For example, the collapse of Enron showed how accounting and reporting for so-called special purpose entities (SPEs) is hard to understand, much less defend.
The accounting reports consisted of a list of hard-to-decipher accounting jargons. 
mnli hypothesis: The accounting reports consisted of a list of hard-to-decipher accounting jargons.  premise: For example, the collapse of Enron showed how accounting and reporting for so-called special purpose entities (SPEs) is hard to understand, much less defend.