Financial Statement Fraud.Enron.AICPA

43 per diluted share earnings projected recurring

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Unformatted text preview: se general partner’s managing partner is a senior official of Enron.” (Fastow) official © 2003, 2005 by the AICPA Enron’s Footnotes—Disclosures of Enron Partnership Enron Report Footnote Filed with the Filed SEC SEC 10Q—Q1 2000 Footnote 7 5/15/2000 10Q—Q2 2000 Footnote 8 8/14/2000 10Q—Q3 2000 Footnote 10 11/14/2000 10Q—Q1 2001 Footnote 8 5/15/2001 10Q—Q2 2001 Footnote 8 8/14/2001 10Q—Q3 2001 Footnote 4 © 2003, 2005 by the 11/19/2001 AICPA The Famous “Misleading Earnings Release” on October 16, 2001 Release” Headline: “Enron Reports Recurring Third Quarter Headline: Earnings of $0.43 per diluted share…” Earnings Projected recurring earnings for 2002 of $2.15 Projected 2002 If you dug deep, you learned that Enron actually lost $618 million or $0.84 per share—they had mislabeled $1.01 billion of expenses and losses as non-recurring. $1.01 Shockingly, there was no balance sheet or cash flow Shockingly, information with the release information There was n...
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