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FINANCIAL ACCOUNTING Accounting is an information system that identifies, records, and communicates the economic events of an organization to interested users. Economic events are activities related to the production and distribution of goods and services in an organization. Yet recently, many accounting scandals, questionable bankruptcies, and overall mistrust of financial reporting procedures have affected the accounting profession as so many new accounting irregularities have taken place. The definition of 'irregularity' in Structural Funds terms is …

…how they do their accounting. All the big companies now as well are being closely watched by the government, for fraud or irregularities. The accounting irregularities reported by Xerox, Enron, Global Crossing and WorldCom have raised the general awareness of accounting practices involving the recognition of revenues and profits. Most country governments are now becoming stricter on these countries as well. These above are just mere examples of a couple big companies that went down.