Accounting Fraud

Accounting Fraud

Any act or attempt to falsify an accounting statement for financial gain. A clear example of accounting fraud is the act of deliberately overpricing a company's assets in order to drive up its share price. Another example is filing bankruptcy to avoid debt, rather than because of financial hardship. One of the biggest accounting frauds in history occurred during the Enron scandal in 2001.
References in periodicals archive ?
The Supreme Court upheld a nine-year prison sentence on Ko Jae-ho, former CEO of Daewoo Shipbuilding and Marine Engineering (DSME), Sunday, on charges of accounting fraud totaling 5.
of the Americas has reached an 11 billion yen ($92 million) out-of-court settlement in Japan with institutional investors over accounting fraud allegations.
organizations that reported economic crime experienced accounting fraud in 2009.
Last month, the Securities & Exchange Commission (SEC) announced a new task force that will be on the lookout for companies using aggressive accounting that might suggest financial reporting or accounting fraud.
MANAMA: Caterpillar, the world's largest maker of construction equipment, yesterday posted a 55 per cent drop in quarterly profit due to a charge connected with accounting fraud at a Chinese subsidiary and weak demand among its dealers.
The companies are under investigation by the Securities and Exchange Commission for 'potential accounting fraud against US investors'.
The Securities and Exchange Commission's focus on preventing Ponzi schemes may be detracting from the agency's focus on corporate accounting fraud, according to a Forbes article by Francine McKenna.
Lax regulations related to executives convicted of white collar crime are a key flaw in corporate governance in Japan, Fitch Ratings says, a point highlighted by the recent arrest of Olympus executives over allegations of accounting fraud.
investors for several decades, with periodic waves of accounting fraud cases leading to substantial investor losses and overall reductions in investor confidence.
Accounting fraud typically lasts two years from start to detection and nearly all perpetrators are first-time offenders.
The Kanebo revelation ranked as the largest accounting fraud reported in Japan.