The WorldCom scandal was a huge accounting scandal that was uncovered in 2002. WorldComwas then the USA's second largest long-distance telephone company. The fraud was unearthedin June 2002 when the company's internal audit unit discovered over USD 3.8 billion offraudulent balance sheet entries. Subsequently, WorldCom admitted that it had overstated itsassets by more than USD 11 billion. At the time, it was the biggest accounting fraud in Americanhistory.With reference to the relevant and appropriate accounting theory, you are required to identifyand critically discuss the main financial accounting issues relating to this scandal