We have chosen to analyze the cases of Fuji Xerox and California Micro Devices. Fuji Xerox was founded in 1962 which provides document related solutions and services, manufactured and distributed multifunction devices, printers and production printers. During the period of 2011 to 2016, Fuji Xerox had practised inappropriate accounting by overstating revenue of around $473 million. Staff and management booked sales earlier to artificially inflate the revenue. An email was sent on the 8th July 2015 by a whistle-blower named Tony Night to executives at Fuji Xerox and Xerox Corporation, stating that inappropriate accounting practise had been taking place at Fuji Xerox. California Micro Devices (CMD) was founded in 1980, the company specialized in making electronic components for silicon chips. CMD inflated revenue by having fictious sales, not reversing entries for returned goods and booking sales earlier to increase the stock price of the company, which made the company look better than it was to investors and shareholders. Improper accounting practice was found out after the annual audit report, the analysts had suspicion for write-down as it was close to Hitachi revenues. New auditors were hired after the incident to reassess the case. These 2 cases were chosen as both companies have inflated revenues for personal benefit. However, the offenders are of different roles, as staff in Fuji Xerox did it for the financial incentives paid by the company. While the fraud was in California Micro Devices was done by the CEO and higher officials of the company for their personal gain. The remedial actions taken by both firms are different.

Q1 Financial Reporting and Accounting Standard circumvented (300-350)

Which one promulgation

Which particular provisions involved

How have these provisions been violated?