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In 2002, a wave of accounting scandals broke in the United States. A number of leading companies have admitted to mis-stating their accounts, giving a misleading impression of their status. In public companies, this type of creative accounting can amount to fraud, and a series of investigations have been launched by the U.S. Securities and Exchange Commission. In several cases, the sums involved are in the billions of dollars.

See Also: Corporate scandal

1 Reported accounting scandals in

1.1 2000

Xerox (2000)

1.2 2001

Enron (2001)
- Jeffrey Skilling, Kenneth Lay, Andrew Fastow

1.3 2002

AOL
Adelphia
Bristol-Myers SquibbBristol-Myers Squibb is a pharmaceutical corporation, formed by a merger between two smaller pharmaceutical companies. Its Chairman and CEO are Peter R. Dolan, and it is headquartered in New York City. The company was involved in an accounting scandal in
CMS Energy
Computer AssociatesComputer Associates International, Inc is a computer software and consultancy company. It was founded in New York by Charles B. Wang in 1976, who retired in 2002. Until April 2004, Sanjay Kumar was its CEO and Chairman. In May 2004, Ken Cron was nominated
Duke Energy
DynegyDynegy is a large operator of power plants and a player in the natural gas liquids business, based in Houston, Texas. Once known as The Natural Gas Clearinghouse, the company adopted the more vibrant " New Economy" branding in 1998. In the years following
El Paso
Freddie MacFreddie Mac (or the Federal Home Loan Mortgage Corporation is a stockholder-owned, publicly-traded company chartered by the Unted States federal government in 1970 to purchase mortgages and related securities, and then issues securities and bonds in finan
Global CrossingGlobal Crossing Ltd. is a major telecommunications company that provides computer networking services worldwide. It maintains a large backbone and offers transit and peering links, VPN and VoIP, mainly to large customers as it is a tier 1 carrier. It rode
- Gary Winnick , John Legere , Thomas Casey
HalliburtonFor information on the early 20th century explorer of the same name, see Richard Halliburton Halliburton Energy Services is a multinational corporation based in Houston, Texas, in the United States and the world's second-largest oilfield services company
- Dick CheneyRichard Bruce Cheney (born January 30, 1941), widely known as Dick Cheney, is an American politician and businessman affiliated with the U. Republican Party. He is currently serving as the 46th Vice President of the United States under George W. Early lif
Harken Energy
- Published report 10-9-2002
HealthSouth
Homestore.com
ImClone Systems
- Sam Waksal , Martha Stewart, John B. Landes , Ronald A. Martell ,
Kmart
Lucent Technologies
Merck & Co.
Merrill Lynch
Mirant
Nicor Energy, LLC
Peregrine Systems
Qwest Communications International
Reliant Energy
Sunbeam
Tyco
- L. Dennis Kozlowski , Mark H. Swartz ,
Waste Management
WorldCom
- Bernard Ebbers

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Topics: Accounting Scandals Of 2002 Corporate Energy Peregrine...

Accounting scandals of 2002In 2002, a wave of accounting scandals broke in the United States. A number of leading companies have admitted to mis-stating their accounts, giving a misleading impression of their status. In public companies, this type of creative accounting can amount	Accounting reformAccounting reform is change to accounting rules that goes beyond the enforcement of standard accounting practices and the elimination of " creative accounting". It is advocated by those who consider the present standards and practices of the profession wh	Accounting softwareAccounting software is computer software that records and processes accounting transactions such as accounts payable, accounts receivable, payroll and trial balance. It may be developed inhouse by the company or organization using it, may be purchased fro
Accounting costIn economics, accounting cost or historical cost is the total amount of money or goods expended in an endeavour. It is money paid out at some time in the past and recorded in journal entries and ledgers. Economists use the term to distinguish opportunity	Accounting methodIn computational complexity theory, the accounting method is a method of amortized analysis based on accounting. The accounting method often gives a more intuitive account of the amortized cost of an operation than either aggregate analysis or the potenti	Accounting profitIn accounting terms, accounting profit is the total revenue minus costs properly chargeable against the goods sold (Ref. Samuelson) Economics.

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