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2006PEARSONEDUCATIONCANADAINC11FINANCIALACCOUNTINGTHEORYPURPOSETOCREATEANAWARENESSOFTHEFINANCIALREPORTINGENVIRONMENTINAMARKETECONOMY2006PEARSONEDUCATIONCANADAINC12CHAPTER1INTRODUCTION2006PEARSONEDUCATIONCANADAINC13SOMEHISTORICALPERSPECTIVEPACIOLO,1494ENGLISHCORPORATIONSACTSCOMPULSORYAUDITDEVELOPMENTSINTHEUNITEDSTATESCORPORATEINCOMETAX,1909SEC,1934THESEARCHFORACCOUNTINGPRINCIPLES2006PEARSONEDUCATIONCANADAINC14ORGANIZATIONOFTHEBOOK2006PEARSONEDUCATIONCANADAINC15INFORMATIONASYMMETRYTWOMAINTYPESADVERSESELECTIONPERSONSWITHANINFORMATIONADVANTAGEEXPLOITTHISADVANTAGEINSIDERTRADINGMORALHAZARDMANAGERKNOWSHIS/HERACTIONSINMANAGINGFIRMBUTSHAREHOLDERSDONOTMANAGERSHIRKING2006PEARSONEDUCATIONCANADAINC16USERDECISIONPROBLEMINPRESENCEOFADVERSESELECTIONRATIONALINVESTMENTDECISIONINPRESENCEOFMORALHAZARDMOTIVATEANDEVALUATEMANAGERPERFORMANCE2006PEARSONEDUCATIONCANADAINC17ROLEOFFINANCIALREPORTINGTOCONTROLADVERSESELECTIONDECISIONUSEFULNESSFULLANDTIMELYDISCLOSURETOCONTROLMORALHAZARDNETINCOMEASAMANAGERIALPERFORMANCEMEASURESENSITIVEANDPRECISENETINCOME2006PEARSONEDUCATIONCANADAINC18THEFUNDAMENTALPROBLEMOFFINANCIALACCOUNTINGTHEORYTHEBESTMEASUREOFNETINCOMETOCONTROLADVERSESELECTIONNOTTHESAMEASTHEBESTMEASURETOMOTIVATEMANAGERPERFORMANCETHISIMPLIESTHATINVESTORANDMANAGERINTERESTSCONFLICTSTANDARDSETTINGVIEWEDASMEDIATINGTHECONFLICTINGINTERESTSOFINVESTORSANDMANAGERSINFINANCIALREPORTING2006PEARSONEDUCATIONCANADAINC19ENRONCORPIMPLICATIONSFORACCOUNTANTS2006PEARSONEDUCATIONCANADAINC110ENRON,CONTDSPECIALPURPOSEENTITIESASSOCIATEDWITHENRONONENRONBOOKSDRNOTERECEIVABLE11BILLIONCRCAPITALSTOCK11CAPITALSTOCKISSUEDTOSPECIALPURPOSEENTITYSPEALIMITEDPARTNERSHIPSPEOWNEDBYENRONOFFICERS2006PEARSONEDUCATIONCANADAINC111ENRON,CONTDGAAPREQUIRESAMOUNTSDUEFROMSHAREHOLDERSBEDEDUCTEDFROMSHAREHOLDERSEQUITYISALIMITEDPARTNERSHIP,OWNEDBYENRONOFFICERS,ASHAREHOLDER2006PEARSONEDUCATIONCANADAINC112ENRON,CONTDOFFBALANCESHEETFINANCINGONSPEBOOKSCASHXXXDEBTXXXSPEBORROWSMONEY,USINGENRONSTOCKASSECURITYNOTEPAYABLETOENRONXXXCASHXXXCASHISPAIDTOENRONTOREDUCEITSNOTERECEIVABLEFROMSPEENRONHASTHECASHBUTDEBTDOESNOTAPPEARONITSBOOKS2006PEARSONEDUCATIONCANADAINC113ENRON,CONTDENRONRENDERSSERVICESTOTHESPEA/CRECEIVABLE628MILLIONSNETINCOME628SERVICESRENDEREDTOSPE19972000INCLIFLTDPARTNERSHIPHADBEENCONSOLIDATED,REVENUEONLYRECOGNIZEDWHENEARNEDOUTSIDETHECONSOLIDATEDENTITY2006PEARSONEDUCATIONCANADAINC114ENRON,CONTDENRONRECORDSITSSHAREOFSPEPROFITSINVESTMENTINSPEXXXNETINCOMEXXXSPEPROFITSINCLUDEINCREASESINFAIRVALUEOFITSHOLDINGSOFENRONSHARESRESULTENRONINCLUDESINCREASESINTHEMARKETVALUEOFITSSHARESINITSNETINCOME2006PEARSONEDUCATIONCANADAINC115ENRON,CONTDIN3RDQUARTER,2001,ENRONRECOGNIZEDTHATTHESPESHOULDBECONSOLIDATEDDRSHAREHOLDERSEQUITY11CRNOTESRECEIVABLE11TODEDUCTLOANTOSPEFROMSHAREHOLDERSEQUITYALSO,RESTATEPREVIOUS4YEARSEARNINGSTOREDUCEBY628MILLIONS2006PEARSONEDUCATIONCANADAINC116ENRON,CONTDIMPACTSOFTHEWRITEOFFSNOEFFECTONOPERATINGCASHFLOWDEBT/EQUITYRATIO,DEBTCOVENANTSAFFECTEDLOSSOFINVESTORCONFIDENCESHAREPRICEFALLSFROM90TO66BANKRUPTCYPROTECTION2DEC/01SEC,DEPTOFJUSTICE,CONGRESSIONALINVESTIGATIONSWHEREWERETHEAUDITORSTHEBOARD2006PEARSONEDUCATIONCANADAINC117ENRON,CONCLPOIN
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