Jackson, Detecting Accounting Fraud Analysis and Ethics. Chapter 7 Case Study Page 260 Improper Recognition...
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Jackson, Detecting Accounting Fraud Analysis and Ethics. Chapter 7 Case Study Page 260
Improper Recognition of Sales: The SEC Complaint (2011) alleged that Basin also overstated revenues via contingent sales. Further, according to the SEC Complaint, Several sales did not occur in the quarter in which revenue was recognized (par. 3). These alleged methods described by the SEC are similar to some of Sunbeams methods of overstating sales. Review Sunbeams signals of overstatement of sales (See chapter 3) and identify which of those signals could have been found in an analysis of Basin Waters financial statements. Provide supporting calculations.
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