Explain how consolidation reporting issues affected the construction of Lehman Brothers consolidated financial statements.
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Explain how consolidation reporting issues affected the construction of Lehman Brothers consolidated financial statements.
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Liability
After reading the article “Ernst & Young’s Liability for Lehman Larger Than Claimed,” discuss Ernst & Young’s “going-on” liability after their 2007 arbitrary cutoff of responsibility from Lehman Brothers financial statements (10-Ks). Present evidence that the consolidated financial position of Lehman Brothers was not in conformity with US generally accepted accounting principles by discussing the material misstatements due to fraudulent financial reporting or misappropriation of assets. Explain how consolidation reporting issues affected the construction of Lehman Brothers consolidated financial statements.
The article is located at:
McKenna, F. (2010, December 28).Ernst & Young’s liability for Lehman larger than claimed. Forbes. Retrieved from http://www.forbes.com/sites/francinemckenna/2010/12/28/ernst-youngs-liability-for-lehman-larger-than-claimed/
