This report endeavors to present some insight into the various deceptive accounting practices that were utilized prior to the recent scandals. The focus of the paper hones in on two very recent account situations that made media headlines, namely the recent Enron debacle and the latest bankruptcy by United Airlines. It looks a how the results of both of these situations will continue to influence the way all companies in the United States and even some international organizations will view and present their finances to the public and other governing bodies such as the Securities and Exchange Commission. Outline Abstract Introduction Arthur Anderson Enron United Airlines Bankruptcy Conclusion
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"An example of the sinister ploy Enron executives used to bilk the nation can be demonstrated by the CalPERS natural gas project of 1997. CalPERS was a company that no longer wanted to work with Enron and so they backed out of a big deal with Enron. Enron executives could not afford to lose the derivative effect CalPERS provided so Enron executives created their own entities to replace CalPERS. Enron literally made up companies that were in effect used as derivatives to reduce losses. "Known as Chewco, it was a partnership controlled by Enron employees, including Kopper. According to the Powers report, Chewco and similar partnerships were engaged in shuffling assets to cover losses and create illusory profits."