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Essay / Research Paper Abstract
This 13-page paper is an explanation of derivatives and their use in trading. Derivatives are explained through the Enron and WorldCom accounting scandals as well. Bibliography lists 8 sources.
Page Count:
13 pages (~225 words per page)
File: D0_MTderimp.rtf
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Unformatted sample text from the term paper:
the energy giant that ended up amassing and hiding huge amounts of debt, went down when the debt was revealed to be more than the cash flow available to cover
it. In the meantime, WorldCom, once a small upstart company, revealed that the $38 billion in profit it reported was actually $38 billion in debt - causing it to move
into Chapter 11. Though most people have pointed to shoddy accounting practices as the culprit when it came to the failure of
both these companies, we can also build a compelling case that misuse of financial derivatives was also to blame - both in terms of misuse and reporting.
In this report, well examine both the Enron and Worldcom cases to determine how accounting techniques were mismanaged, and how derivatives reporting was also
mismanaged. Well then introduce an example of a survey (and potential responses) that would be used to interview accountants and, based on those results, well come up with some summaries
and conclusions on the survey and literature information. Before we begin, however, it would be a good idea to define the term
derivative, why its typically used and how its typically used. Following that, we can go in depth into both Enron and Worldcom, and determine what role (if any) derivatives played
in these cases. Incidentally, in the case of Enron, we saw a great deal of information linking derivatives with the accounting reporting (or misreporting, as the case may be). In
the case of Worldcom, finding a link between poor derivative reporting and bad accounting practices was not quite so pronounced. The
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