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Table of Contents Acknowledgements Preface List of Cases List of Diagrams List of Tables CHAPTER ONE OVERVIEW OF FINANCIAL REPORTING ENVIRONMENTS IN HONG KONG AND THE UK * Generally Accepted Accounting Principles - GAAP * Financial Reporting Environments in Hong Kong * Companies Ordinance * Accounting standards * Listing rules * Financial Reporting Environments in the UK * Companies Act * Accounting standards * The Stock Exchange listing requirements - Yellow Book * International Perspective * Theft and False Accounting * Theft * False accounting * Other offences * Conclusion CHAPTER TWO BASICS OF ACCOUNTING IRREGULARITIES * Purposes of Accounting * Accounting Irregularities * Accounting Policies in Financial Statements * Fundamental Concepts in Financial Reporting * Going-concern * Accruals (or matching) * Consistency (or comparability) * Prudence * Materiality * Offsetting * Double-entry Book-keeping and Accounting Equation * Purchases and payments cycle * Sales and receipts cycle * Accounting equation and financial statements * Conclusion CHAPTER THREE "SELLING MORE" * Overstatement of Sales Revenue * Relevant GAAP in Hong Kong and the UK * Recognition and Measurement of Sales * Accounting Irregularities * Phantom sales * Revocable sales * Conclusion CHAPTER FOUR "COSTING LESS" * Understatement of Expenditure * Relevant GAAP in Hong Kong and the UK * Accounting Irregularities * Off-book expenditure * Aggressive capitalization of expenditure * Lax policy in charging expenses * Conclusion CHAPTER FIVE "OWNING MORE" * Overstatement of Assets * Relevant GAAP in Hong Kong and the UK * Tangible Fixed Assets * Overstating physical count of tangible fixed assets * Inflating unit value of tangible fixed assets * Delaying depreciation or amortization of tangible fixed assets * Inventories * Overstating physical count of inventories * Inflating unit value of inventories * Delaying write-off of inventories * Trade debtors * Fictitious receivables * Failure to write off * Conclusion CHAPTER SIX "OWING LESS" * Understatement of Liabilities * Relevant GAAP in Hong Kong and the UK * Trade Creditors * Accruals and Provisions * Contingent Liabilities * Off-balance-sheet financing * Leasing * Quasi-subsidiaries * Conclusion CHAPTER SEVEN "PRESENTING IT BETTER" * Manipulation of Classification and Disclosure * Presentation of Profit * Components of profits * Nature of occurrence * Reserve accounting * Other Areas in Manipulation of Classification and Disclosure * Novelty in terminology * Aggressive net-off * Abuse of materiality concept * Misclassification of accounts * Conclusion CHAPTER EIGHT OTHER TYPES OF ACCOUNTING IRREGULARITIES * Tax evasion * Theft * Ghost employees * Skimming of proceeds * Theft of assets * Commercial Disputes * Conclusion CHAPTER NINE DETERRENTS TO ACCOUNTING IRREGULARITIES * Responsibilities for Deterrents to Accounting Irregularities * Auditors' responsibilities towards accounting irregularities * Responsibilities of those charged with governance and of management towards accounting irregularities * Deterring, Detecting and Investigating Accounting Irregularities * Micro-deterrents to Accounting Irregularities * Internal controls * People and culture * People * Culture * Macro-deterrents to Accounting Irregularities * Standardization * Auditing standards * Globalization of standards * Governance * Audit committees * Non-executive directors * Management of risks * Conclusion Glossary of Terms
Library of Congress Subject Headings for this publication:
Corporations -- Accounting -- Corrupt practices.