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What is the largest overnight depreciation?


What is the largest overnight currency depreciation? How large, which currency and when?

When examining historical records of currency depreciation, it is helpful to have a better understanding of what is normal, so that one can understand the impact of an abnormally large depreciation.


An "overnight" change in the value of a currency is a devaluation, not a depreciation.

Probably the biggest overnight devaluation ever was the January 31, 1934, devaluation of the dollar from $20 per ounce to $35 per ounce, a 40% devaluation. The money supply was about $8 billion plus at least another $12 billion in gold-backed bonds. So, perhaps the total erasure was 40% of $20 billion or $8 billion dollars, worth 400 million ounces of gold (before the devaluation). As of right now 400 million ounces of gold would be worth $480 billion dollars (2014).

If the U.S. government was to pull a stunt like this today, it would result in a loss of about $12 trillion to people around the world.

Another biggie on this list is the Gorbachev erasure. In 1989, the Soviet Union under Gorbachev invalidated all 50 and 100 ruble notes. There is no telling how much cash the Soviet citizens had squirreled away, but it could easily have been 100 billion dollars.


US Inflation Rate by Year from 1929 to 2023

The U.S. inflation rate by year is the percentage of change in product and service prices from one year to the next, or year-over-year.

The inflation rate responds to each phase of the business cycle. That's the natural rise and fall of economic growth that occurs over time. The cycle corresponds to the highs and lows of a nation's gross domestic product (GDP), which measures all goods and services produced in the country.

Key Takeaways

  • The U.S. inflation rate by year is how much prices change year-over-year.
  • Year-over-year inflation rates give a clearer picture of price changes than annual average inflation.
  • The Federal Reserve uses monetary policy to achieve its target rate of 2% inflation.
  • Inflation has been stable over the last couple of years thanks to better policy decisions and managing inflation expectations.

Ending Expensing and Other Forms of Accelerated Depreciation Is Key to Real Tax Reform

As ITEP explained in a report last year, proponents of accelerated depreciation claim that it encourages businesses to invest and expand and therefore helps our economy, but there is little evidence of this. Instead, it’s a very costly tax break that rewards companies in return for making investments they would have made anyway. It also fundamentally conflicts with the very notion of taxing income.

What Is Depreciation?

Our tax system is founded on the idea of taxing income. In the case of a business, we can think of income as any increase in the company’s net worth. If a business buys a product from a manufacturer for $10 and sells it to a consumer for $11, then (assuming no other costs) the business’s net worth increased by $1, which is another way to say it has income of $1.

But what if the business buys a machine to help customers check out faster when purchasing a product? Unlike inventory, the value of the machine does not entirely disappear in the first year but declines over several years as it wears out, which is to say it depreciates over several years. For example, if a machine is purchased for $1,000 and loses a tenth of its value each year for a decade, then the company should deduct $100 each year for ten years.

What Is Accelerated Depreciation?

Congress and several presidents of both parties have enacted rules that allow businesses to accelerate deductions for depreciation, to take them sooner than the equipment or other assets they purchase wear out.

Initially, this may seem unimportant. Ultimately, the cost of capital investment will be deducted, and the only question is the timing of that deduction. But altering the timing of deductions can dramatically lower a company’s overall taxes in the long-term because of the time value of money, the idea that a dollar today is worth more than a dollar tomorrow.

Taking deductions earlier allows companies to defer paying some of their taxes, often for many years, which is the equivalent of receiving an interest-free loan from the federal government.

If a company can take deductions sooner and thus defer paying taxes for, say, 10 years, that means it can invest the money saved and generate more profits by the end of that decade.

Conversely, the federal government has less to invest in public goods like infrastructure, health care and education, and society overall must forgo the returns from such investments during those years.

How Has Accelerated Depreciation Expanded Over Time?

Permanent provisions in the tax law allow for accelerated depreciation, meaning companies have long been allowed to write off the costs of their capital investments more quickly than is justified economically.

On top of this, for most years since 2002 Congress and several presidents have enacted “bonus depreciation” which boosts the portion of investment costs deducted in the first year, sometimes even to 100 percent (which is often called “expensing”).


History of the Rothschild Bank, World's Biggest Bank

HERE IS THE HISTORY OF THE HOUSE OF ROTHSCHILD YOU SHOULD KNOW ABOUT THIS DUE TO THEIR HUGE INFLUENCE OVER WORLD FINANCES.

The House Of Rothschild
Posted on 09/15/2017 | Leave a comment
(Excerpted from Chapter 19: The Eight Families: Big Oil & Their Bankers&hellip)

The Rothschild family combined with the Dutch House of Orange to found Bank of Amsterdam in the early 1600&rsquos as the world&rsquos first central bank.

Prince William of Orange married into the English House of Windsor, taking King James II&rsquos daughter Mary as his bride. The Orange Order Brotherhood, which has recently fomented Northern Ireland Protestant violence, put William III on the English throne where he ruled both Holland and Britain. In 1694 William III teamed up with the Rothschilds to launch the Bank of England.

The Old Lady of Threadneedle Street- as the Bank of England is known- is surrounded by thirty foot walls. Three floors beneath it the third largest stock of gold bullion in the world is stored. [842] The daily London gold &ldquofixing&rdquo occurs at the N. M. Rothschild Bank. As Bank of England Deputy Governor George Blunden put it, &ldquoFear is what makes the bank&rsquos powers so acceptable. The bank is able to exert its influence when people are dependent on us and fear losing their privileges or when they are frightened.&rdquo[843]

Mayer Amschel Rothschild sold the British government German Hessian mercenaries to fight against American Revolutionaries, diverting the proceeds to his brother Nathan in London, where N.M. (Nathan and Mayer) Rothschild & Sons was established. Mayer was a serious student of Cabala and launched his fortune on money embezzled from William IX- royal administrator of the Hesse-Kassel region and a prominent Freemason.

Rothschild-controlled Barings bankrolled the Chinese opium and African slave trades. It financed the Louisiana Purchase. When several states defaulted on its loans, Barings bribed Daniel Webster to make speeches stressing the virtues of loan repayment. The states held their ground, so the House of Rothschild cut off the money spigot in 1842, plunging the US into a deep depression. It was often said that the wealth of the Rothschilds depended on the bankruptcy of nations. Mayer Amschel Rothschild once said, &ldquoI care not who controls a nation&rsquos political affairs, so long as I control her currency&rdquo.

War didn&rsquot hurt the family fortune either. The House of Rothschild financed the Prussian War, the Crimean War and the British attempt to seize the Suez Canal from the French. Nathan Rothschild made a huge financial bet on Napoleon at the Battle of Waterloo, while also funding the Duke of Wellington&rsquos peninsular campaign against Napoleon. Both the Mexican War and the Civil War were goldmines for the family.

A Rothschild family biography mentions a London meeting where an &ldquoInternational Banking Syndicate&rdquo decided to pit the American North against the South as part of a &ldquodivide and conquer&rdquo strategy. German Chancellor Otto von Bismarck once stated, &ldquoThe division of the United States into federations of equal force was decided long before the Civil War. These bankers were afraid that the United States&hellipwould upset their financial domination over the world. The voice of the Rothschilds prevailed.&rdquo

Rothschild biographer Derek Wilson says the family was the official European banker to the US government and strong supporters of the Bank of the United States. [844] Family biographer Niall Ferguson notes a &ldquosubstantial and unexplained gap&rdquo in private Rothschild correspondence between 1854-1860. He says all copies of outgoing letters written by the London Rothschilds during this Civil War period &ldquowere destroyed at the orders of successive partners&rdquo. [845]

French and British troops had, at the height of the Civil War, encircled the US. The British sent 11,000 troops to Crown-controlled Canada, which gave safe harbor to Confederate agents. France&rsquos Napoleon III installed Austrian Hapsburg family member Archduke Maximilian as his puppet emperor in Mexico, where French troops massed on the Texas border. Only an 11th-hour deployment of two Russian warship fleets by US ally Czar Alexander II in 1863 saved the United States from re-colonization. [846] That same year the Chicago Tribune blasted, &ldquoBelmont (August Belmont was a US Rothschild agent and had a Triple Crown horse race named in his honor) and the Rothschilds&hellipwho have been buying up Confederate war bonds.&rdquo

Salmon Rothschild said of a deceased President Lincoln, &ldquoHe rejects all forms of compromise. He has the appearance of a peasant and can only tell barroom stories.&rdquo Baron Jacob Rothschild was equally flattering towards the US citizenry. He once commented to US Minister to Belgium Henry Sanford on the over half a million Americans who died during the Civil War, &ldquoWhen your patient is desperately sick, you try desperate measures, even to bloodletting.&rdquo Salmon and Jacob were merely carrying forth a family tradition. A few generations earlier Mayer Amschel Rothschild bragged of his investment strategy, &ldquoWhen the streets of Paris are running in blood, I buy&rdquo.

Mayer Rothschild&rsquos sons were known as the Frankfurt Five. The eldest- Amschel- ran the family&rsquos Frankfurt bank with his father, while Nathan ran London operations. Youngest son Jacob set up shop in Paris, while Salomon ran the Vienna branch and Karl was off to Naples. Author Frederick Morton estimates that by 1850 the Rothschilds were worth over $10 billion. [847] Some researchers believe that their fortune today exceeds $100 trillion.

The Warburgs, Kuhn Loebs, Goldman Sachs, Schiffs and Rothschilds have intermarried into one big happy banking family. The Warburg family- which controls Deutsche Bank and Banque Paribas- tied up with the Rothschilds in 1814 in Hamburg, while Kuhn Loeb powerhouse Jacob Schiff shared quarters with Rothschilds in 1785. Schiff immigrated to America in 1865. He joined forces with Abraham Kuhn and married Solomon Loeb&rsquos daughter. Loeb and Kuhn married each

Edmond de RLoeb and Kuhn married each others sisters and the Kuhn Loeb dynasty was consummated. Felix Warburg married Jacob Schiff&rsquos daughter. Two Goldman daughters married two sons of the Sachs family, creating Goldman Sachs. In 1806 Nathan Rothschild married the oldest daughter of Levi Barent Cohen, a leading financier in London. [848] Merrill Lynch super bull Abby Joseph Cohen and Clinton Secretary of Defense William Cohen are thus descended from Rothschilds.

Today the Rothschild&rsquos control a far-flung financial empire, which includes majority stakes in most world central banks. The Edmond de Rothschild clan owns the Banque Privee SA in Lugano, Switzerland and the Rothschild Bank AG of Zurich. The family of Jacob Lord Rothschild owns the powerful Rothschild Italia in Milan. They are members of the exclusive Club of the Isles, which provides capital for George Soros&rsquo Quantum Fund NV, which made a killing in 1998-1999 destroying the currencies of Thailand, Indonesia and Russia. Soros was a major shareholder at Harken Energy.

Quantum NV handles $11-14 billion in assets and operates from the Dutch island of Curacao, in the shadow of massive Royal Dutch/Shell and Exxon Mobil refineries. Curacao was recently cited by an OECD Task Force on Money Laundering as a major drug money laundering nation. The Club of Isles group which funds Quantum is led by the Rothschilds and includes Queen Elizabeth II and other wealthy European aristocrats and Black Nobility. Fugitive Swiss financier and Mossad cutout Marc Rich, whose business interests were recently taken over by the Russian mafia Alfa Group, is also part of the Soros network. [849]

Ties to drug money are nothing new to the Rothschilds. N. M. Rothschild & Sons was at the epicenter of the BCCI scandal, but escaped the limelight when a warehouse full of documents conveniently burned to the ground around the time Rothschild-controlled Bank of England shut BCCI down. Perhaps the largest repository for Rothschild wealth today is Rothschilds Continuation Holdings AG- a secretive Swiss-based bank holding company. By the late 1990s scions of the Rothschild global empire were Barons Guy and Elie de Rothschild in France and Lord Jacob and Sir Evelyn Rothschild in Britain. [850] Evelyn is chairman of the Economist.

Dean Henderson is the author of five books: Big Oil & Their Bankers in the Persian Gulf: Four Horsemen, Eight Families & Their Global Intelligence, Narcotics & Terror Network, The Grateful Unrich: Revolution in 50 Countries, Das Kartell der Federal Reserve, Stickin&rsquo it to the Matrix & The Federal Reserve Cartel. You can subscribe free to his weekly Left Hook column @


Everything You Need to Know About Zero Depreciation Rider

When you bring home your new bike, its shiny and immaculate look fills your heart with a different kind of joy. You give it much needed maintenance and care to make sure it continues to look new and vibrant over time. However, like most other things, your bike is also naturally subjected to scratches and dents. Moreover, regular use also leads to wear and tear. Combined, all of this leads to a decline in your bike’s market value, also known as depreciation.

Depreciation has a bearing not only on the resale value of your bike but also when you buy bike insurance online. Considering that it is unavoidable, some insurers offer a zero-depreciation cover to its policyholders to deal with this aspect better. It comes as a rider option with the basic two-wheeler insurance policy to take care of your bike concerns.

What is Zero Depreciation Rider?

Although the basic bike insurance policy covers your vehicle against all the damages occurred due to various reasons, the amount received after the claim settlement comes with a deduction. If you have opted for a zero depreciation cover while buying bike insurance online, it will help you get the entire sum assured. Zero depreciation rider with the standard bike insurance policy enables you to protect your bike against caused losses without considering any deductions factors for its market value, over time.

How does It work?

When you buy bike insurance online, the policy offers you coverage on different parts. However, when your bike gets damaged, it declines its monetary value. The rate of depreciation varies for different parts of your bike. It also leads to a decline in the coverage offered for a particular part. Since the market value of your motorcycle is depreciating with its use over time or the damages occurred, you will receive less financial support while making a claim in the future.

However, if you have opted for zero depreciation coverage as an add-on benefit, you will be able to eliminate the factors responsible for reducing its market value and get coverage as per your sum assured. The current value of your bike as per depreciation will become insignificant.

Zero depreciation cover helps make sure you get the entire sum assured while making claims, unaffected by the current market value of your bike.

Zero Depreciation Insurance As an Add-On

Some of you may wonder if zero depreciation insurance is the same as comprehensive bike insurance. However, that’s not true. Zero depreciation cover, as mentioned above, is a rider benefit that you need to buy over and above your standard policy as an add-on. When you buy bike insurance online, it offers you extensive coverage, including third party liability for you and your bike. However, it does not provide you with zero depreciation benefits. If you wish to get such a benefit, you must buy the rider option along with your policy separately.

Get Zero Deprecation Cover for Added Benefit

Now that you know what zero depreciation cover is and how it works, you must give it a thought when you buy bike insurance online. You may need to pay a little extra premium to avail of this benefit, but it will prove its worth over the years. Bike insurance online policy as provided by reliable insurers like Tata AIG also offers you the option to add other rider benefits like zero depreciation cover, emergency medical expenses and additional personal accident compensation among several others. When you buy the right policy and add critical riders to the same, you can enjoy great peace of mind against the possibility of facing unforeseen challenges.


Currency Devaluation and Revaluation

At the Bretton Woods Conference in July 1944, international leaders sought to insure a stable post-war international economic environment by creating a fixed exchange rate system. The United States played a leading role in the new arrangement, with the value of other currencies fixed in relation to the dollar and the value of the dollar fixed in terms of gold&mdash$35 an ounce. Following the Bretton Woods agreement, the United States authorities took actions to hold down the growth of foreign central bank dollar reserves to reduce the pressure for conversion of official dollar holdings into gold.

During the mid- to late-1960s, the United States experienced a period of rising inflation. Because currencies could not fluctuate to reflect the shift in relative macroeconomic conditions between the United States and other nations, the system of fixed exchange rates came under pressure.

In 1973, the United States officially ended its adherence to the gold standard. Many other industrialized nations also switched from a system of fixed exchange rates to a system of floating rates. Since 1973, exchange rates for most industrialized countries have floated, or fluctuated, according to the supply of and demand for different currencies in international markets. An increase in the value of a currency is known as appreciation, and a decrease as depreciation. Some countries and some groups of countries, however, continue to use fixed exchange rates to help to achieve economic goals, such as price stability.

Under a fixed exchange rate system, only a decision by a country's government or monetary authority can alter the official value of the currency. Governments do, occasionally, take such measures, often in response to unusual market pressures. Devaluation, the deliberate downward adjustment in the official exchange rate, reduces the currency's value in contrast, a revaluation is an upward change in the currency's value.

For example, suppose a government has set 10 units of its currency equal to one dollar. To devalue, it might announce that from now on 20 of its currency units will be equal to one dollar. This would make its currency half as expensive to Americans, and the U.S. dollar twice as expensive in the devaluing country. To revalue, the government might change the rate from 10 units to one dollar to five units to one dollar this would make the currency twice as expensive to Americans, and the dollar half as costly at home.

Under What Circumstances Might a Country Devalue?
When a government devalues its currency, it is often because the interaction of market forces and policy decisions has made the currency's fixed exchange rate untenable. In order to sustain a fixed exchange rate, a country must have sufficient foreign exchange reserves, often dollars, and be willing to spend them, to purchase all offers of its currency at the established exchange rate. When a country is unable or unwilling to do so, then it must devalue its currency to a level that it is able and willing to support with its foreign exchange reserves.

A key effect of devaluation is that it makes the domestic currency cheaper relative to other currencies. There are two implications of a devaluation. First, devaluation makes the country's exports relatively less expensive for foreigners. Second, the devaluation makes foreign products relatively more expensive for domestic consumers, thus discouraging imports. This may help to increase the country's exports and decrease imports, and may therefore help to reduce the current account deficit.

There are other policy issues that might lead a country to change its fixed exchange rate. For example, rather than implementing unpopular fiscal spending policies, a government might try to use devaluation to boost aggregate demand in the economy in an effort to fight unemployment. Revaluation, which makes a currency more expensive, might be undertaken in an effort to reduce a current account surplus, where exports exceed imports, or to attempt to contain inflationary pressures.

Effects of Devaluation
A significant danger is that by increasing the price of imports and stimulating greater demand for domestic products, devaluation can aggravate inflation. If this happens, the government may have to raise interest rates to control inflation, but at the cost of slower economic growth.

Another risk of devaluation is psychological. To the extent that devaluation is viewed as a sign of economic weakness, the creditworthiness of the nation may be jeopardized. Thus, devaluation may dampen investor confidence in the country's economy and hurt the country's ability to secure foreign investment.

Another possible consequence is a round of successive devaluations. For instance, trading partners may become concerned that a devaluation might negatively affect their own export industries. Neighboring countries might devalue their own currencies to offset the effects of their trading partner's devaluation. Such "beggar thy neighbor" policies tend to exacerbate economic difficulties by creating instability in broader financial markets.

Since the 1930s, various international organizations such as the International Monetary Fund (IMF) have been established to help nations coordinate their trade and foreign exchange policies and thereby avoid successive rounds of devaluation and retaliation. The 1976 revision of Article IV of the IMF charter encourages policymakers to avoid "manipulating exchange rates. to gain an unfair competitive advantage over other members." With this revision, the IMF also set forth each member nation's right to freely choose an exchange rate system.


Examples of Corporate Accounting Scandals

Enron Corporation (2001)

✦Enron was born out of the merger of Houston Natural Gas and Omaha-based InterNorth. It was a major player in the energy market.

✦This can be considered as the smartest accounting fraud in corporate history. In December 2001, the company came crashing down and filed for bankruptcy, which revealed that the energy and service providing giant was falsifying its account books to the tune of around USD 74 billion.

✦The company used ‘special purpose entities (SPE)’ for the purpose of hedging risk. However, they also used SPEs to hide their losses from the company’s account books, and compensated the SPE by issuing stocks of Enron. This would paint a healthy picture of Enron’s accounts.

✦Many employees were rendered jobless, and also lost their retirement savings. This fraud also led to the fall of the giant auditor firm Arthur Anderson LLP, one of the ‘Big Five’ Accounting firms of the world.

✦The Enron case accelerated the government’s actions to make stringent regulations for corporate governance.

Lehman Brothers Holdings Inc. (2008)

✦A classic example of how law can be twisted, and loopholes can be used to your own advantage, this is known as one of the biggest accounting scams in U.S. history. They filed for bankruptcy in 2008.

✦ Lehman Brothers, the bank that rose to the greatest heights at Wall Street, was hiding a dirty secret. They manipulated accounts to make the company’s financial position appear healthy.

✦ They used “REPO 105”, which is an accounting gimmick planned at converting the short-term loan into ‘sales’. They managed to conceal a USD 50 billion loan, by simply classifying it as sales, which made the company’s financial position appear good enough.

✦ Lawyers in U.S. are not legally allowed to make a true sale opinion. Hence, they approached a U.K firm to mark these transactions as sales, and carefully carried out this activity through their U.S. subsidiary.

✦ Due to Lehman Brothers filing for bankruptcy, many investors lost their money, considering their poor asset positioning to dispose off the liabilities.

Satyam Computer Services Ltd. (2009)

✦’Satya’, which means truth, was what this Indian IT company was not about. A winner of many awards, in January 2009, B. Ramalingan Raju, its CEO, admitted that the company was running on fraudulent accounts for the past 7 years. To date, this is considered to be India’s biggest accounting scam.

✦ The CEO admitted that he was solely responsible for the window dressing of the accounts to a much high level. He admitted to have falsified accounts and created hypothetical assets and pumped revenue up to the tune to USD 1.5 billion.

✦ There was a direct impact on the stock prices of the company, and also posed further questions on the credibility of Indian IT firms in the financial market.

✦ The company was acquired by Tech Mahindra, and is now known as ‘Mahindra Satyam’. A legal case was filed against the CEO, and he is currently serving a jail sentence along with other member directors of the board.

✦ The shocking confession by the CEO, also raised doubts on the internal and statutory auditors of the company.

WorldCom (2002)

✦ One of the biggest telecommunications company fell immediately after the fall of Enron, in 2002. The company tried to conceal the losses that it was incurring. Instead of expensing out the ‘line costs’, they were capitalized in the account books, and revenues were also inflated.

✦ The internal auditor had detected an accounting entry of USD 500 million for computer expenses, without any supporting document.

✦ The hypothetical assets measured up to USD 11 billion, and this led to the loss of around USD 180 billion for the company, and many employees subsequently lost their jobs.

✦ Also, the SEC was suspicious of the good position, and whistle blowers confirmed their suspicion.

✦ CEO Bernie Ebbers was sentenced to 25 years in prison. This was again, one of the major reasons for the fall of the Arthur Anderson audit firm.

Bernard L. Madoff Investment Securities LLC. (2008)

✦ This is one of the most curious cases of financial fraud that will be remembered for ages. Bernard Madoff was one the founders of Bernard L. Madoff Investment Securities LLC. He also had served as NASDAQ’s chairman.

✦ A ponzi scheme is a scheme in which the investors are usually paid a high amount of returns on their investments, from the money acquired from new investors.

✦ In 2008, Bernard confessed to his sons that he was running an illegitimate business, a USD 65 billion ponzi scheme. He was exposed by his sons, who reported his misdoings to the SEC.

✦ Sadly, both his sons died, one succumbing to cancer, and the other committed suicide. The accused Bernard Madoff is currently serving a 150-year jail sentence.

HealthSouth Corporation (2003)

✦ In 2003, it was revealed that the company, belonging to the health-care industry, was not in the best of financial health. It was a huge sale of stock by the CEO just a day before the company reported a loss, that invited the attention of the SEC, who smelled something fishy.

✦ Apparently, the company’s employees were asked to fake transactions that inflated the income of the company, depicting a good financial position.

✦ CEO Richard Scrushy still claims innocence, and pleads not guilty of the accusations of the bribery made against him. He was allegedly involved in overstating the earnings of the company by USD 1.4 billions, since 1999, and a corresponding increase in the assets of the company.

✦ Scrushy was ordered to pay nearly USD 2.9 billion to shareholders for defrauding them.

Tyco International (2002)

✦ In 2002, CEO Dennis Kozlowski and CFO Mark Swartz were accused of using company funds to support their own extravagant lifestyles.

✦ A grand birthday bash which Dennis threw for his wife, his lavish furnishings in the Tyco-owned apartment, all were indicators that he had been embezzling funds from the company.

✦ Kozlowski had resigned citing personal reasons. However, loans were issued to them, illegally, without the knowledge of the Board, under the ‘Key Employee Loan’ program of the company. He was also under the legal scanner for tax evasion. Also, there was an attempt to illegally sell the stocks of the company.

✦ The jury held that they two were guilty of looting the company to the tune of more than USD 150 billion in the form of unearned bonuses and loans.

✦ They were pronounced guilty and sentenced to 25 years in jail.

Waste Management, Inc. (2002)

The company had increased its fake earnings to the tune of USD 1.7 billion by:

  • increasing the depreciation time length for their assets, property, and plant and equipment
  • capitalizing expenses
  • assigning arbitrary salvage values to assets
  • not recording the requisite liabilities.

✦ The company’s top management was accused of financial fraud, by the SEC, in 2002. The fraudulent accounting took place between 1992 and 1997. The names involved were: Dean L. Buntrock, Phillip B. Rooney, James E. Koenig, Thomas C. Hau, Herbert Getz, and Bruce D. Tobecksen.

✦ The auditors Arthur Andersen, were charged with a penalty of about USD 7 million.

Cendant Corporation (1997-98)

✦ The company was formed in 1997 following a merger of two companies: Hospitality Franchise Systems, Inc. (HFS) and CUC International Inc.

✦ Barely three months after the merger, there were reports of accounting anomalies. It was observed that around USD 640 billions in profits recorded over the last three years were nothing but fictional profits.

✦ The company had apparently been involved in inflating the stock of CUC International up to almost USD 500 million.

✦ Walter Forbes, the former chairman of Cendant was charged in 2007, to pay USD 3.275 billion, and sentenced to 12 years and 7 months in prison.

MF Global Holdings, Ltd. (2011)

✦ MF Global, a major commodities brokerage firm filed for bankruptcy in October 2011, much to the shock of its customers. The company was led by Jon Corzine, the former New Jersey governor and senator.

✦ However, following some bad investments, the company decided to use consumer money to repay its liabilities. There have been reports that the firm had heavily invested in the European sovereign debts. Almost USD 1.6 billion of consumer assets were reported missing.

✦ The curious case surfaced as to where the money had evaporated from the account books. Those hit were farmers, small investors, etc.

✦ The customers had to wait for almost two-and-a-half years until the final payout was made in April 2014.

Qwest Communications International Inc. (2004)

✦ The company’s top management allegedly fabricated the accounts of the company by overstating their income through fraudulent transactions recorded in the account books: increasing the revenue from its phone directory business, and also understating the expenses of the company.

✦ It was also alleged that the company failed to disclose information about buying equipment, which proved costly.

✦ The rosy picture painted was simply to float the notion that the company was in good financial condition. In 2004, the SEC filed a complaint against the company.

✦ Qwest agreed to pay a penalty of almost USD 250 millions, following an action take by the Securities and Exchange Commission (SEC).

American International Group, Inc. (2005)

In 2005, the insurance company was caught in an accounting fraud that estimated around USD 3.9 billion, along with bid-rigging and stock manipulation.

✦ Following this, the company had to pay heavily in the form of penalties to the SEC. The CEO Hank Greenburg was one of the major players in the fraud that made the financial statements appear optimistic, thus misleading investors.

✦ He had booked loans as revenue, and also conspired to induce traders to inflate the prices of the stocks.

✦ Note: Bid-rigging is when the bidders decide beforehand to eliminate competition among them, and the process is carried out only for namesake.

Parmalat S.p.A. (2004)

✦ This is one of the biggest controversies surrounding the Italian big player: Parmalat, which was started by the Tanzi family. Parmalat was a global name for milk and dairy products.

✦ In 2004, a default in payment by the company prompted investigations which revealed that the company had created non-existent assets, to conceal its liabilities.

✦ The founder family, which owned 51% stake in the company, was held on account of falsification of accounts, embezzlement of funds, etc.

✦ The Bank of America had denied the existence of any account of the company with them, stating that the company had forged documents to show a fictitious account. Further investigations revealed that the funds were diverted to family-owned firms.

✦ Their debts amounted to almost €14 billion. This is one of the biggest frauds in Italian corporate history that involved banks, auditors, and other players. However, they all pleaded guilty or were unaware of the fraudulent activities.


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CSV10 A/R Correction Invoice Reversal – Row Structure

CSV12 A/R Correction Invoice Reversal – Tax Extension

CSV13 A/R Correction Invoice Reversal Rows – Distributed Expenses

CSV14 A/R Correction Invoice Reversal – Assembly – Rows

CSV15 A/R CrIn Rev – Drawn Dpm Appld

CSV16 A/R Correction Invoice Reversal – SnB properties

CSV17 A/R Correction Invoice Reversal – Bin Allocation Data

CSV18 A/R Correction Invoice Reversal – Export Process

CSV19 A/R Correction Invoice Reversal – Bin Allocation Data

CSV2 A/R Correction Invoice Reversal – Freight – Rows

CSV3 A/R Correction Invoice Reversal – Freight

CSV4 A/R Correction Invoice Reversal – Tax Amount Per Document

CSV5 A/R Correction Invoice Reversal – WTax

CSV6 A/R Correction Invoice Reversal – Installments

CSV7 A/R Correction Invoice Reversal – Delivery Packages

CSV8 A/R Correction Invoice Reversal – Items in Package

CSV9 A/R CrIn Rev – Drawn Dpm

CTNS Transaction Notification Setting

CTR1 Service Contract – Items

CTR2 Service Contract – Recurring Transactions

CUL1 Customer Usage Statistics Log

DADB Data Archive DSA Balance

DAR1 Data Archive – Transaction Log

DAR2 Data Archive – Transaction Log

DAR3 Data Archive – Handwritten Documents

DATB Data Archive Tax Balance

DDT1 Withholding Tax Deduction Hierarchy – Rows

DGP2 Expanded Selection Criteria

DGP3 Expanded Consolidation Options

DLN10 Delivery – Row Structure

DLN12 Delivery – Tax Extension

DLN13 Delivery Rows – Distributed Expenses

DLN14 Delivery Notes – Assembly – Rows

DLN15 Delivery – Drawn Dpm Applied

DLN16 Delivery – SnB properties

DLN17 Delivery – Import Process

DLN18 Delivery – Export Process

DLN19 Delivery – Bin Allocation Data

DLN2 Delivery Notes – Freight – Rows

DLN3 Delivery Notes – Freight

DLN4 Delivery – Tax Amount per Document

DLN5 Delivery – Withholding Tax

DLN6 Delivery – Installments

DLN8 Items in Package – Delivery

DPI1 A/R Down Payment – Rows

DPI10 A/R Down Payment – Row Structure

DPI11 A/R DP – Drawn Dpm Detail

DPI12 Down Payment In – Tax Extension

DPI13 A/R Down Payment Rows – Distributed Expenses

DPI14 A/R Down Payment – Assembly – Rows

DPI15 A/R DP – Drawn Dpm Applied

DPI16 A/R Down Payment – SnB properties

DPI17 A/R Down Payment – Import Process

DPI18 A/R Down Payment – Export Process

DPI19 A/R Down Payment – Bin Allocation Data

DPI2 A/R Down Payment – Freight – Rows

DPI3 A/R Down Payment – Freight

DPI4 A/R Down Payment – Tax Amount per Document

DPI5 A/R Down Payment – Withholding Tax

DPI6 A/R Down Payment – Installments

DPI7 Delivery Packages – A/R Down Pymt

DPI8 Items in Package – A/R Down Pmt.

DPI9 Down Payment Incoming – Drawn Dpm

DPO1 A/P Down Payment – Rows

DPO10 A/P Down Payment – Row Structure

DPO12 Down Payment – Tax Extension

DPO13 A/P Down Payment Rows – Distributed Expenses

DPO14 A/P Down Payment – Assembly – Rows

DPO15 A/P DP – Drawn Dpm Applied

DPO16 A/P Down Payment – SnB properties

DPO17 A/P Down Payment – Import Process

DPO18 A/P Down Payment – Export Process

DPO19 A/P Down Payment – Bin Allocation Data

DPO2 A/P Down Payment – Freight – Rows

DPO3 A/P Down Payment – Freight

DPO4 A/P Down Payment – Tax Amount per Document

DPO5 A/P Down Payment – Withholding Tax

DPO6 Down Payment Out – Installments

DPO7 Delivery Packages – A/P Down Pymt

DPO8 Items in Package – A/P Down Pmt.

DPO9 Down Payment Outgoing – Drawn Dpm

DRF10 Draft – Row Structure

DRF12 Draft – Tax Extension

DRF13 Draft Rows – Distributed Expenses

DRF14 Draft – Assembly – Rows

DRF15 Draft – Drawn Dpm Applied

DRF17 Draft – Import Process

DRF18 Draft – Export Process

DRF19 Draft – Bin Allocation Data

DRF2 Draft – Freight – Rows

DRF4 Draft Documents – Tax

DRF5 Draft Documents – Withholding Tax

DRF6 Document Drafts – Installments

DRF7 Delivery Packages – Drafts

DRF8 Items in Package – Draft

DRF9 Document Draft – Drawn Dpm

DRN1 Depreciation Run – Posting

DRN2 Depreciation Run – Posting – Asset

DTP1 Depreciation Types – Rows

DWZ1 Dunning Wizard Array1 – BP Filter

DWZ2 Dunning Wizard Array 2-Invoice Filter

DWZ3 Dunning Wizard Array 3 – Recommended Service Invoice

ECM1 Parameters for Various Types of Electronic Communication

ECM2 Messages Processed via Electronic Communication

ECM3 Statuses and Logs for Actions in Electronic Communication

EDG1 Discount Groups Rows

EJB1 ERV-JAb Wizard Signing Persons

EJB2 Docs List for ERV-JAb Wizard

EJD1 ERV-JAb Signing Persons List

ERX1 Excise Registering Number-Rows

FAA1 Asset Attributes – Rows

FAC1 Fixed Asset Parameter Change – Rows

FAC2 Fixed Asset Parameter Change – Period Control Change

FAM1 Fixed Asset Data Migration – Rows

FAR1 Fixed Asset Revaluation – Rows

FCT1 Sales Forecast – Rows

FIX1 Fixed Asset Transaction – Rows

FLT1 856 Report – Selection Criteria

FML1 Tax Formula Parameter Declaration

FRC1 Extend Cat. f. Financial Rep.

FTR2 Transfer – Area Journal Transactions

FTR3 Transfer – Item Areas

GBI1 GBI Row 1 – Electronic Account Book

GBI10 GBI Row 10 – Enterprise’s Cash Flow Statement

GBI11 GBI Row 11 – Devalue Provision of Enterprise Assets

GBI12 GBI Row 12 – Shareholder’s Rights and Interests Changing Report

GBI13 GBI Row 13 – Enterprise’s Profit Distribution Report

GBI14 GBI Row 14 – Small Enterprise’s Cash Flow Statement

GBI15 GBI Row 15 – Enterprise’s VAT Payable Detail Report

GBI16 GBI Row 16 – Employees

GBI2 GBI Row 2 – G/L Account Master Records

GBI3 GBI Row 3 – Departments

GBI4 GBI Row 4 – Business Partners

GBI6 GBI Row 6 – G/L Account Balance

GBI7 GBI Row 7 – Accounting Vouchers

GBI8 GBI Row 8 – Enterprise’s Balance Sheet

GBI9 GBI Row 9 – Enterprise’s Profit and Loss Statement

GPA1 Gross Profit Adjustment – Log

GPA2 Gross Profit Adjustments – Parameters

GTM1 GTS Mapping Object Details

HEM5 Employee Data Ownership Authorization

HET1 Employee Transfer Details

IBT1 Batch Number Transactions

ICD1 Inventory Counting Draft – Rows

ICD2 Inventory Counting Draft – UoM

ICD3 Inventory Count Draft – SnB

IEI1 Incoming Excise Invoice – Rows

IEI10 Incoming Excise Invoice – Row Structure

IEI11 IEI – Drawn Dpm Detail

IEI12 Incoming Excise Invoice – Tax Extension

IEI13 Incoming Excise Invoice Rows – Distributed Expenses

IEI14 Incoming Excise Invoice – Assembly – Rows

IEI15 IEI – Drawn Dpm Applied

IEI16 Incoming Excise Invoice – SnB properties

IEI17 Incoming Excise Invoice – Import Process

IEI18 Incoming Excise Invoice – Export Process

IEI19 Incoming Excise Invoice – Bin Allocation Data

IEI2 Incoming Excise Invoice – Freight – History – Rows

IEI4 Incoming Excise Invoice – Tax Amount per Document

IEI5 Incoming Excise Invoice – Withholding Tax

IEI7 Delivery Packages – Incoming Excise Invoice

IEI8 Incoming Excise Invoice – Items in Package

IGE10 Goods Issue – Row Structure

IGE12 Goods Issue – Tax Extension

IGE13 Goods Issue Rows – Distributed Expenses

IGE14 Goods Issue – Assembly – Rows

IGE15 Gds Issue – Drawn Dpm Applied

IGE16 Goods Issue – SnB properties

IGE17 Goods Issue – Import Process

IGE18 Goods Issue – Export Process

IGE19 Goods Issue – Bin Allocation Data

IGE2 Goods Issue – Freight – Rows

IGE3 Goods Issue – Freight

IGE4 Goods Issue – Tax Amount per Document

IGE5 Goods Issue – Withholding Tax

IGE6 Goods Issue – Installments

IGE7 Delivery Packages – Goods Issue

IGE8 Items in Package – Goods Issue

IGE9 Goods Issue – Drawn Dpm

IGN10 Goods Receipt – Row Structure

IGN12 Goods Receipt – Tax Extension

IGN13 Goods Receipt Rows – Distributed Expenses

IGN14 Goods Receipt – Assembly – Rows

IGN15 Gds Rcpt – Drawn Dpm Applied

IGN16 Goods Receipt – SnB properties

IGN17 Goods Receipt – Import Process

IGN18 Goods Receipt – Export Process

IGN19 Goods Receipt – Bin Allocation Data

IGN2 Goods Receipt – Freight – Rows

IGN3 Goods Receipt – Freight

IGN4 Goods Receipt – Tax Amount per Document

IGN5 Goods Receipt – Withholding Tax

IGN6 Goods Receipt- Installments

IGN7 Goods Receipt – Delivery Packages

IGN8 Goods Receipt – Items in Package

IGN9 Goods Receipt – Drawn Dpm

ILM1 Srl & Batch Det of Inv Log Msg

ILM2 Inventory Account Substitute

IMT1 Acct data in selected template

IMT11 Calculated expression’s constituent with sign for specifying account in specific template

INC1 Inventory Counting – Rows

INC2 Inventory Counting – UoM

INC3 Inventory Count – SnB

INV10 A/R Invoice – Row Structure

INV11 A/R Invoice – Drawn Dpm Detail

INV12 A/R Invoice – Tax Extension

INV13 A/R Invoice Rows – Distributed Freights

INV14 A/R Invoice – Assembly – Rows

INV15 A/R Inv. – Drawn Dpm Applied

INV16 A/R Invoice – SnB properties

INV17 A/R Invoice – Import Process

INV18 A/R Invoice – Export Process

INV19 A/R Invoice – Bin Allocation Data

INV2 A/R Invoice – Freight – Rows

INV4 A/R Invoice – Tax Amount per Document

INV5 A/R Invoice – Withholding Tax

INV6 A/R Invoice – Installments

INV7 A/R Invoice – Delivery Packages

INV8 A/R Invoice – Items in Package

INV9 A/R Invoice – Drawn Dpm

IOD1 Inventory Initial Qty Draft Rows

IOD2 Inventory Count Draft – SnB

IPD1 Inventory Stock Posting Draft (Reconcile) Lines

IPD2 Inventory Posting Draft – UoM

IPD3 Inventory Posting Draft – SnB

IPF3 Landed Costs – Customs Summary

IQI1 Inventory Initial Qty Rows

IQI2 Inventory Count – SnB

IQR1 Inventory Stock Posting (Reconcile) Lines

IQR2 Inventory Posting – UoM

IQR3 Inventory Posting – SnB

ISW1 Reported Business Partners

ISW2 Intrastat Reported Items

ITL1 Srl & Batch Details in Transac

ITM11 Asset Item Period Control

ITM2 Items – Multiple Preferred Vendors

ITM3 Items – Localization Fields

ITM6 Asset Item Distribution Rules

ITM7 Asset Item Depreciation Params

ITR1 Internal Reconciliation – Rows

ITT1 Bill of Materials – Component Items

IVM1 Invoice Mapping Object Details

IVRU Inventory Valuation Utility

IWB1 Batch No. Quantities Backup

IWB2 Serial No. Quantities Backup

IWZ1 Accounts Revaluation History

IWZ2 Inflation Warehouse Filter

IWZ3 Items Last Revaluation Data

JDT2 Withholding Tax – History

JST1 TDS Adjustment – Rows

LLR1 Electronic Report Generation Result – Reports

MAP1 Input and Output of Mapping

MAP2 Mapping Input and Output Relation

MDC1 Master Data Cleanup – Log

MDC2 Master Data Cleanup – MD Log

MDP1 Manual Depreciation – Rows

MDP2 Manual Depreciation – Area Journal Transactions

MDP3 Manual Depreciation – Item Areas

MDR1 Manual Distribution Rule – Rows

MIN1 Monthly Invoice Report Document Information

MIN2 Item Imformation of MI

MIV1 A/P Monthly Invoice – Document

MIV2 A/P Monthly Invoice – Item

MLS1 Distribution Lists – Recipients

MLT1 Translations in user language

MRV1 Inventory Revaluation Information Array

MRV2 Inventory Revaluation FIFO Rows

MRV3 Inventory Revaluation SNB

MSN1 MRP Scenarios – Warehouses Array

MSN3 MRP Pegging Information

MSN4 MRP Scenarios – Items Array

MSN5 MRP-Specific Document

NFN1 Not a Fiscal Sequence

NNM1 Documents Numbering – Series

NNM5 Document Numbering – Removed Serial Numbers

OADT Fixed Assets Account Determination

OAIM Archive Inventory Message

OAMD Amount Differences Report

OARI Add-On – Company Definitions

OASC Account Segmentation Categories

OASG Account Segmentation

OAT1 Blanket Agreement – Rows

OAT2 Blanket Agreement – Details

OAT3 Item Details: Activity

OAT4 Blanket Agreement – Recurring Transactions

OBAT Bin Location Attribute

OBBI Brazil Beverage Indexer

OBBQ Item – Serial/Batch – Bin Accumulator

OBCA Bank Charges Allocation Codes

OBCD Bar Code Master Data

OBCG Bank Charge for Bank Transfers

OBDC B1i DI Configuration

OBFC Bin Field Configuration

OBGD Budget Cost Assess. Mthd

OBMI Brazilian Multi-Indexer

OBNH Bank Statement Header

OBNI Brazil Numeric Indexer

OBNK External Bank Statement Received

OBOC External Bank Operation Code Category

OBOE Bill of Exchange for Payment

OBOT Bill Of Exchang Transaction

OBSI Brazil String Indexer

OBTC Internal Bank Operation Codes

OBTD Journal Vouchers List

OBTF Journal Voucher Entry

OBTN Batch Numbers Master Data

OBTW Batch Attributes in Location

OBVL Serial Numbers and Batch Valuation Log

OCCD Cargo Customs Declaration Numbers

OCCS Cycle Count Determination

OCDP Closing Date Procedure

OCFH Cash Flow Statement History

OCFP CFOP for Nota Fiscal

OCFT Cash Flow Transactions – Rows

OCHD Checks for Payment Drafts

OCIF Configuration of Intrastat Fields

OCIN A/R Correction Invoice

OCIP Configuration of Integration Packages

OCPI A/P Correction Invoice

OCPL Quick Copy Log Manager

OCPV A/P Correction Invoice Reversal

OCR1 Distribution Rule – Rows

OCRH Credit Card Management

OCRT CRDB Tables Tree List

OCSC Crystal Server Configuration

OCSI A/R Correction Invoice

OCSV A/R Correction Invoice Reversal

OCUL Customer Usage Statistics Log

ODBN Bat. Nos – Draft – Master Data

ODBW Batch Draft Attribs in Locat.

ODCC Dashboard Cache Configuration

ODCI Intrastat Configuration

ODDG Withholding Tax Deduction Groups

ODDT Withholding Tax Deduction Hierarchy

ODGL Deduction Group List

ODGP Document Generation Parameter Sets

ODIM Cost Accounting Dimension

ODLL Bar Code Algorithm File

ODMC GL Account Determination – Criteria

ODOW Data Ownership – Objects

ODOX Data Ownership – Exceptions

ODPA Fixed Asset Depreciation Areas

ODPP Depreciation Type Pools

ODPV Fixed Assets Depreciation Value

ODSN SNs – Draft – Master Data

ODSW SN Draft Attribs in Location

ODTP Fixed Assets Depreciation Types

OECM Electronic Communication Types or Protocols

OEI1 Outgoing Excise Invoice – Rows

OEI10 Outgoing Excise Invoice – Row Structure

OEI11 OEI – Drawn Dpm Detail

OEI12 Outgoing Excise Invoice – Tax Extension

OEI13 Outgoing Excise Invoice Rows – Distributed Expenses

OEI14 Outgoing Excise Invoice – Assembly – Rows

OEI15 OEI – Drawn Dpm Applied

OEI16 Outgoing Excise Invoice – SnB properties

OEI17 Outgoing Excise Invoice – Import Process

OEI18 Outgoing Excise Invoice – Export Process

OEI19 Outgoing Excise Invoice – Bin Allocation Data

OEI4 Outgoing Excise Invoice – Tax Amount per Document

OEI5 Outgoing Excise Invoice – Withholding Tax

OEI6 Outgoing Excise Invoice – Installments

OEI7 Delivery Packages – Outgoing Excise Invoice

OEI8 Outgoing Excise Invoice – Items in Package

OEJB Wizard Run Details for ERV-JAb

OEJD Company Details for ERV-JAb

OERN Excise Register Numbering

OERT Excise Register Numbering Type

OERX Excise Register Numbering Ext

OFAC Fixed Asset Parameter Change

OFAM Fixed Asset Data Migration

OFAR Fixed Asset Revaluation

OFIX Fixed Asset Transactions

OFML Tax Formula Master Table

OFPC Fixed Assets Fiscal Year Change

OFRC Financial Report Categories

OFRT Financial Report Templates

OFYM Financial Year Master

OGAR G/L Account Advanced Rules

OGBI GB Interface: Common Info

OGPA Gross Profit Adjustment

OHET Object: HR Employee Transfer

OHMM SAP HANA Model Management

OIBQ Item – Bin Accumulator

OICD Inventory Stock Counting Draft

OIEI Incoming Excise Invoice

OIGW Item Group – Warehouse

OILM Inventory Log Message

OIMT Templates for Inventory JE

OINC Inventory Stock Counting

OINS Customer Equipment Card

OIOD Inventory Initial Quantity Draft

OIPD Inventory Stock Posting Draft (Reconcile)

OIPO Internal Payment Order Number

OIQI Inventory Initial Quantity

OIQR Inventory Stock Posting (Reconcile)

OITL Inventory Transactions Log

OITR Internal Reconciliation

OIVE FIFO Based Sales Return

OIVM GTS Invoice Mapping Object

OIVQ FIFO Queue Working Table

OIWB Items – Warehouse Counting Data Backup

OLLR Electronic Report Generation Result

OLTB Location-based Tax Bal Table

OMAO Mobile Add-On Setting

OMDR Manual Distribution Rule

OMLT Multi-Language Translation

OMRL Advanced Inventory Revaluation

OMRV Inventory Revaluation

OMSG Messaging Service Settings

OMTC Bank Statement – Matching Criteria

OMTH Reconciliation History

ONFT Nota Fiscal Tax Category (Brazil)

OOEI Outgoing Excise Invoice

OPCI Process Checklist Instance

OPCT Process Checklist Template

OPEX Payment Results Table

OPFT Portfolio Definitions

OPOI Incoming Payment Order

OPOO Outgoing Payment Order

OPPA Password Administration

OPQN Purchase Quotation Group

OPQW Purchase Quotation Generation: Parameter Sets

OPR1 Sales Opportunity – Rows

OPR2 Sales Opportunity – Partners

OPR3 Sales Opportunity – Competitors

OPR4 Sales Opportunity – Interests

OPR5 Sales Opportunity – Reasons

OPYM Payment Methods for Payment Wizard

ORCL Recurring Transaction Instances

ORCP Recurring Transaction Template

OREQ External System Call Request

ORFL Already Displayed 347, 349 and WTax Reports

ORIT Dunning Interest Rate

OROC Retorno Operation Codes

ORSC Resource Master Data

ORTS CPI and FC Rates for Reports

ORTW Boleto Retorno Wizard: Parameter Sets

OSBQ Item – Serial/Batch – Bin Accumulator

OSCM Special Ledger – Analytical Accounting Configuration Rules: Material

OSCN Customer/Vendor Cat. No.

OSCO Service Call Origins

OSCP Service Call Problem Types

OSCR Special Ledger – Analytical Accounting Configuration Rules: Revenues & Expenses

OSCS Service Call Statuses

OSGP Service Group for Brazil

OSHR Shareholder’s Rights and Interests Report History

OSLM Special Ledger – Analytical Accounting Report: Material

OSLR Special Ledger – Analytical Accounting Report: Revenues & Expenses

OSLT Service Call Solutions

OSPG Special Prices for Groups

OSRA Scheduled Report Actions

OSRD Batches and Serial Numbers

OSRI Serial Numbers for Items

OSRN Serial Numbers Master Data

OSRQ Serial No. Quantities

OSRT Korean Summary Report

OSRW Serial No. Attribs in Location

OSST Service Call Solution Statuses

OSTA Sales Tax Authorities

OSTT Sales Tax Authorities Type

OSVR Saved Reconciliations

OSVT Define Summary VAT Report Type

OTBP Target Group Business Partner

OTCD Tax Code Determination

OTCX Tax Code Determination

OTFC Tax Type Combination

OTNC Transaction Category

OTOB 1099 Opening Balance

OTPA Tax Parameter Attributes

OTPI Purchase Tax Invoice

OTRN Multilingual Service Table

OTRS Tax Report Saving Object

OTRX Transformation Documents

OTSC CST Code for Nota Fiscal

OUPT User Autorization Tree

OUSG Usage of Nota Fiscal

OUTX Unreported VAT Transactions

OVNM VAT Report Numbering

OVRW VAT Reposting Wizard

OWDD Docs. for Confirmation

OWEX Workflow Engine Execution Entity

OWFER Workflow Error Message

OWIN Workflow Engine Information

OWKO Production Instructions

OWLS Workflow – Task Details

OWTI Workflow Timer Definition

OWTQ Inventory Transfer Request

OWTS Workflow Engine Task Table

OWTT Withholding Tax Type

PCH10 A/P Invoice – Row Structure

PCH12 A/P Invoice – Tax Extension

PCH13 A/P Invoice Rows – Distributed Expenses

PCH14 A/P Invoice – Assembly – Rows

PCH15 A/P Invoice – Drawn Dpm Appld

PCH16 A/P Invoice – SnB properties

PCH17 A/P Invoice – Import Process

PCH18 A/P Invoice – Export Process

PCH19 A/P Invoice – Bin Allocation Data

PCH2 A/P Invoice – Freight – Rows

PCH4 A/P Invoice – Tax Amount per Document

PCH5 A/P Invoice – Withholding Tax Data

PCH6 A/P Invoice – Installments

PCH7 Delivery Packages – A/P Invoice

PCH8 A/P Invoice – Items in Package

PCH9 A/P Invoice – Drawn Dpm

PCI1 Process Checklist Element Extended Data

PDF1 Payment Draft – Checks

PDF2 Payment Draft – Invoices

PDF3 Payment Draft – Credit Vouchers

PDF4 Payment Draft – Account List

PDF6 Payment Drafts – Withholding Tax – Rows

PDF7 Payment Draft – Tax Amount per Document

PDF8 Payment Draft – TDS Entries

PDN1 Goods Receipt PO – Rows

PDN10 Goods Receipt PO – Row Structure

PDN12 Goods Receipt PO – Tax Extension

PDN13 Goods Receipt PO Rows – Distributed Expenses

PDN14 Goods Receipt PO – Assembly – Rows

PDN15 GRPO – Drawn Dpm Applied

PDN16 Goods Receipt PO – SnB properties

PDN17 Goods Receipt PO – Import Process

PDN18 Goods Receipt PO – Export Process

PDN19 Goods Receipt PO – Bin Allocation Data

PDN2 Goods Receipt PO – Freight – Rows

PDN3 Goods Receipt PO – Freight

PDN4 Goods Receipt PO – Tax Amount per Document

PDN5 Goods Reciept PO – Withholding Tax

PDN6 Goods Receipt PO – Installments

PDN7 Goods Receipt PO – Delivery Packages

PDN8 Goods Receipt PO – Items in Package

PDN9 Goods Receipt PO – Drawn Dpm

PEX1 Payment Results Table – Rows

PJT2 Project Plan Steps Time Record

PKL2 Pick List for SnB and Bin Details

PMV8 Incoming Payment – TDS Entries

POR1 Purchase Order – Rows

POR10 Purchase Order – Row structure

POR12 Purchase Order – Tax Extension

POR13 Purchase Order Rows – Distributed Expenses

POR14 Purchase Order – Assembly – Rows

POR15 PO – Drawn Dpm Applied

POR16 Purchase Order – SnB properties

POR17 Purchase Order – Import Process

POR18 Purchase Order – Export Process

POR19 Purchase Order – Bin Allocation Data

POR2 Purchase Order – Freight – Rows

POR3 Purchase Order – Freight

POR4 Purchase Order – Tax Amount per Document

POR5 Purchase Order – Withholding Tax

POR6 Purchase Order – Installments

POR7 Delivery Packages – Purchase Order

POR8 Items in Package – Purchase Order

POR9 Purchase Order – Drawn Dpm

PQT1 Purchase Quotation – Rows

PQT10 Purchase Quotation – Row Structure

PQT12 Purchase Quotation – Tax Extension

PQT13 Purchase Quotation Rows – Distributed Expenses

PQT14 Purchase Quotation – Assembly – Rows

PQT15 PQ – Drawn DPM Applied

PQT16 Purchase Quotation – SnB properties

PQT17 Purchase Quotation – Import Process

PQT18 Purchase Quotation – Export Process

PQT19 Purchase Quotation – Bin Allocation Data

PQT2 Purchase Quotation – Freight – Rows

PQT3 Purchase Quotation – Freight

PQT4 Purchase Quotation – Tax Amount per Document

PQT5 Purchase Quotation – Withholding Tax

PQT6 Purchase Quotation – Installments

PQT7 Delivery Packages – Purchase Quotation

PQT8 Items in Package – Purchase Quotation

PQT9 Purchase Quotation – Drawn DPM

PQW1 Purchase Quotation Generation: Line Items

PRQ1 Purchase Request – Rows

PRQ10 Purchase Request – Row Structure

PRQ12 Purchase Request – Tax Extension

PRQ13 Purchase Request Rows – Distributed Expenses

PRQ14 Purchase Request – Assembly – Rows

PRQ15 PR – Drawn DPM Applied

PRQ16 Purchase Request – SnB Properties

PRQ17 Purchase Request – Bin Allocation Data

PRQ18 Purchase Request – Export Process

PRQ19 Purchase Request – Bin Allocation Data

PRQ2 Purchase Request – Freight – Rows

PRQ3 Purchase Request – Freight

PRQ4 Purchase Request – Tax Amount per Document

PRQ5 Purchase Request – Withholding Tax

PRQ6 Purchase Request – Installments

PRQ7 Delivery Packages – Purchase Request

PRQ8 Items in Package – Purchase Request

PRQ9 Purchase Request – Drawn DPM

PRS1 Detail Lines of Print Sequence Definition

PUTR Pre-Upgrade Test Result

PUTR1 Pre-Upgrade Test Result Line

PWZ2 Payment Wizard – Rows 2

PWZ3 Payment Wizard – Rows 3

PWZ4 Payment Wizard – Rows 4

PWZ5 Payment Wizard – Rows 5

PWZ6 Payment Wizard Rows – 6

PYD1 Payment Terms Allowed in Payment Run

QUT1 Sales Quotation – Rows

QUT10 Sales Quotation – Row Structure

QUT12 Sales Quotation – Tax Extension

QUT13 Sales Quotation Rows – Distributed Expenses

QUT14 Sales Quotation – Assembly – Rows

QUT15 Sls Quote – Drawn Dpm Applied

QUT16 Sales Quotation – SnB properties

QUT17 Sales Quotation – Import Process

QUT18 Sales Quotation – Export Process

QUT19 Sales Quotation – Bin Allocation Data

QUT2 Sales Quotation – Freight – Rows

QUT3 Sales Quotation – Freight

QUT4 Sales Quotation – Tax Amount per Document

QUT5 Sales Quotation – Tax

QUT6 Sales Quotation – Installments

QUT7 Delivery Packages – Sales Quotation

QUT8 Sales Quotation – Items in Package

QUT9 Sales Quotation – Drawn Dpm

QWZ3 Query Condition Fields

RCC4 Incoming Payment – Credit Vouchers

RCON Connection Map for CR Templates

RCR1 Recurring Postings – Rows

RCT1 Incoming Payment – Checks

RCT2 Incoming Payments – Invoices

RCT3 Incoming Pmt – Credit Vouchers

RCT4 Incoming Payment – Account List

RCT6 Incoming Payments – WTax Rows

RCT7 Incoming Pmt – Tax Amount per Document

RCT8 Incoming Payment – TDS Entries

RDN10 Returns – Row Structure

RDN12 Returns – Tax Extension

RDN13 Returns Rows – Distributed Expenses

RDN14 Return – Assembly – Rows

RDN15 Returns – Drawn Dpm Applied

RDN16 Returns – SnB properties

RDN17 Returns – Import Process

RDN18 Returns – Export Process

RDN19 Returns – Bin Allocation Data

RDN2 Return – Freight – Rows

RDN4 Returns – Tax Amount per Document

RDN5 Returns – Withholding Tax

RDN6 Returns – Installments

RDN7 Delivery Packages – Returns

RDN8 Returns – Items in Package

RDR10 Sales Order – Row Structure

RDR12 Sales Order – Tax Extension

RDR13 Sales Order Rows – Distributed Expenses

RDR14 Sales Order – Assembly – Rows

RDR15 Sls Ord. – Drawn Dpm Applied

RDR16 Sales Order – SnB properties

RDR17 Sales Order – Import Process

RDR18 Sales Order – Export Process

RDR19 Sales Order – Bin Allocation Data

RDR2 Sales Order – Freight – Rows

RDR3 Sales Order – Freight

RDR4 Sales Order – Tax Amount per Document

RDR5 Sales Order – Withholding Tax

RDR6 Sales Order – Installments

RDR7 Delivery Packages – Sales Order

RDR8 Sales Order – Items in Package

REQ1 External System Call Request – Message List

REQ2 External System Call Request – Argument List

REQ3 External System Call Request – Message Argument List

RIN1 A/R Credit Memo – Rows

RIN10 A/R Credit Memo – Row Structure

RIN12 A/R Credit Memo – Tax Extension

RIN13 A/R Credit Memo Rows – Distributed Expenses

RIN14 A/R Credit Memo – Assembly – Rows

RIN15 A/R Cr. Memo – Drawn Dpm Appld

RIN16 A/R Credit Memo – SnB properties

RIN17 A/R Credit Memo – Import Process

RIN18 A/R Credit Memo – Export Process

RIN19 A/R Credit Memo – Bin Allocation Data

RIN2 A/R Credit Memo – Freight – Rows

RIN3 A/R Credit Memo – Freight

RIN4 A/R Credit Memo – Tax Amount per Document

RIN5 A/R Credit Memo – Withholding Tax

RIN6 A/R Credit Memo – Installments

RIN7 A/R Credit Memo – Delivery Packages

RIN8 Items in Package – A/R Credit Memo

RIN9 A/R Credit Memo – Drawn Dpm

RPC1 A/P Credit Memo – Rows

RPC10 A/P Credit Memo – Row Structure

RPC12 A/P Credit Memo – Tax Extension

RPC13 A/P Credit Memo Rows – Distributed Expenses

RPC14 A/P Credit Memo – Assembly – Rows

RPC15 A/P Cr. Memo – Drawn Dpm Appld

RPC16 A/P Credit Memo – SnB properties

RPC17 A/P Credit Memo – Import Process

RPC18 A/P Credit Memo – Export Process

RPC19 A/P Credit Memo – Bin Allocation Data

RPC2 A/P Credit Memo Rows – Expenses

RPC3 A/P Credit Memo – Freight

RPC4 A/P Credit Memo – Tax Amount per Document

RPC5 A/P Credit Memo – Withholding Tax

RPC6 A/P Credit Memo – Installments

RPC7 Delivery Packages – A/P Credit Memo

RPC8 Items in Package – A/P Credit Memo

RPC9 A/P Credit Memo – Drawn Dpm

RPD10 Goods Return – Row Structure

RPD12 Goods Return – Tax Extension

RPD13 Goods Returns Rows – Distributed Expenses

RPD14 Goods Return – Assembly – Rows

RPD15 Gds Return – Drawn Dpm Applied

RPD16 Goods Return – SnB properties

RPD17 Goods Return – Import Process

RPD18 Goods Return – Export Process

RPD19 Goods Return – Bin Allocation Data

RPD2 Goods Return – Freight – Rows

RPD3 Goods Return – Freight

RPD4 Goods Return – Tax Amount per Document

RPD5 Goods Return – Withholding Tax Data

RPD6 Goods Return – Installments

RPD7 Goods Return – Delivery Packages

RPD8 Goods Return – Items in Package

RPD9 Goods Return – Drawn Dpm

RPRS Print Sequence Definition

RSC1 Resources – Warehouses

RTI2 Retirement – Area Journal Transactions

RTI3 Retirement – Item Areas

RTM1 Rate Differences – Rows

RTM2 Rate Differences – SC Adjustment Rows

RTW1 Boleto Retorno Wizard: Import Table

RTW2 Boleto Retorno Wizard: Import Archive

SCL1 Service Call Solutions – Rows

SCL2 Service Call Inventory Expenses

SCL3 Service Call Travel/Labor Expenses

SCL5 Service Call Activities

SCM1 Special Ledger – Analytical Accounting Configuration Rule Conditions: Material

SCM2 Special Ledger – Analytical Accounting Configuration Rule Goals: Material

SCM3 Special Ledger – Analytical Accounting Configuration Rule Additional Calculations: Material

SCR1 Special Ledger – Analytical Accounting Configuration Rule Conditions: Revenues & Expenses

SCR2 Special Ledger – Analytical Accounting Configuration Rule Goals: Revenues & Expenses

SCR3 Special Ledger – Analytical Accounting Configuration Rule Additional Calculations: Revenues & Expenses

SHR1 Shareholder’s Rights and Interests Report History – Rows

SIVE FIFO Based Sales Return

SIVQ FIFO Queue Working Table

SLM1 Special Ledger – Analytical Accounting Report Lines: Material

SLR1 Special Ledger – Analytical Accounting Report Lines: Revenues & Expenses


An Import-Based Economy

In 1997, the Central Bank of Lebanon pegged the Lebanese Lira to the U.S. dollar at 1507 to 1. Over the last two decades, the stability of the Lebanese economy depended on a fixed exchange rate to the U.S. dollar.

Lebanon is largely a service based economy, heavily dependent on tourism most of which is conducted in U.S. dollars. Due to corruption and an unfriendly system to businesses, Lebanon did not develop self-sustaining domestic industries like many of its neighbors. Lebanon imports a staggering 80% of its products - most of the country’s oil, meat, grain and other supplies come from abroad. Lebanon receives U.S. currency inflows through tourism, foreign aid, remittances and loans. And in turn, spends those dollars to purchase supplies across borders.

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Currency stability encouraged expats to continue to send money home, buy property and even deposit cash in local banks. It is estimated that Lebanese abroad sent remittances worth up to 12.5% of Lebanon’s GDP, keeping the economy afloat. The dollarization of Lebanon contributed to its growing wealth divide, where Lebanon’s top 1% earned 25% of the country’s GDP, making it one of the most unequal economies in the world.


Economic Stimulus Act of 2008

  • Tax rebates. Provided a one-time rebate equal to the lesser of net income tax liability and $600 ($1,200) for individual (joint) filers. Ensured a minimum tax rebate of $300 ($600 for joint filers) for individuals with earnings plus Social Security plus veteran's benefits above $3,000. Provided additional rebates of $300 per qualified child. Rebate is reduced by 5 percent of AGI above $75,000 ($150,000 for married joint filers).
  • Business tax incentives. For 2008, increased the limitation on expensing qualified investment to $250,000 the maximum investment phaseout threshold to $800,000 and the first-year depreciation allowance to 50 percent of the cost of qualifying investments.