Financial Reporting on Enron Case Study Example | Topics and Well Written Essays - 4500 words

Financial Reporting on Enron - Case Study Example But as the time passed by the firm's business mix shifted from the regulated transportation of natural gas to unregulated energy trading markets. Since in the energy trading more money could be made in buying and selling financial contracts linked to the value of energy assets than in actual ownership of physical assets. Because of its business nature Enron's reported annual revenues grew from under $10 billion in the early 1990s to $101 billion in 2000, ranking it seventh on the Fortune 500 (Benston 2002). First, briefly it is important to know what happened which led to the ultimate bankruptcy and collapse. Enron was in the business of energy trading and distribution. It all started with Jeffery Skilling who replaced Kenneth Lay as CEO quitted from his position and Kenneth Lay became the CEO again. Another event of importance was the role of Enron's Chief Financial Officer, Andrew S. Fastow; he was responsible for handling all the off shore partnerships for the company; his actions led to hiding of around a billion dollar debt through these off shore drilling partnership businesses. This was one of the bases which led to the collapse of Enron when it was disclosed. And the admission was made regarding overstatement of profitability of Enron by hiding some of the debt; when the matter was disclosed Enron's share price came slashing down and the company lost its credibility in the financial markets. No one was ready to forward any loan so that the company can come out of the ditch of b ankruptcy. The collapse of Enron badly effected the retirement savings of the employees as these were linked to the stock prices which plummeted badly hence, effecting the employees' savings. An important thing to point out is that the accountants, Arthur Anderson did not indicate at any moment the worsening financial situation of the company. Thus, in the end the accountants, Anderson and the Enron shredded the company documents that reflected the audit reports and employees that were against this were fired (Beams 2002). What do we identify after Enron's implosion that we did not identify before it The conventional perception is that the Enron debacle exposes basic flaw in our current system of corporate governance. Conceivably, this is so, but where is the flaw located Beneath what conditions will critical systems fall short Chief debacles of historical dimensions (and Enron is certainly that) tend to produce a surplus of explanations. In Enron's case, the firm's strange breakdown is becoming an effective Rorschach test in which every commentator can observe evidence verifying that what he or she previously believed. However, the problem with viewing Enron as a sign of any methodical governance collapse is that its nucleus facts are maddeningly only one of its kinds. Most obviously, Enron's governance structure was sui generis. Other public corporations just have not certified their chief financial officer to run a self-governing entity that enters into billions of dollars of risky and unpredictable trading transactions with them; nor have they permitted their senior officials to profit from such self-dealing transactions with no wide direction or even understanding of the profits involved. Neither have

Arab spring Annotated Bibliography Example | Topics and Well Written Essays - 500 words

Arab spring - Annotated Bibliography Example The authors argue that todays students require an altogether different training than the students who preceded them. They say that the 21st Century education is of low standard, The article analyse a person desires yearnings, academics, disposition, values, convictions, social life, attitude and governmental issues, this book paints a faultless representation of todays people. The book offers advice on how to handle current students. The authors of the article Tarek al-Tayeb Mohamed Bouazizi, a Tunisian road seller who sets himself ablaze on 17 December 2010, in challenge of the appropriation of his wares and the badgering and mortification that he reported was delivered on him by a metropolitan authority and her helpers. His protest turned into an impetus for the Tunisian Revolution and the more extensive Arab Spring, actuating shows and mobs all around Tunisia in dissent of social and political issues in the nation. General societys resentment and roughness strengthened emulating Bouazizis passing, heading then-President Zine El Abidine Ben Ali to venture down on 14 January 2011, following 23 years in power. This source was useful because it inspired protests in several other Arab countries, plus several non-Arab countries. The young Tunisian man acts as a role model in fight for human rights and freedoms. According to this article The Worlds Muslims: Unity and Diversity, Pew Forum estimates that 87-90% of the world’s Muslims are Sunnis, while 10-13% are Shias. This new study of Muslims by Pew explores the religious practices and beliefs of the world’s 1.6 billion Muslims. While there is broad agreement on core tenets of Islam, the study also finds that Muslims differs significantly on the importance of religion in their lives and on the groups and practices they accept as part of Islam. The survey was conducted in 39 countries or territories with substantial Muslim populations and