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Phar-Mar Inc. Accounting Scandal. Summary Phar-Mor, Inc. was a deep-discount
store that had substantial growth in a short period of time. ...
Accounting Scandal. I should be guilty of dissembling if I were not to refer
to the economic difficulties which have affected Japan ...
... 2 long-distance carrier through a string of 60 acquisitions, In April 2002 two months
before the accounting scandal, Ebbers resigned amid slumping share prices ...
... that raise serious questions about the quality of its management and the validity
of its financial reports resulting in an $11 billion accounting scandal. ...
... to stop all activities of such. Arthur Andersen somewhat helped Enron with
their accounting scandal. Had Andersen done the job in ...
Submitted by bcannon on June 7, 2005
Category: Business
Words: 3312 | Pages: 14
Views: 377
Popularity Rank: 22,462
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I should be guilty of dissembling if I were not to refer to the economic difficulties which have affected Japan recently along with several other countries. I assume that these difficulties have come as a shock to people in Japan because of their contrast with the prolonged period of economic success which preceded them. But they show, as history has shown so often, that the enjoyment of steady uninterrupted growth, over the very long term, is beyond the capacity of nations. Every country, no matter how successful, seems bound to experience setbacks. The history of the changing wealth of nations is the subject for a different speech by a different speaker. But accounting has a part to play, an important part, because of its role in making markets work effectively. And this is very much the subject for this speech and this speaker.
The Value of Accounting Standards
Today, the central focus of accounting is surely the measurement of business performance. Over the last 200 years or so, the broad trend of economic development has been towards specialisation, large scale production, enabled by increasing domestic and international trade. Large scale production has depended on the growth of capital markets. Hence, although other purposes remain important, the modern focus of accounting has come to be to serve the capital markets, to make those markets work efficiently. This process is not finished in any country of the world, much less internationally.
I want to emphasise the importance of this purpose of accounting. People who provide capital do so for a return and they wish to have reports of performance to help them decide how much to invest in particular businesses and on what terms. They wish performance to be reported in a manner which helps them to assess future prospects. Investors generally dislike risk. The higher they perceive the risk to be, the higher the return they seek for providing capital to a particular...
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