance sheet long-term debt
  3. WorldCom 2002 - Capitalized rather than expensed expenditures to maintain transmission lines
  4. AIG 2003 - Booked debt as revenue
  5. Lehman Brothers 2008 - Sold toxic assets (i.e., financial investments) to other banks with a buyback agreement, removing the toxic assets from its books

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Few scandals in the accounting domain happened in 2000-2008 were focussed in this report. Each of these scams were discussed and presented with an overview of what made up this scenario. Insights are presented and discussed about. References are given as well.

Reference no: EM132720658

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