Adrienne Bailon Adrienne Eliza Houghton ( née Bailon ; born October 24 , 1983 ) is an American singer-songwriter , recording artist , actress , dancer and television personality . Adrienne Bailon first became publicly known when she rose to fame as one of the founding members and singer of both 3LW ( 1999 -- 2007 ) and Disney 's The Cheetah Girls ( 2003 -- 2008 ) .   Bailon recorded a debut solo album which was later shelved . Since then , Bailon has stated that she plans to record a Spanish-language solo album .   Aside from her work in 3LW and The Cheetah Girls , Bailon went on to develop her own acting career with roles in The Cheetah Girls films , Coach Carter and the MTV film All You 've Got . Aside from her work in film , she has also guest starred in numerous television series including the Disney Channel series That 's So Raven and The Suite Life of Zack & Cody . Bailon has established a solo music career , contributing two solo tracks , including `` What If '' , to The Cheetah Girls : One World soundtrack as well as the Confessions of a Shopaholic soundtrack , and numerous other guest musical ventures .   Bailon co-stars alongside television personality , model and actress Julissa Bermudez in their own reality series , Empire Girls : Julissa and Adrienne which airs on the Style Network . Adrienne met Julissa on the set of the 2006 film All You 've Got .   Currently , Bailon is one of the hosts of syndicated talk show The Real along with former fellow Disney Channel star Tamera Mowry , Jeannie Mai , and Loni Love , which premiered on July 15 , 2013 .   Bailon 's career , spanning over 16 years with both 3LW and The Cheetah Girls , has helped her sell a combined 5.6 million recording albums worldwide .
Final accounts Final accounts give an idea about the profitability and financial position of a business to its management , owners , and other interested parties . All business transactions are first recorded in a journal . They are then transferred to a ledger and balanced . These final tallies are prepared for a specific period . The preparation of a final accounting is the last stage of the accounting cycle . It determines the financial position of the business . under this it is compulsory to make trading account , profit and loss account and balance sheet .   The term `` final accounts '' includes the trading account , the profit and loss account , and the balance sheet . Section 209 of the Companies Act 1956 makes it compulsory for companies to keep certain books of accounts . Federal Accounting Standards Advisory Board The Federal Accounting Standards Advisory Board ( FASAB ) is a United States federal advisory committee whose mission is to improve federal financial reporting through issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users of federal financial information . FASAB is designated as the body that sets U.S. generally accepted accounting principles ( GAAP ) for the United States Government and its component entities , referred to as federal financial reporting entities . The AICPA Council designated FASAB as the body that establishes GAAP for federal entities in 1999 .   The Chief Financial Officers Act of 1990 required annual , audited financial statements for the United States Government and its federal reporting entities . In order to apply the statutes of the CFO Act of 1990 , the Secretary of the Treasury , the Director of the Office of Management and Budget ( OMB ) , and the Comptroller General established FASAB to develop the `` applicable accounting principles '' for the newly required financial statements .   FASAB issues the Statement of Federal Financial Accounting Standards ( SFFAS ) , Interpretations , Technical Bulletins , Technical Releases , and Staff Implementation Guidance . FASAB standards are publicly available on its website -- both by chapter and in the FASAB Handbook , which is updated annually . Sampling risk Sampling risk is one of the many types of risks an auditor may face when performing the necessary procedure of audit sampling . Audit sampling exists because of the impractical and costly effects of examining all or 100 % of a client 's records or books . As a result , a `` sample '' of a client 's accounts are examined .  Due to the negative effects produced by sampling risk , an auditor may have to perform additional procedures which in turn can impact the overall efficiency of the audit .   Sampling risk represents the possibility that an auditor 's conclusion based on a sample is different from that reached if the entire population were subject to audit procedure . The auditor may conclude that material misstatements exist , when in fact they do not ; or material misstatements do not exist but in fact they do exist . Auditors can lower the sampling risk by increasing the sampling size .   Although there are many types of risks associated with the audit process , each type primarily has an effect on the overall audit engagement . The effects produced by sampling risk generally can increase audit risk , the risk that an entity 's financial statements will contain a material misstatement , though given an unqualified ( ` clean ' ) audit report . Sampling risk can also increase detection risk which suggests the possibility that an auditor will not find material misstatements relating to the financial statements through substantive tests and analysis . Richard L. Barclay Richard L. `` Dick '' Barclay ( born June 5 , 1937 ) is a Certified Public Accountant in Rogers , a city in Benton County in the northwestern corner of Arkansas , United States , who was a Republican member of the Arkansas House of Representatives from December 31 , 1976 - December 31 , 1992 . He was also the director of the Arkansas Department of Finance and Administration under Republican Governor Michael Dale `` Mike '' Huckabee . In 1992 , he lost a primary election for the United States House of Representatives to then fellow State Representative Tim Hutchinson of Bentonville , the seat of Benton County .   Barclay was born in Oberlin , the seat of Decatur County in northwestern Kansas .   Barclay began work as an accountant in 1961 . He is a partner in the firm Beall , Barclay , and Company . He is a member of the Arkansas Society of Certified Public Accountants and of the American Institute of Certified Public Accountants . He is a director of the Federal Savings Bank in Rogers and United Bank . He is a former vice president of the Arkansas State Chamber of Commerce . He is also a member of the board of directors of the Brokers National Life Assurance Company . He is one of sixteen commissioners of the Arkansas Economic Development Commission .   In 2000 , Barclay was elected president of the Arkansas Society of CPAs . That same year , he was named `` Arkansas Business Person of the Year '' by Beta Gamma Sigma of Sam Walton College of the University of Arkansas in Fayetteville . Mack McLarty , a former chief of staff to U.S. President William Jefferson Blythe `` Bill '' Clinton , won this honor in 2007 .   Barclay was executive director of Legislative Affairs and Budget until tapped by Huckabee in 1999 to head Finance and Administration . He left state employment in the spring of 2002 to return to his business in Rogers and was succeeded by Richard A. Weiss , who left the Arkansas Department of Environmental Quality to take the Finance and Administration position .   Barclay did not seek a ninth two-year term in the Arkansas House in 1992 . Instead , he ran for the Third Congressional District seat opened by the retirement of longtime Republican incumbent John Paul Hammerschmidt . However , he lost the GOP nomination to Tim Hutchinson , who would serve in the U.S. House from 1993 -- 1997 and in the United States Senate from 1997-2003 .   In 2003 , Barclay served as chairman of the Benton County Republican Party . He is married to Jan K. Barclay . He is a member of the Disciples of Christ . Human Capital Contract A Human Capital Contract ( or `` HCC '' ) is a finance product that allows for the provision of funds to an individual through an `` equity-like '' arrangement , where the provider of the funds receives a portion of the individual 's future income for some specified period of time . Human Capital Contracts have been advocated by a number of Nobel Prize-winning economists , including Milton Friedman , Robert Merton , and Gary Becker . Adam Smith in The Wealth of Nations described the knowledge and skills of workers as a form of Human Capital .   Human Capital Contracts are characterized by an initial investment amount by the capital provider , followed by a series of periodic dividend payments made from the receiver of the capital to the provider . These payments are variable in amount , proportional with the capital receiver 's income , and may never total the initial investment amount made the capital provider . In contrast , a loan is a form of debt , characterized by interest payments based on a fixed principal amount , where the repayment of the principal is a necessary condition of the loan .   In the 1970s , Yale University attempted to replace traditional student loans with human capital contracts under its `` Tuition Postponement Option '' , a program designed by economists Milton Friedman and James Tobin . However , the program was eventually abandoned as a failure . Other attempts to use human capital contracts ( or student loans with equity-like payoffs ) to fund students , have also generally failed because of severe adverse selection problems -- students who opt into such programs are generally those who expect to pursue low-income careers , and are least likely to be able to repay their loans . In addition , Human Capital Contracts , like income taxes , can contribute to moral hazard , by discouraging borrowers from maximizing their income and encouraging them instead to focus on non-wage based forms of compensation , such as more enjoyable work , better benefits , or lighter schedules .   Recently , a number of companies have begun to attempt to commercially underwrite Human Capital Contracts for the first time , including some that are not focused on funding a student population .   Anand Reddi and Andreas Thyssen , of the University of Colorado School of Medicine , proposed the use of human capital contracts to fund U.S. medical education in their article in The Huffington Post entitled : `` Healthcare Reform : Solving the Medical Student Debt Crisis Through Human Capital Contracts '' . The Reddi-Thyssen plan is being vetted by the American Medical Association . The University of California system is also currently evaluating Human Capital Contracts as a possible solution for providing more affordable , sustainable tuition assistance . There is also a plan to use human capital contracts in global health .   In comparing the merits of Human Capital Contracts with loans , proponents have noted that providers of HCCs are better aligned with the financial interests of the receiver of the funds , and the stream of payments required should be relatively more affordable to individuals who experience adverse economic events such as unemployment or other decreases in disposable income . Relative to conventional consumer loan structures , however , the regulatory framework related to Human Capital Contracts is underdeveloped and has thus far prevented widespread proliferation of the product despite considerable academic research . Business valuation Business valuation is a process and a set of procedures used to estimate the economic value of an owner 's interest in a business . Valuation is used by financial market participants  to determine the price they are willing to pay or receive to affect a sale of a business . In addition to estimating the selling price of a business , the same valuation tools are often used by business appraisers to resolve disputes related to estate and gift taxation , divorce litigation , allocate business purchase price among business assets , establish a formula for estimating the value of partners ' ownership interest for buy-sell agreements , and many other business and legal purposes such as in shareholders deadlock , divorce litigation and estate contest . In some cases , the court would appoint a forensic accountant as the joint expert doing the business valuation . Business reporting Business reporting or enterprise reporting is `` the public reporting of operating and financial data by a business enterprise , '' or `` the regular provision of information to decision-makers within an organisation to support them in their work . ''   Reporting is a fundamental part of the larger movement towards improved business intelligence and knowledge management . Often implementation involves extract , transform , and load ( ETL ) procedures in coordination with a data warehouse and then using one or more reporting tools . While reports can be distributed in print form or via email , they are typically accessed via a corporate intranet .   With the dramatic expansion of information technology , and the desire for increased competitiveness in corporations , there has been an increase in the use of computing power to produce unified reports which join different views of the enterprise in one place . This reporting process involves querying data sources with different logical models to produce a human readable report -- for example , a computer user has to query the Human Resources databases and the Capital Improvements databases to show how efficiently space is being used across an entire corporation .   Reporting can be used in another mean for verification and cross-checks . Audit teams like FINRA and SEC adhere to reports for all business firms . Standard Business Reporting is is a group of international programs instigated by a number of governments with the end of make business the centre when it comes to managing business-to-government reporting obligations . * National Credit Control John Bernard Ball ran as a National Credit Control candidate in the federal 1957 federal election in Canada in the riding of Regina City in Saskatchewan . He won 122 of the 40,813 votes cast ( 0.3 % of the popular vote ) .   Ball ran to promote `` National Credit Control '' , a `` universal monetary system '' that he developed which was similar to social credit .   `` National Credit Control '' would introduce a credit card system of currency , and nationalize the investment capital of the country . Government would be divorced from industry , and become the central accounting agency for the economy , controlling the master balance sheet of industry . In doing so , all industrial debt would be eliminated , and the government would be placed on a cash basis , without borrowing from its citizens .   The NCC system would guarantee industry against bankruptcy , and abolish unemployment insurance in favour of a full work schedule for all workers . Farmers would be guaranteed the same wages as urban management , and seasonal calamity on farms would be `` written off in the nation 's accounting system '' .   NCC would bypass local taxation and abolish taxes on land and buildings . NCC would also abolish taxes on industry , which would be forced to operate at the `` labour cost of investment '' without profits . Industrial profits would be transferred to the tax assessment . The only taxes in an NCC system would be a consumer sales tax on goods and services . Urban , rural and provincial governments would not raise their own taxes : they would be funded by grants from the federal government . Public works would be tendered to private industry , instead of being undertaken by the government .   Capital goods would be sold to industry on a `` lease-rental-depreciation '' plan of repayment to perpetuate employment . Profits arising from the rental of buildings would be abolished in the accounting system of private enterprise . Janek Ratnatunga Professor Janek Ratnatunga , FCA is a Sri Lankan born Australian academic . A Professor of Accounting , he is currently the Chief Executive Officer of the Institute of Certified Management Accountants ( Australia ) , and an Adjunct Professor of Accounting at Swinburne University , Melbourne , Australia . Formerly , he was the Dean and Head of School of Commerce in University of South Australia and prior to that the Head of the Department of Accounting & Finance and Chair in Business Accounting at Monash University   Educated at the Royal College , Colombo , he went on to gain his MBA and PhD from the University of Bradford .   He has also held academic positions at the University of Melbourne and the University of Canberra in Australia ; and the University of Washington , University of Richmond and University of Rhode Island in the USA . He is currently the Editor of the Journal of Applied Management Accounting Research . He has authored/co-authored twenty-eight books on strategic cost management , entrepreneurship , financial accounting , accounting theory and financial modelling ; and over 250 academic and professional papers . Most of his contributions are listed on Research Gate .   He has worked in the profession as a Chartered Accountant with KPMG , and as a consultant for the World Bank . He has undertaken a major consultancy for the Australian Department of Defence in the valuation of strategic capabilities , and has valued the ` brand ' capabilities of major Telecommunication and IT companies worldwide . He is also a world authority on the business and accounting implications of global warming and carbon trading . His seminal in the area is titled , `` An Inconvenient Truth about Accounting '' .   In 2009 he received the prestigious joint American Accounting Association , AICPA ( USA ) , CIMA ( UK ) and CMA ( Canada ) Impact on Management Accounting Practice Award . The award is given annually to a paper published within the last five years in a refereed academic journal that has the greatest potential impact on Management Accounting Practice . Capital budgeting Capital budgeting , or investment appraisal , is the planning process used to determine whether an organization 's long term investments such as new machinery , replacement of machinery , new plants , new products , and research development projects are worth the funding of cash through the firm 's capitalization structure ( debt , equity or retained earnings ) . It is the process of allocating resources for major capital , or investment , expenditures . One of the primary goals of capital budgeting investments is to increase the value of the firm to the shareholders .   Many formal methods are used in capital budgeting , including the techniques such as  Accounting rate of return  Average accounting return  Payback period  Net present value  Profitability index  Internal rate of return  Modified internal rate of return  Equivalent annual cost  Real options valuation   These methods use the incremental cash flows from each potential investment , or project . Techniques based on accounting earnings and accounting rules are sometimes used - though economists consider this to be improper - such as the accounting rate of return , and `` return on investment . '' Simplified and hybrid methods are used as well , such as payback period and discounted payback period . Accountant in Bankruptcy The Accountant in Bankruptcy ( AiB ) is the Scottish government agency responsible for administering the process of personal bankruptcy and corporate insolvency , administering the Debt Arrangement Scheme ( DAS ) , and implementing , monitoring and reviewing government policy in these and related areas , for example Protected Trust Deeds and diligence .   It reports to the Scottish Government 's Minister for Business , Innovation and Energy , who is Paul Wheelhouse . The agency is based in Pennyburn Road , Kilwinning , Ayrshire . Wine fraud Wine fraud may come in several forms . In all cases the fraud relates to the commercial aspects of wine . The most prevalent type of fraud is one where wines are adulterated , usually with the addition of cheaper products ( e.g. juices ) and sometimes with harmful chemicals and sweeteners ( compensating for colour or flavour ) .   Counterfeiting and the relabelling of inferior and cheaper wines to more expensive brands is another common type of wine fraud .   A third category of wine fraud relates to the investment wine industry . An example of this is when wines are offered to investors at excessively high prices by a company who then go into planned liquidation . In some cases the wine is never bought for the investor . Losses in the UK have been high , prompting the DTI and Police to act . In the US , investors have been duped by fraudulent investment wine firms too . Independent guidelines to potential wine investors are now available .   In wine production , as wine is technically defined as fermented grape juice , the term `` wine fraud '' can be used to describe the adulteration of wine by substances that are not related to grapes . In the retailing of wine , as wine is comparable with any other commodity , the term `` wine fraud '' can be used to describe the mis-selling of wine ( either as an investment or in its deceitful misrepresentation ) in general .   Fraud in wine production refers to the use of additives in order to deceive . This may include colouring agents such as elderberry juice , and flavourings such as cinnamon at best , or less desirable additives at worst . Some varieties of wine have sought after characteristics . For example some wines have a deep , dark color and flavor notes of spices due to the presence of various phenolic compounds found in the skin of the grapes . Fraudsters will use additives to artificially create these characteristics when they are lacking . Fraud in the selling of wine , has seen much attention focused on label fraud and the investment wine market . Counterfeit labelling of rare , expensive , and cult wines , and unregulated investment wine firms characterise this type of fraud . Wine Spectator noted as much as 5 % of the wine sold in secondary markets could be counterfeit and the DTI ( UK ) believes losses ( by investors ) to rogue wine investment firms amount to hundreds of millions of pounds . Chartered accountant Chartered Accountants were the first accountants to form a professional accounting body , initially established in Scotland in 1854 . The Edinburgh Society of Accountants ( 1854 ) , the Glasgow Institute of Accountants and Actuaries ( 1854 ) and the Aberdeen Society of Accountants ( 1867 ) were each granted a royal charter almost from their inception . The title is an internationally recognised professional designation , and is generally equivalent to the American certified public accountant designation .   Chartered accountants work in all fields of business and finance , including audit , taxation , financial and general management . Some are engaged in public practice work , others work in the private sector and some are employed by government bodies .   Chartered accountants ' institutes require members to undertake a minimum level of continuing professional development to stay professionally competitive .  They facilitate special interest groups ( for instance , entertainment and media , or insolvency and restructuring ) which lead in their fields . They provide support to members by offering advisory services , technical helplines and technical libraries . They also offer opportunities for professional networking , career and business development . Anglo Irish Bank Anglo Irish Bank was an Irish bank headquartered in Dublin from 1964 to 2011 . It began to wind down after nationalisation in 2009 .  In July 2011 Anglo Irish merged with the Irish Nationwide Building Society , forming a new company named the Irish Bank Resolution Corporation . Michael Noonan , the Minister for Finance stated that the name change was important in order to remove `` the negative international references associated with the appalling failings of both institutions and their previous managements '' .   Anglo Irish mainly dealt in business and commercial banking , and had only a limited retail presence in the major Irish cities . It also had wealth management and treasury divisions . Anglo Irish had operations in Austria , Switzerland , the Isle of Man , the United Kingdom , and the United States .   The bank 's heavy exposure to property lending , with most of its loan book being to builders and property developers , meant that it was badly affected by the downturn in the Irish property market in 2008 . In December 2008 , the Irish government announced plans to inject $ 1.5 billion of capital for a 75 % stake in the bank , effectively nationalising it . The Dublin and London Stock Exchanges immediately suspended trading in Anglo Irish 's shares , with the final closing share price of $ 0.22 representing a fall of over 98 % from its peak .   On 16 January 2009 the then Taoiseach Brian Cowen stated that it was `` business as usual '' at Anglo Irish Bank , and people should be reassured that the bank is solvent . Between June and September 2009 , the Minister for Finance provided $ 4 billion in capital . In a statement on 30 March 2010 , a day before Anglo Irish Bank reported its financial results , the Minister Of Finance Brian Lenihan announced an injection of $ 8.3 billion into the bank , noting that a further $ 10 billion may be required at a later stage to cover future losses and ensure an adequate capital base .   Since the nationalization of Anglo Irish Bank a number of controversies have arisen over certain business practices and loans , including loans to directors and loans to people associated with Brendan Murtagh , EMPG , and the QUINN group .   On 31 March 2010 Anglo Irish Bank reported results for the 15 months to December 2009 . Losses for the period were $ 12.7 billion , with an operating profit before impairment of $ 2.4 billion and an impairment charges of $ 15.1 billion driving the overall result . It is the largest loss in Irish corporate history . Total assets declined to $ 85.2 billion at the end of 2009 from $ 101.3 billion in September 2008 .   The European Commission allowed the Irish government on 10 August 2010 to temporarily grant $ 10 billion to Anglo Irish Bank - this included an additional $ 1.4 billion sought by Ireland to allow the nationalised bank meet its regulatory capital requirements in light of increased costs associated with transferring loans to the National Asset Management Agency .   In 2011 the accounts for UK savers were moved to the Allied Irish Bank ( GB ) . Real estate appraisal Real estate appraisal , property valuation or land valuation is the process of developing an opinion of value for real property ( usually market value ) . Real estate transactions often require appraisals because they occur infrequently and every property is unique ( especially their condition , a key factor in valuation ) , unlike corporate stocks , which are traded daily and are identical ( thus a centralized Walrasian auction like a stock exchange is unrealistic ) . The location also plays a key role in valuation . However , since property can not change location , it is often the upgrades or improvements to the home that can change its value . Appraisal reports form the basis for mortgage loans , settling estates and divorces , taxation , and so on . Sometimes an appraisal report is used to establish a sale price for a property .   Besides of the mandatory educational grade , which can vary from Finance to Construction Technology , most , but not all , countries require appraisers to have the license for the practice . Usually , the real estate appraiser has the opportunity to reach 3 levels of certification : Appraisal Trainee , Licensed Appraiser and Certified Appraiser . The second and third levels of license require no less than 2000 experience hours in 12 months and 2500 experience hours in no less than 24 months respectively . Appraisers are often known as `` property valuers '' or `` land valuers '' ; in British English they are `` valuation surveyors '' . If the appraiser 's opinion is based on market value , then it must also be based on the highest and best use of the real property . In the United States , mortgage valuations of improved residential properties are generally reported on a standardized form like the Uniform Residential Appraisal Report . Appraisals of more commercial properties ( e.g. , income-producing , raw land ) are often reported in narrative format and completed by a Certified General Appraiser . International Financial Reporting Standards The International Financial Reporting Standards , usually called IFRS Standards , are standards issued by the IFRS Foundation ( ifrs.org ) and the International Accounting Standards Board ( IASB ; iasb.org ) to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries . They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries . They are progressively replacing the many different national accounting standards . They are the rules to be followed by accountants to maintain books of accounts which are comparable , understandable , reliable and relevant as per the users internal or external .  | San Fransisco  IFRS , with the exception of IAS 29 Financial Reporting in Hyperinflationary Economies and IFRIC 7 Applying the Restatement Approach under IAS 29 , are authorized in terms of the historical cost paradigm . IAS 29 and IFRIC 7 are authorized in terms of the units of constant purchasing power paradigm .   IFRS began as an attempt to harmonize accounting across the European Union but the value of harmonization quickly made the concept attractive around the world . However , it has been debated whether or not de facto harmonization has occurred . Standards that were issued by IASC ( the predecessor of IASB ) are still within use today and go by the name International Accounting Standards ( IAS ) , while standards issued by IASB are called IFRS . IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee ( IASC ) . On 1 April 2001 , the new International Accounting Standards Board ( IASB ) took over from the IASC the responsibility for setting International Accounting Standards . During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards ( SICs ) . The IASB has continued to develop standards calling the new standards `` International Financial Reporting Standards '' .   In the absence of a Standard or an Interpretation that specifically applies to a transaction , management must use its judgement in developing and applying an accounting policy that results in information that is relevant and reliable . In making that judgement , IAS 8.11 requires management to consider the definitions , recognition criteria , and measurement concepts for assets , liabilities , income , and expenses in the Framework .   Criticisms of IFRS are ( 1 ) that they are not being adopted in the US ( see GAAP ) , ( 2 ) a number of criticisms from France and ( 3 ) that IAS 29 Financial Reporting in Hyperinflationary Economies had no positive effect at all during 6 years in Zimbabwe 's hyperinflationary economy . The IASB offered responses to the first two criticisms , but has offered no response to the last criticism while IAS 29 was as of March 2014 being implemented in its original ineffective form in Venezuela and Belarus . Lehman Brothers Treasury Lehman Brothers Treasury Co. . B.V. ( `` LBT '' ) is a private company with limited liability ( besloten vennootschap met beperkte aansprakelijkheid ) incorporated under Dutch law with its registered office in Amsterdam , the Netherlands . LBT is a fully owned subsidiary of Lehman Brothers UK Holdings ( Delaware ) Inc. , which company is fully owned by Lehman Brothers Holdings Inc. ( `` LBH '' ) . On 15 September 2008 LBH filed a petition in the United States Bankruptcy Court for the Southern District of New York seeking relief under Chapter 11 of the United States Bankruptcy Code .   On 19 September 2008 the Amsterdam District Court granted LBT provisional suspension of payment ( voorlopige surseance van betaling ) . On 8 October 2008 at 18.56 hours the Amsterdam District Court has revoked the provisional suspension of payment and declared LBT bankrupt ( in staat van faillissement ) with the appointment of Rutger Schimmelpenninck as bankruptcy trustee ( curator ) . Source : The official website of the bankruptcy trustee . Omega Trust Omega Trust was a fraudulent US investment scheme in Illinois .   Clyde D. Hood is a former electrician from Mattoon , Illinois . In 1994 Hood formed Omega Trust and Trading Limited and began to lecture to church groups . He said that the Lord had given him a mission . He claimed that he was one of the international traders who could make secret multimillion-dollar deals to benefit humanitarian programs through debentures and `` prime bank notes '' in foreign banks . Hood asked for an investment of $ 100 and promised a payout of $ 5,100 within 275 days . He wanted the money delivered wrapped in aluminum foil and via Federal Express because U.S. federal government was trying to block the trades through the United States Postal Service . Therefore the scheme should remain secret . Thousands of people from USA and overseas sent money .   The program stopped accepting new investors in 1995 . By that time , Hood had received more than $ 10 million . He began to present number of excuses as to why investors had not been paid , blaming administrative costs , problems with foreign banks and international financial conflicts . When some people still wanted to join , Hood and accomplices claimed that they could sell share units of people who had wanted to leave the program . The estimated total amount of money was $ 20 million .   In addition , Hood began new investment schemes named Alpha and Destiny and obtained more money from those who had invested to Omega . With the money Hood and his associates bought land and businesses in Mattoon , gave no-interest loans and made trips to Europe . Some of the money also went to finance businesses of other Hood associates like construction contractor Chris Engel .   Engel later cooperated with the police and let them tape a phone conversation with Hood . Hood lawyer Steve Ryan was also later removed from the case when he was subpoenaed as a witness and for possible collusion .   Clyde Hood and his 18 associates were indicted in 2000 . Some of them pleaded guilty or were convicted of multiple counts of fraud , mail fraud , money laundering and filing a false tax return ( see ) .   On April 10 , 2001 , Hood pleaded guilty to mail or wire fraud conspiracy , money laundering conspiracy , and filing a false tax return .   On January 24 , 2002 Hood was sentenced to prison for 14 years and was fined $ 5,000 . Five of his associates were convicted of active participation of the scheme and were ordered to make restitution . Thirteen associates were convicted of money laundering . Three hundred fifty-five victims received restitution from forfeited Omega Trust funds to the total of $ 1,697,310.00 .   The Omega Trust still lives on in the Internet as a supposed global poverty relief program ( see NESARA ) .   Hood is imprisoned at the `` Federal Medical Center Devens , '' north of Worcester , Massachusetts , and was scheduled for release in November 2012 .   Category : Fraud in the United States  Category : Crimes in Illinois Accounting scandals Accounting scandals are business scandals which arise from intentional manipulation of financial statements with the disclosure of financial misdeeds by trusted executives of corporations or governments . Such misdeeds typically involve complex methods for misusing or misdirecting funds , overstating revenues , understating expenses , overstating the value of corporate assets or underreporting the existence of liabilities . It involves an employee , account or corporation itself and is misleading to investor and shareholders .   This type of `` creative accounting '' can amount to fraud , and investigations are typically launched by government oversight agencies , such as the Securities and Exchange Commission ( SEC ) in the United States . Employees who commit accounting fraud at the request of their employers are subject to personal criminal prosecution . Sustainability accounting Sustainability accounting ( also known as social accounting , social and environmental accounting , corporate social reporting , corporate social responsibility reporting , or non-financial reporting ) was originated about 20 years ago and is considered a subcategory of financial accounting that focus on the disclosure of non-financial information about a firm 's performance to external parties such as capital holders , mainly to stakeholders , creditors and other authorities . These represent the activities that have a direct impact on society , environment , and economic performance of an organisation . Sustainability accounting in managerial accounting contrasts with financial accounting in that managerial accounting is used for internal decision making and the creation of new policies that will have an effect on the organisation 's performance at economic , ecological , and social ( known as the triple bottom line or Triple-P 's ; People , Planet , Profit ) level . The topic is fairly new and being led in Europe .   Sustainability Accounting is a tool used by organisations to become more sustainable . The most known widely used measurements are the Corporate Sustainability Reporting and the triple bottom line accounting . These recognise the role of financial information and shows how traditional accounting is extended by improving transparency and accountability by reporting on the Triple-P 's .   As a result of the triple bottom level reporting , and in order to render and guarantee consistency in social and environmental information the GRI ( Global Reporting Initiative ) , was established with the goal to provide guidelines to organisations reporting on sustainability . In some countries guidelines were developed to complement the GRI . The GRI states that `` reporting on economic , environmental and social performance by all organizations is as routine and comparable as financial reporting '' .   In order to help finance teams and accountants embed sustainability into their accounting , The Prince of Wales set up The Prince 's Accounting for Sustainability Project ( A4S ) in 2004 .