7102 - 1713 Words

Q1 a) The earnings (net income) are considered as the most critical financial figure in the financial statements as it indicates the profitability of the company. All benefits for shareholders including both the capital gains and dividends are closely related with the earnings. In other words, the performance of the company and the management can be largely evaluated by the earnings figure. Due to the importance of earnings, it is not surprising the management is keen to improve the figure via all possible ways including legal and illegal approaches. The earnings management can be defined as using reasonable and legal means to achieve stable and optimised financing results (Burgstahler amp; Dichev 1997). It should be noticed the†¦show more content†¦For the earnings management, on the other hand, the management does not hold intention to deceive the investors (Merchant amp; Rockness 1994). With regard to the WorldCom case, both of the two criteria for detecting the fraudulent reporting have been fulfilled. Firstly, it is clear that the CFO Sullivan had many years’ experience in accounting and financing thus should and must know using the two accounting tactics which boosting the profit and E/R figure would mislead and deceive the shareholders of the true economic stance of the company. Besides, the management team intentionally to limit the access to the information of the auditor. It can be found there exist clear intent of deceiving the investor and hiding the true information. Secondly, it is clear that both the accrual releases and the capitalization of line costs greatly altered the numbers in finance statements. The investor are actually provided with misleading information and made decision based on those mispresented numbers which lead to incorrect investing decisions. In fact, the market responded rapidly and stock of WorldCom became nearly worthless af ter the event. Therefore, it is clear the accounting fraud by WorldCom results materially misleading financial statement and the senior manager crossed the line between earnings management and fraudulent reporting. Q2. 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