Hidden Financial Risk, Understanding Off–Balance Sheet Accounting

Then Enron disclosed problems in its third-quarter report of 2001 and soon declared bankruptcy. All of a sudden people were interested in accounting at levels I had never experienced previously. During the first half of 2002 I had at least 500 interviews with the media, and I discussed at length issues about Enron, Global Crossing, WorldCom, Tyco, Adelphia, and Arthur Andersen. My main message …

Hidden Financial Risk Understanding Off–Balance Sheet Accounting

When I graduated with a doctorate in 1977, I researched and published articles on mainstream topics, particularly current value accounting and the interaction between earnings and cash flows. After a while, it occurred to me that these are not the crucial issues of financial accounting and reporting. Ethics and honesty and fairness to financial statement users comprise the foundational issu…

Hidden Financial Risk: Understanding Off–Balance Sheet Accounting

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ISBN/ISSN

0-471-43376-4

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Hidden Financial Risk: Understanding Off–Balance Sheet Accounting

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Hidden Financial Risk

I started writing articles on such topics in the 1980s and published them in obscure academic journals. Then in January 1996 I began writing the “Spirit of Accounting” col- umn for Accounting Today with my friend Paul Miller. I needed a break in 2000, so I quit the column; Paul Bahnson joined Paul Miller on it. After a year’s respite, I found myself writing “Accounting Annotations” fo…

Hidden Financial Risk

When I graduated with a doctorate in 1977, I researched and published articles on main- stream topics, particularly current value accounting and the interaction between earnings and cash flows. After a while, it occurred to me that these are not the crucial issues of financial accounting and reporting. Ethics and honesty and fairness to financial statement users comprise the foundational issues…