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WorldCom, The Telecommunications Industry and Recent Accounting Techniques
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This is a 5 page paper discussing WorldCom Inc and some accounting techniques used in its mergers and acquisitions. Recently, WorldCom one of the world leaders in the telecommunication industry has come under the investigation of the U.S. Securities and Exchange Commission (SEC) as a result of several accounting techniques used during its more than 70 acquisitions of other companies during the last five years. It is estimated that the use of techniques to incur R&D write offs during mergers and acquisitions to inflate future profits included “in process” R&D charges, pooling, restructuring reserve, and revenue recognition. These techniques may proved profitable in the short term have now resulted in the demise of several other telecommunication giants which were also affected by a saturation of competition in the industry and the collapse of the dot com companies. WorldCom now reports a $29 billion debt with the resignation of its former CEO. The World Bank, accounting critics and several other technological companies are recommending steering away from the accounting techniques applied by the telecommunication companies and also advocate changes in accounting techniques which should include a shift in the process of auditors working for the investors and not the companies themselves and a tougher accounting ethics association.
Bibliography lists 8 sources.
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Pages:
5
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Filename:D0_TJWorld1.rtf |
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Paper Title:
WorldCom, The Telecommunications Industry and Recent Accounting Techniques
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