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Project

According to the Generally Accepted Accounting Principles (GAAP), there are several inconsistencies with the five scenarios mentioned. For instance, it is the sole responsibility of GAAP to evaluate and account on the transactions conducted in the company. In other words, it ensures that is correct presentation of the business income and expenses of the corporation in relation to realized profits and losses. On that aspect, for instance, the lease on technology assets on inflated prices constitutes a violation of the GAAP rule of accountability. Additionally, there is also the breach of the principle of full disclosure/materiality (Epstein & Saafir, 2010). In this principle, according to the umbrella of GAAP, the leasing of technology assets should have been made public in terms of the transactions and the records of the sales. There is also the breach of the principle of sincerity. For example, in making understatements of e-commerce state the tax payments, the organization goes against the principality of GAAP that requires sincerity and honesty. Alternatively, this also violates the GAAP principle of regularity whereby a company should abide its sets rules and laws. The receivership of post-employment benefits by fictitious workers is also a sign of fraud in the organization. In accordance with GAAP requirements, the principle of non-compensation guards against the hiding of pertinent details that deal with financial information (Bragg, 2008). Therefore, there is an element of fraud because workers within the company are using proxies to award themselves heft payments. This is a breach against compensation by either asset or debt in the principle of non-compensation. Moreover, it also contradicts the GAAP principle of full disclosure that requires all financial information including payments and transactions to be disclosed in public through records. Another fraud that is apparent according to GAAP rules is that one involving the hiding of cash to help other future quarters. The earnings are meant to short change the expectations of an analyst in future reports. However, unknown to the corporation, this is a contravention of the principle of regularity that requires any company to conform to its stipulated rules and laws of financial transaction without making any monetary concealments (Epstein & Saafir, 2010). Furthermore, there is also the principle of utmost good faith that states that all the information pertaining to the firm should made public to its respective insurer before taking any policy. This is because such a move leads to shady dealings as one witnessed above to manipulate the judgment of a financial analyst. In the same view, there is also an element of fraud in the concealment of inventory shrinkage because it seems low for the industry. According to the GAAP rules, the principle of prudence if grossly violated and subjected to financial ridicule. The principle expects firms to abide with the reality of the company without making things look contrary to the reality. On that account, there should only be recording of revenue and inventory shrinkage when sales have been made at their disposal value (Harrer, 2008). Additionally, this move by the company also goes against the principle of full disclosure/ materiality that requires the making of all financial inf ...Show more

Summary

Research Project Name: Instruction: Task: Date: Research Project Cases of fraud constantly dominate televisions, newspapers and radios because they have devastating consequences on organizations. For instance, it leads to loss of jobs, suspensions, jails terms and hefty fines for workers and managers found guilty of fraud related charges…
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