
Corporate Collapse
Regulatory, Accounting and Ethical Failure
Cambridge University Press
Published on 14. August 1997
Book
Paperback/Softback
314 pages
978-0-521-58523-1 (ISBN)
Description
This provocative book investigates the role of accounting in the sudden collapse of companies which were apparently reaping healthy profits. Why has accounting failed to reveal companies' true financial position or warn of impending collapse? Examining a number of well-known cases from the last three decades, the authors argue that there are serious problems inherent in the system of reporting financial information. In a lively and highly readable book, the authors balance broad interpretation and recommendations for reform with fine detail of particular cases.
Reviews / Votes
'This recently released book is almost two books in one ... chartered accountants, lawyers and others with an interest in corporate mortality will find the narrative chapters a mine of useful information ... Much work has gone into these chapters with 'wiring diagrams' of inter-company financing and the like, and photographs of the dramatis personae' . Leslie Brown, University of Victoria, Wellington 'A radical reform would be in effect to abolish wholly-owned subsidiaries by deeming them to be branches of the parent company. Such a radical reform has been put forward recently by Clarke, Dean and Oliver in their useful work, Corporate Collapse: Regulatory, Accounting and Ethical Failure.' J. Farrar in 'Legal Issues Involving Corporate Groups', C & SLJ 'This is one of the most important studies in corporate accounting behaviour undertaken in many years and it should be required reading for all academic accountants, senior students, professional accountants and regulators ... This interesting and provocative study of forensic accounting does not reflect merit on the profession; however, it should cause everyone to think deeply about current practice and the purpose of published financial statements.' Allan Barton, Australian Accounting Review 'Corporate Collapse should be read by anyone with an interest in financial matters.' The Times Higher Education Supplement 'Corporate Collapse provides a candid insight into the administration of companies based on material supplied from liquidators' accounts and the official reports of inspectors into failures ... the book is well written and should appeal to a wide range of readers. To the non-accountant the book offers an insight into the degree of subjectivity involved in the preparation of financial accounting reports, while to the professional or academic it raises many interesting issues that are deserving of attention.' Accounting, Business and Financial HistoryMore details
Language
English
Place of publication
Cambridge
United Kingdom
Target group
Professional and scholarly
Product notice
Paperback (trade)
Illustrations
32 Tables, unspecified; 14 Halftones, unspecified; 12 Line drawings, unspecified
Dimensions
Height: 228 mm
Width: 151 mm
Thickness: 24 mm
Weight
450 gr
ISBN-13
978-0-521-58523-1 (9780521585231)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Persons
Author
University of Newcastle, New South Wales
University of Sydney
Content
Preface; 1. Swindlers' list; 2. Creative accounting; 3. The corporate 1960s - dubious credit and tangled webs; 4. Reid Murray - the archetypal failure; 5. Stanhill - public and private corporate 'games'; 6. H. G. Palmer - 'Gilt' by association; 7. Going for broke in the 1970s; 8. Minsec - decline of a mining trader; 9. Cambridge Credit - other people's money; 10. Uncoordinated financial strategies at Associated Securities Ltd.; 11. 1980s: Decade of the deal?; 12. Adsteam on the rocks; 13. Bond Corporation Holdings Ltd. (Group) - entrepreneurial rise and fall; 14. Groupthink and consolidation accounting; 15. Fatal attrition - accounting's diminishing serviceability; 16. Ethos abandoned, vision lost, accounting at the professional cross roads?