ABC Learning was Australia’s—and one of the world’s largest providers of early childhood education services until it collapsed spectacularly in the late 2000s, when it came to light that its reported financial success was built on a number of questionable accounting practices.

Required:

1. Search the internet for information about the ABC Learning corporate collapse and summarise the unethical accounting practices utilised by ABC Learning’s accountants.

2. Which of the principles set out in the Australian Accounting Professional and Ethical Standards Board’s Code of Ethics for Professional Accountants did each of these actions contravene?