ACC201 Accounting For Financial Reporting Presidential Candidate Accounting Relevance

Heather Hart October 1, 2012

(Attached: CNN Politics Article Reid Avoids Prior Claims, blasts Romneys Accounting Wizards -- http://politicalticker.blogs.cnn.com/2012/09/21/reid-avoidsprior-claims-blasts-romneys-accounting-wizards/) Attached hereto and incorporated herein is a CNN Article, published on September 21, 2012, wherein presidential candidate MITT ROMNEYs tax returns are a source of challenge and scrutiny. In the article at hand, Senator HARRY REID contends that pursuant to a review of ROMNEYs 2010 and 2011 tax returns, there is reason to believe that ROMNEY manipulated [paraphrased] manipulated one of the only two years of tax returns he's seen fit to show the American people. Furthermore, REID capitalizes on the notion that contrary to other candidates who met the public requirement for disclosure and did in fact made several years of tax returns available for reviewROMNEY has opted to only release two years. In conjunction with REIDs position, President OBAMAs campaign has made allegations that ROMNEY took advantage of complex loopholes and tax shelters only available to those at the top for purposes of offsetting his companys financial responsibility as it relates to government taxes. The propositions made by both opposing parties are in agreement with activities related to Earnings Management and the Matching Rule principles. Although it is premature to conclude that ROMNEYs tax returns have criminal implications, there is certainly a question as to the validity and conformity to honest and ethical reporting as his company may have taken advantage of business exemptionsthrough creative accountingto minimize his tax liability. Such conduct is generally view as manipulative and deceptive in nature as it misleads the public.

You created this PDF from an application that is not licensed to print to novaPDF printer (http://www.novapdf.com)