A Type of Fraud,in Which Money Received from Later Investors

question 45

Short Answer

A type of fraud,in which money received from later investors is used to provide returns to earlier investors,thus giving an appearance of a profitable investment is called a ______ scheme.

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Definitions:

IFRS

International Financial Reporting Standards – a set of accounting standards developed by the International Accounting Standards Board (IASB) guiding the financial reporting of companies.

GAAP

Generally Accepted Accounting Principles, a set of rules and standards used for financial reporting and accounting in the U.S. to ensure consistency and transparency.

IFRS

International Financial Reporting Standards, a set of accounting principles that dictate how transactions and other accounting events are reported in financial statements globally.

Construction Contracts

Agreements between parties involving the construction, alteration, or repair of buildings or structures.