• April 11th, 2016

General Electric (GE)

Paper, Order, or Assignment Requirements

The task was to find a company that had committed some type of accounting fraud. I found General Electrical committed accounting fraud.

 

  1. Introduction: Description about General Electric, what they do and what they offer to the public.

 

  1. Describe each of the points below.

 

1) GE reported an increase in net earnings by $585 million related to the sale of aircraft engine spare parts.

2) GE reported the sale of locomotives that had not yet occurred in order to report over $370 million in additional revenue.

3) GE was involved with misapplying accounting standards in relation to its commercial paper funding program and interest-rate swaps.

4) GE also misled investors about former CEO, Jack Welch’s retirement package.

5) GE was charged with violating the Foreign Corrupt Practices Act by making illegal kickback payments to Iraqi officials in order to obtain contracts under the Oil for Food program.

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