The world’s top 100 economies: 31 countries; 69 corporations


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The 10 Worst Corporate Accounting Scandals of All Time

The 10 Worst Corporate Accounting Scandals of All Time If there is one theme to rival terrorism for defining the last decade-and-a-half, it would have to be corporate greed and malfeasance. Many of the biggest corporate accounting scandals in history happened during that time. Here's a chronological look back at some of the worst examples. Waste Management Scandal (1998) Company: Houston-based publicly traded waste management company What happened: Reported $1.7 billion in fake earnings. Main players: Founder/CEO/Chairman Dean L. Buntrock and other top executives; Arthur Andersen Company (auditors) How they did it: The company allegedly falsely increased the depreciation time length for their property, plant and equipment on the balance sheets. How they got caught: A new CEO and management team went through the books. Penalties: Settled a shareholder class-action suit for $457 million. SEC fined ArthurAndersen $7 million. Fun fact: After the scandal, new CEO A. Maurice
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THE TOP TEN SPORTS PLAYED ALL OVER THE WORLD AND THE ECONOMICS OF FIFA WORLD CUP

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SPORTS The Top 10 Sports played all over the world and the population involved and locations are as follows ECONOMICS OF FIFA WORLD CUP REVENUE There are several different streams of income for world football’s governing body as it seeks resources to touch the world, develop the game and build a better future. FIFA enjoyed a great period of success in the four-year cycle between 2007 and 2010, with revenue rising to USD 4,189 million, up significantly from the figure of USD 2,634 million from the previous four-year cycle. While costs also rose, they remained firmly in control, enabling FIFA to make an extremely healthy result of USD 631 million. Ninety-three per cent of FIFA’s income during this period was accounted for by event-related revenue. The biggest event of them all proved the biggest fundraiser: the 2010 FIFA World Cup South Africa™ made USD 2,408 million of FIFA’s USD 2,448 million through the sale of television rights, and USD 1,072 million of its USD 1,09
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STANDARD OPERATING PROCESSES

CONSOLIDATION AND FINALIZATION The various other activities carried out by the accounting team falls under this category . They can ve broadly classified as 1. Accounting for Depreciation 2. Accounting for Tax Provisioning and Payments 3, Accounting for Overheads 4. Maintenance of Bank and Cash Accounts 5. Investment Accounting 6. Other Income Accounting 7. Accrual and Prepaid Accounting 8. Payroll Accounting
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