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ild a ship by using this contract. The company has setup the condition in contract that customer need to give money in advance to order a wooden deck. After that company made a fake transaction that was payment for supplier but the real is supplier do not remove the wood from forest. Many contractors were cheating the Firgitemap also they request to withdraw a half of fund from Firgitemap. The problems will be the money is not enough for construct so that the company needs to use a fund of anther project to support the previous project. The company always do the same thing to keep the accounting statement of each year is not lose by using the future income to show in the present time. The company is create a slush fund and do not have a transparency for public. You can find more information as appendix A.

Another situation of the company was Long Distance Discount Services, Inc. (LDDS) by Hattiesburg Mississippi in 1983. It was change the company name to LDDS WorldCom and last name was WorldCom. This company was doing about the telecommunication and Communications in Ashburn, unincorporated Loudoun County, Virginia in United States.

In 2003, WorldCom was bankruptcy, it was the company give money to CEO for borrow in a lot of money during the stock price of WorldCom was go down and made up a transaction of accounting statement to look well and it was affect to employees in company because in 1997, Salomon Smith Barney was Financial Analysis Professor. He was management about dividend to employees (Employee Stock Option Plan) by give a good price for influence employees to purchase a stock and open opportunities for employees to borrow money from company to purchase a stock. It shows that employees have a high risk because if the stock price was going down, it mean that employees will be debtors of Salomon. Therefore, Salomon will get a benefit from here. On 26 June 2002, SEC was blaming WorldCom to pretend document for deceiving invertors because WorldCom always adjust the debt to profit for company and influence to mobilize of fund after that WorldCom was bankruptcy. In the past, WorldCom was a big company in United Stated thus the big company was bankruptcy about the financial transparency and disclosure so that many investors were not confidence in standard (New York Daily News, 25 March 2002).

It was some real situation in a past of using GAAP, it show that GAAP has not complete standard to handle, it will present that GAAP has a issue about to make companies present a true and fair value of accounting statement and financial report for investors. Moreover, there are much news that it present about the fail of the big companies in the world such as TYCO, IMCLONE, GLOBAL CROSSING and other because of the big companies were not present a true and fair information about accounting statement and financial report. They were adjust the number of account and put an imitate transaction in statement to show that their companies have a good liquidity and add value of stock price to make investors confidence in their companies and purchase their stock or investment within their companies. In the fact, the companies were not having a good liquidity at all. It was affect very directly to the economics cross the world and many investors were not believed in financial report by corporate governance and company. It shows that there are several problems of using GAAP but I would like to present about the benefits of IFRS ca本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。