It was the largest collapse of a financial institution in history; Lehman Brothers filed for Chapter 11 bankruptcy protection on September 15, 2008. The use of certain repurchase transactions (Repo 105) played a major role in the balance sheet manipulation leading up to the bankruptcy filing. This course will use the Lehman collapse to illustrate how rules-based accounting (GAAP) can be easily manipulated and how management can knowingly shop for legal opinions in order to cover questionable transactions.
You Will Learn How To:
- Identify the purpose of repurchase agreements and the rules that regulate them.
- Recognize how balance sheets can be manipulated.
- Discern how rules-based accounting (U.S. GAAP) can be easily manipulated.
- Recall the consequences that arose from Lehman Brothers’ use of repurchase agreements.
ACFE Ordering and Return Policy
PRESENTERS: BRUCE DUBINSKY, CFE, CPA, CVA, CFF
RECORDING DATE: NOVEMBER 21, 2013
DURATION: 100 MINUTES
ADVANCED PREPARATION: NONE
FIELD OF STUDY: ACCOUNTING
LAST UPDATED: FEBRUARY 2018
DELIVERY METHOD: QAS SELF-STUDY
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