By Gerard M. Zack
Essential information at the new reasonable worth ideas for accounting managers, auditors, and fraud investigators
Fair worth accounting is rising because the subsequent best chance for financial plan fraud. Explaining the various advanced purposes of reasonable worth accounting within the education of economic statements, reasonable worth Accounting Fraud deals well timed suggestions on an up-and-coming factor as U.S. and foreign accounting ideas bearing on using reasonable price accounting proceed to change.
You'll locate dialogue of
- U.S. GAAP and IFRS ideas on reasonable worth accounting matters, highlighting the components such a lot liable to fraud
- Explanations of seventy five different types of reasonable worth accounting fraud schemes
- Fraud chance record for you to placed to speedy use
- Practical detection thoughts necessary for auditors, investigators and others who depend on monetary statements
- Expert suggestion from Gerard Zack, CFE, CPA, writer of Fraud and Abuse in Nonprofit corporations: A advisor to Prevention and Detection
Comparing US accounting criteria to overseas monetary Reporting Standards-thereby making this e-book helpful around the world- reasonable worth Accounting Fraud is helping you know the recent principles and enhance new auditing and investigative strategies to provide help to realize power fraud.
Read Online or Download Fair Value Accounting Fraud: New Global Risks and Detection Techniques PDF
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Extra resources for Fair Value Accounting Fraud: New Global Risks and Detection Techniques
Example text
As SFAS 157 applies to determining fair values of an asset, the highest and best use of the asset should be used in assessing fair value. This use may differ from the current use of the asset by the holder of the asset. Highest and best use means one that is physically possible, legally permissible, and financially feasible. , those who would potentially purchase the asset). Determining what the highest and best use of an asset is may also require judgment, meaning that it could be another factor subject to manipulation by management in a fair value accounting fraud scheme.
The next few years should be interesting in the accounting world. S. S. GAAP. The Use of Fair Value in Financial Statements 19 Some Principles of Financial Statement Presentation Throughout this book, references will be made to certain sections of the financial statements that are impacted by fair value issues. Before doing so, and now that we’ve introduced some key concepts associated with fraudulent financial reporting in Chapter 1 and fair value in this chapter, let’s take a look at what goes into a standard set of financial statements.
2. The reclassification of unrealized losses has no effect on assets or liabilities. 3. The reversal of impairment loss is less than 1 percent of operating expenses and only 2 percent of intangible assets. The Use of Fair Value in Financial Statements 25 However, the effect on certain key financial performance measures is much more dramatic. The company’s net profit increased by a whopping 75 percent. This translates into a 75 percent jump in earnings per share, one of the key measures used in evaluating a company’s stock.