FALSE FINANCIAL REPORTING

Predrag Vuletić

Abstract


Financial reporting must be reliable and relevant, and result in a true and objective reports, because in this way ensures the stability and reliability of the financial system. The information must be quality. The concept of quality includes multi-dimensional, ie observing the quality of the aspect of various characteristics of the report, and from the standpoint of diversity requirements. The users of information need to have a high degree of trust, and such a relationship provides security. Investors, creditors, the state and the like, bring a variety of business and financial decisions based on information contained in the reports. The appearance of the image on financial position of the company and the presentation of results of operations better than they are, by the owners and managers is the main cause of frequent fraud and embezzlement. Numerous scandals point to a better legal regulation of this area. So far they have made coordinated efforts of the professional accountancy bodies, the accounting profession, and the various legislative and regulatory bodies in the direction of formulating rules and control mechanisms. That resulted the adoption of International Financial Reporting Standards. The main goal of this paper is to introduce the practice of false reporting, and with the practice of creative accounting, as well as measures to detect and prevent manipulation in the preparation of the report.

Keywords


financial statements, fraud, manipulation, detection, prevention, fraudulent financial reporting

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References


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