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Even listed firms audited by independent accountants, such as Daewoo, hide debts.
Those techniques were used by Enron to hide debts and conceal losses from investors.
Mr Bondi has accused some 50 firms of helping Parmalat's previous management hide debts and manipulate the company's results.
Enron collapsed in 2001 after it emerged that it had inflated its profits and filed false accounts to hide debts.
The nation's accounting rule makers took steps yesterday intended to make it harder for companies to hide debts and assets from their shareholders.
This practice has been cast in a negative light, in the case of publicly held companies like Enron, where it was used to funnel cash from one entity to another, inflate profits and hide debts.
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Complexity was what made it possible to hide debt, avoid capital requirements and evade taxes.
One firm could hide debt with another when its quarter ended.
The suit contends that Enron executives conspired with the banks to inflate profits and hide debt.
Then, when the other firm's quarter ended, that firm could hide debt with the first firm.
Many state officials say the existing rules are fine, but Mr. Wilson is siding with those who say the rules are letting New York and other governments hide debt.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com