The OFHEO findings also say that Fannie Mae might have to restate its earnings for several years, in part because it used accounting methods that didn't comply with GAAP.
The effects on Fannie Mae, a highly politically connected company, could be enormous... Showed first 250 characters
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The company holds over $1 trillion in assets, and purchases more mortgage loans than any other lender in the U.S.
When the accounting errors first emerged Fannie Mae estimated that there would be an adjustment of about $9 billion in its reported earnings over the contested period... Showed next 250 characters
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1. Overview of US GAAP
Components of US GAAP
- Financial Accounting Standards Board / Financial Accounting Standards
- Accounting Research Bulletin
- Accounting Principles Board
- Emerging Issues Task Force
- Statements of Position from AICPA (American Institute of Certified Public Accountants)
- SEC (Securities and Exchange Commission) rules
Hierarchy of pronouncements under US GAAP
- FASB, APB & ARB
- FASB Technical Bulletin, AICPA Statements of Position, Audit and Accounting Guides, Practice Bulletins
- SEC Practice and Emerging Issues Task Force
Likely future developments
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Comparison of GAAP and PRC GAAP
China began to liberalize its economy in 1979 and since that time it has experienced remarkable growth. The new accounting system is based upon International Accounting Standards and the accounting system is experiencing changes for the better since it was implemented...
3 / 634
Fannie Mae Fraud
1. Fannie Mae was established in 1938 as a federal charter under President Franklin Roosevelt as a secondary market to expand the flow of mortgage money under any economic condition because millions of Americans could not become homeowners before Fannie Mae...
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Fannie Mae ? Stock Performance Analysis
For my stock analysis I have chosen the FannieMae Company's common stock traded on New York Stock Exchange (NYSE) and listed under a ticker symbol FNM...
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Fannie Mae case
Federal regulators noted a growing string of high profile scandals at major U.S. corporations in recent years. The number of fraud cases investigated by the Securities and Exchange Commission jumped 41 percent in the last three years (112 cases in 2001 compare to 79 cases investigated in 1998), resulting in tens of millions of dollars in fines to settle the charges...
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Issuing Audit Reports Simulation
Stakeholders in companies rely on the auditors for confirmation that financial information is accurate. The auditor's opinions and observations are presented to interested parties in the form of the audit report...
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The Fannie Scandal
Jami L. Harris
University of Phoenix
ACC 363/ Financial Accounting II
Facilitator: Eduard Delacruz
November 5, 2006
When most people hear the word "Enron," they the first thought that comes to mind is watching the news with the executives being taken by handcuffs to a police car due to the scandal...