Financial Shenanigans 15

image CHAPTER OBJECTIVES

This chapter will help the readers to:

  • Understand the regulatory framework in place to ensure that the financial statements are reliable.
  • Appreciate the accounting areas where managerial discretion is available.
  • Develop familiarity with the common areas of creative accounting.
  • Dissect some of the infamous accounting scams of recent times.
  • Apply techniques to detect financial shenanigans.
  • Appreciate the need for ethics in accounting.

15.1INTRODUCTION

As discussed in Chapter 1, the accounting information is prepared by the management and used by a large number of stakeholders for taking economic ...

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