How Do You Hide A Multibillion Dollar Loss? Accounting For The Olympus Fraud

I asked CPA and blogger Jim Ulvog to write a guest post on the Olympus scandal because he was the only one to explain it to me from an accounting perspective. An investigative report prepared by auditor Ernst & Young Shin Nihon – yes, the one that missed the fraud – is a scathing indictment of the company and others potentially complicit in the multi-year subterfuge.