What Went Wrong

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In this paper, I will be reviewing “What Went Wrong” and “Where Financial Reporting Still Falls Short”. I will do so through a brief summary of each article. Then, I will address the common themes throughout both selections. And, finally, I will relate the articles to the material covered in Financial Accounting and Reporting.
In “What Went Wrong”, Gary Giroux analyzes numerous accounting and financial scandals, which took place in the early 21st century. Some of the scandals covered include: Tyco in 2002, WorldCom in 2002, and the beginnings of the 2008 Great Recession. However, the primary focus of Giroux’s work is detailing the infamous Enron case of 2001. Despite the multitude of failings he covers, Giroux still remains “modestly hopeful” …show more content…
Sherman and S. Young outline the problems, which accounting still faces, as well as a few solutions, which they believe may help. The issues for accounting, which they cover, include the lack of universal standards, the manipulation of revenue recognition, the use of unofficial earnings measurements, the adjustment of assets to their fair values, and the improper ways in which managers try to influence the valuation of their companies. Despite these issues, Sherman and Young appear optimistic that advancements, such as the use of data analytics and the study of verbal cues, will lead to improved reporting in the future.
It is Giroux’s analysis of the Enron case, which serves not only as a recounting of the event, but also as a point of comparison, whereby other scandals can be understood. And in his piece, he describes the actions taken by Enron and its associates, as well as the complex financial instruments, the perverse incentives, and the lack of legal framework, which would entice those involved to act as they did. And it is these three failings, which have both permitted (or encouraged) the scandals we have seen in recent history and relate the two articles to each
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