Analysis of Financial Statements Focusing on Detection of Ponzi Schemes Using XBRL
Analysis of Financial Statements Focusing on Detection of Ponzi Schemes Using XBRL

Author(s): Zuzana Kubaščíková, Zuzana Juhászová
Subject(s): Methodology and research technology, Accounting - Business Administration, Corruption - Transparency - Anti-Corruption
Published by: Masarykova univerzita nakladatelství
Keywords: financial statements; Ponzi scheme; XBRL; financial analysis; fraud;
Summary/Abstract: A number of companies are asked to provide the relevant financial information in electronic form for the needs of national and international regulators of trading with securities and for the purposes of supervisors of financial institutions. To fulfill these requirements there is also a need to ensure effective electronic communication that allows grouping, organizing, and analyzing data according to the requirements of the user. This paper deals with the possibilities of using XBRL (eXtensible Business Reporting Language) for this purpose with a focus on tracking features of a Ponzi scheme. Typical characteristics of a Ponzi scheme are often found in a high-risk type of investment companies called HYIP (High-yield Investment Programs) many of which belong to bankrupt non-bank entities investigated since 2000.

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