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.
- 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.  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
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.  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. 
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.  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.  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.  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. 
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.  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.
✦ 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.
SAP BUSINESS ONE TABLES
CPV4 A/P Correction Invoice Reversal – Tax Amt per Doc.
CPV5 A/P Correction Invoice Reversal – WTax
CPV6 A/P Correction Invoice Reversal – Installments
CPV7 A/P Corr Inv Rvsl – Deliv Pkgs
CPV8 A/P Correction Invoice Reversal – Items in Package
CPV9 A/P Corr Inv Rvrsl – Drawn Dpm
CRD1 Business Partners – Addresses
CRD2 Bussiness Partners – Payment Methods
CRD4 Allowed WTax Codes for BP
CRD7 Fiscal IDs for BP Master Data
CRD8 BP Branch Assignment
CSI1 A/R Correction Invoice – Rows
CSI10 A/R Correction Invoice – Row Structure
CSI12 A/R Correction Invoice – Tax Extension
CSI13 A/R Correction Invoice Rows – Distributed Expenses
CSI14 A/R Correction Invoice – Assembly – Rows
CSI15 A/R Corr Inv – Drawn Dpm Appld
CSI16 A/R Corr. Inv. – SnB properties
CSI17 A/R Correction Invoice – Import Process
CSI18 A/R Correction Invoice – Export Process
CSI19 A/R Correction Invoice – Bin Allocation Data
CSI2 A/R Corr Inv – Freight – Rows
CSI3 A/R Correction Invoice – Freight
CSI4 A/R Correction Invoice – Tax Amount Per Document
CSI5 A/R Correction Invoice – Withholding Tax
CSI6 A/R Corr. Inv. – Installments
CSI7 A/R Corr. Inv. Deliv. Pkgs
CSI8 A/R Corr. Inv. – Items in Pkg
CSI9 A/R Corr. Inv. – Drawn Dpm
CSN1 Certificate Series – Series
CSPI Solution Packager Information
CSV1 A/R Correction Invoice Reversal – Rows
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
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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.