SPECIAL BUSINESS ENTITY REPORTING: ONE PLUGGED HOLE IS BETTER THAN NONE

This discussion includes an overview of special business entities and their status. It outlines legitimate uses that help citizens and the economy as a whole, but also illustrates what can happen, and has happened, when individuals who lack integrity direct special business entities. Problems are id...

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Bibliographic Details
Main Authors: Fischer, Mary, Marsh, Treba
Format: Conference Proceeding
Language:English
Subjects:
Accounting
Beneficiaries
Economic crisis
Equity
Fair presentation
Financial reporting
Financial statements
Fraud
Investments
Loans
Mortgages
Scandals
Securitization
Special purpose entities
Stockholders
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Summary:This discussion includes an overview of special business entities and their status. It outlines legitimate uses that help citizens and the economy as a whole, but also illustrates what can happen, and has happened, when individuals who lack integrity direct special business entities. Problems are identified that can arise when special business entities are not used as they were intended, namely, inaccurate financial reporting. The company in the illustration walked the ambiguous line between legal and illegal, but was clearly past the line of what was morally right, and in the best interest of the shareholders. The discussion concludes with a presentation and analysis of the accounting guidance solution to the special business entity problems.
ISSN:1934-0583
1934-0583