请英语高手给我翻译一下这篇文章！ 我很急！万分感谢了！不要机器翻译啊！
Enron:AFinancialReportingFailure?ThedramaticcollapseofEnronCorporation,followingaseri...
Enron: A Financial Reporting Failure?
The dramatic collapse of Enron Corporation, following a series of disclosures of accounting improprieties, has led many to question the soundness of current accounting and financial reporting standards. Within Enron's reported financial statements, including related note disclosures, were there signs of Enron's accounting and economic issues? Should an astute investor or analyst have been suspicious of Enron's reported results? How did management hide debt, inflate profits, and support a stock price that considerably overstated the firm's value? Did Enron incorrectly apply existing standards, or do these rules permit the accounting "gimmickry" that allowed Enron to obscure its true financial position? This paper attempts to answer these questions by examining the two financial reporting issues that contributed to Enron's most significant accounting restatements: the consolidation of special purpose entities (SPEs) and the issuance of stock for notes receivable.
First, we examine Enron's financial performance during the 10 years prior to its declaration of bankruptcy. This analysis reveals increasing variability of key performance measures from 1997 through 2000, a time during which Enron's stock price generally outperformed the NASDAQ composite. Additionally, using metrics developed to measure the likelihood of earnings management, we find a high probability of earnings manipulation in Enron's financial statements for several years preceding its bankruptcy. These results are particularly surprising because they are based on Enron's reported financial results, which we now know were erroneous. This investigation suggests that considerable evidence existed that should have lead analysts, sophisticated investors, and regulators to question Enron's financial results and soaring stock price.
Next, we briefly describe the accounting and financial reporting standards applicable to Enron's consolidation of SPEs and issuance of stock for notes receivable. We specifically discuss three major sets of transactions in which Enron created SPEs to hold assets, borrow money, and hedge fluctuations in the value of its investment activities. In each case, we identify whether Enron's treatment of these SPEs complied with or failed to meet the requirements of existing accounting principles. We also discuss the impact of these transactions on Enron's true financial position and how its reporting of these transactions obscured their economic substance. Several of these transactions involved Enron exchanging its own stock for notes receivable from the SPEs. The financial reporting implications of these transactions also are discussed. We conclude with a summary of important issues for consideration by accounting standard setters. 展开
The dramatic collapse of Enron Corporation, following a series of disclosures of accounting improprieties, has led many to question the soundness of current accounting and financial reporting standards. Within Enron's reported financial statements, including related note disclosures, were there signs of Enron's accounting and economic issues? Should an astute investor or analyst have been suspicious of Enron's reported results? How did management hide debt, inflate profits, and support a stock price that considerably overstated the firm's value? Did Enron incorrectly apply existing standards, or do these rules permit the accounting "gimmickry" that allowed Enron to obscure its true financial position? This paper attempts to answer these questions by examining the two financial reporting issues that contributed to Enron's most significant accounting restatements: the consolidation of special purpose entities (SPEs) and the issuance of stock for notes receivable.
First, we examine Enron's financial performance during the 10 years prior to its declaration of bankruptcy. This analysis reveals increasing variability of key performance measures from 1997 through 2000, a time during which Enron's stock price generally outperformed the NASDAQ composite. Additionally, using metrics developed to measure the likelihood of earnings management, we find a high probability of earnings manipulation in Enron's financial statements for several years preceding its bankruptcy. These results are particularly surprising because they are based on Enron's reported financial results, which we now know were erroneous. This investigation suggests that considerable evidence existed that should have lead analysts, sophisticated investors, and regulators to question Enron's financial results and soaring stock price.
Next, we briefly describe the accounting and financial reporting standards applicable to Enron's consolidation of SPEs and issuance of stock for notes receivable. We specifically discuss three major sets of transactions in which Enron created SPEs to hold assets, borrow money, and hedge fluctuations in the value of its investment activities. In each case, we identify whether Enron's treatment of these SPEs complied with or failed to meet the requirements of existing accounting principles. We also discuss the impact of these transactions on Enron's true financial position and how its reporting of these transactions obscured their economic substance. Several of these transactions involved Enron exchanging its own stock for notes receivable from the SPEs. The financial reporting implications of these transactions also are discussed. We conclude with a summary of important issues for consideration by accounting standard setters. 展开
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安然公司:财务报告的失败?
戏剧性的崩溃安然有限公司,证明了一系列的披露的会计各自职权范围,使很多人产生问题的正确性当前会计和财务报告标准。财务报表在安然的报道,包括相关附注披露的迹象,在那里安然的会计和经济方面的问题呢?应该是一个机敏的投资者或分析师一直怀疑安然的报道的结果?怎么隐藏债务,充气利润管理,支持股票价格那大大高估了公司的价值吗?正确运用了现有标准,安然公司或做这些规则允许会计”“那允许贵宾掩盖其真正安然公司的财务状况?本文试图回答这些问题,以分析两种财务报告问题促成了安然的最有意义的合并会计的重述:特殊目的实体(SPEs)和发行股票为应收票据。
首先,我们考察安然的财务业绩,在10年前其申报破产。这一分析揭示了增加变异的关键性能的措施,从1997年到2000年的时间,在此期间,安然的股票价格通常比纳斯达克综合指数的涨幅。此外,使用的度量标准,开发了用于测量盈余管理的可能性,我们发现的可能性很大收益操纵安然的财务报表多年前它的破产。这些结果是特别令人惊讶的,因为他们是基于安然的报道的财务业绩,我们现在知道是错误的。这个调查显示,相当多的证据显示存在,应该有铅分析师、成熟的投资者和监管机构的质疑,安然的财务结果和飙升的股价。
接下来,我们简要地描述了会计和财务报告准则适用于安然的固结SPEs和发行
戏剧性的崩溃安然有限公司,证明了一系列的披露的会计各自职权范围,使很多人产生问题的正确性当前会计和财务报告标准。财务报表在安然的报道,包括相关附注披露的迹象,在那里安然的会计和经济方面的问题呢?应该是一个机敏的投资者或分析师一直怀疑安然的报道的结果?怎么隐藏债务,充气利润管理,支持股票价格那大大高估了公司的价值吗?正确运用了现有标准,安然公司或做这些规则允许会计”“那允许贵宾掩盖其真正安然公司的财务状况?本文试图回答这些问题,以分析两种财务报告问题促成了安然的最有意义的合并会计的重述:特殊目的实体(SPEs)和发行股票为应收票据。
首先,我们考察安然的财务业绩,在10年前其申报破产。这一分析揭示了增加变异的关键性能的措施,从1997年到2000年的时间,在此期间,安然的股票价格通常比纳斯达克综合指数的涨幅。此外,使用的度量标准,开发了用于测量盈余管理的可能性,我们发现的可能性很大收益操纵安然的财务报表多年前它的破产。这些结果是特别令人惊讶的,因为他们是基于安然的报道的财务业绩,我们现在知道是错误的。这个调查显示,相当多的证据显示存在,应该有铅分析师、成熟的投资者和监管机构的质疑,安然的财务结果和飙升的股价。
接下来,我们简要地描述了会计和财务报告准则适用于安然的固结SPEs和发行
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非常感谢~只是第三段的翻译显示不出来，您能不能帮我补上第三段的翻译啊！
感激啊！
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