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• W763641036 abstract "INTRODUCTION Harry Markopolos discovered largest fraud in US history, while working as a derivatives portfolio manager at Rampart Investment Management. His co-worker and marketing representative, Frank Casey, asked him to analyze Bernie Madoffs investment plan in hopes of creating a similar financial product that would rival stunning moneymaker. Upon review, Markopolos came to conclusion that Madoffs plan was in fact a fraud and reported his findings to SEC, but his warning fell upon deaf ears. For almost ten years, he resubmitted warnings to SEC, but to no avail (Markopolos, 2010). The result of his ordeal uncovered extreme negligence by US Securities and Exchange Commission (SEC), all while under fear of duress for nearly a decade. The SEC repeatedly refused to thoroughly investigate Bernie Madoff, former NASDAQ chairman, but Markopolos continued sounding alarm. The United States is now embarking on a potential fraud explosion: conversion from US standard of General Accepted Accounting Principles (GAAP) to universal standard of International Financial Reporting Standards (IFRS). The former has more stringent accounting practices that latter; GAAP are rules-and principles-based with a compliance-based focus, while IFRS is purely principles-based, which allows for managerial discretion, and has an economic-based (Cancino, 2010, p. 34). To mitigate risk of fraudulent activities--such as accounting manipulation and earnings management-originating from this conversion, a greater understanding is needed in order to identify such practices when they are present, and create processes that will deter such fraudulent behavior from beginning in first place. In spirit of fraud-fighter extraordinaire Harry Markopolos, we must Markopolize, potential GAAP/IFRS conversion fraud. This term can be defined as: Markopolize: (v) to identify with gusto; to identify with single-minded determination; calling for justice with wanton abandon for self; doing what's right/ethical in face of adversity. In order to carry this out effectively, our understanding of GAAP and IFRS must be strengthened. PURPOSE OF REGULATION AND ESTABLISHMENT OF GAAP Regulation of financial records has developed in United States since end of 19th century. Leuz (2010) determines that there are four core reasons for regulation, the existence of externalities, market-wide cost savings from regulation, insufficient private (or stricter public) sanctions, and dead-weight costs from fraud and agency conflicts that could be mitigated by disclosure (p. 231). The origin of regulation in United States reflects Leuz's rationale. The industrial revolution of late 19th century spawned a need for common accounting principles which was addressed when Joint Stock Companies Act of 1884 required an audited balance sheet from firms incorporated under act. With stock crash of 1929, There was a growing realization that a company's stock price was a function of its earnings potential rather than value of its assets. Hence, concept of matching revenues and costs became accountant's primary task and focus (Close, 2007, p. 38). Following crash, Securities and Exchange Commission (SEC) was established by Securities Act of 1933 and Securities Exchange Act of 1934. The SEC drew on private organizations for establishment of accounting standards, namely American Institute of Accountants, predecessor of American Institute of Certified Public Accountants. In 1973, Federal Accounting Standards Board (FASB) became designated accounting standard setter in United States, developing Generally Accepted Accounting Principles (GAAP) that comprise accounting standards practiced in US today (SEC, 2012b). CALL FOR INTERNATIONAL STANDARD As US developed GAAP, many countries also developed their own local standards. …" @default.
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• W763641036 title "Markopolizing Conversion Fraud: Understanding and Identifying Opportunities for US Financial Reporting Conversion Fraud" @default.
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