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Accounting

            In the month of November Enron began to restate their profits from 1997 to 2000. In 1997 they reported $105 million in profit while in reality it was only $77 million. In 1998 they reported $733 million while in reality it was only $600 million. In 1999, $893 million was reported but in reality only $645 million was in profit. In 2000 they reported $979 million in profit when they only produced $880 million. They were in true debt for more than $628 million by the end 2000. More than $630 million came from improper accounting and another $296 million in profit came from hidden tax cutting transactions. This sent the stock plummeting from $70 to 60 cents and produced losses of more than $60 billion on paper. With this fall in stock price, Enron filed for bankruptcy on December 2, 2001. .
             Since the fall of Enron and other major corporations, Senate and Congress are now trying to configure a major reform bill which would protect workers and their pensions. President Bush also signed off on a new accounting-reform legislature which creates an oversight board that would investigate and punish accounting violations.
             Now the last step by the government is putting everyone involved behind bars. Skilling is set to testify before a house committee and has chosen not to invoke the Fifth Amendment as many of the other board members have chosen to do. Fastow has to also testify before congress but will plead the fifth to avoid self incrimination. Kropper, Enron's director of global market pleaded guilty last weak to the demise of the company.
            


Essays Related to Accounting

1. Accounts

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2. Accounting

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3. Definition of Accounting

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4. international accounting

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  • Word Count: 2830
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5. FAS 123- Accounting For Stock Options

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6. The Gender-Factor In The Accounting Profession

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7. Benefits of International Accounting Standards

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8. Envrionmental Accounting

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9. Accounting

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