To falsify financial records or statements with the intention of misleading others about the financial performance or financial position of an accounting entity.
Transactions that are concealed from formal accounting records to avoid taxation or government regulation, often referred to as 'off the books' transactions, can occur in the form of cash payments or barter trades.
Correction of a previously issued financial statement due to an accounting irregularity or misrepresentation. While restatement can result from honest error, the practice gained notoriety during the wave of corporate scandals in the early 2000s.
The Satyam scandal was an accounting scandal involving the Indian computer services company Satyam, where profits and asset values were artificially inflated through fraudulent activities, primarily by creating thousands of false invoices over a period of five years.
