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American Accounting Scandals
Finance & Accounting
Pages 10 (2510 words)
Running Head: American Accounting Scandals American Accounting Scandals [Writer’s Name] [Institute’s Name] American Accounting Scandals Introduction In the aftermath of the financial recession that rocked United States and the entire world, policymakers, stakeholders, experts and other observers are raising their fingers on various events, policies, and happenings that led the country to this disastrous recession.
55, 2009). Interestingly, this is not the first time in the history of United States that its accounting practices, approaches and system has received criticism and strict scrutiny from its stakeholders. After the bankruptcy of Enron and WorldCom in 2001 and 2003, respectively that was also the biggest accounting scandals of their time, the US accounting practices made the headlines all over the world (Ketz, pp. 234, 2003). This paper is an attempt to explore the accounting standards whether they are too flexible or too rigid. The discussion would include looking over the causes of Enron’s bankruptcy rooted in its accounting problem, debate between rules based accounting and principles based accounting and the problems with the possible convergence of accounting standards all over the world. ...
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