False accounting would be a problem yes but I don't think that is an accusation. There is a difference between creative accounting and false accounting. False accounting would be fraud, IE, you have lied about a transaction. I don't think that this is the case because the legal authorities such as the Serious Fraud Office or HMRC would be involved. The taxman would certainly be dropping the hammer on us.
The Premier League again is in no position to judge our accounts, as far as they're concerned our accounts are fully legal and audited because city are legally obligated under UK law to ensure that happens. The Premier League however has its own rules on accounting reporting and that's where the problem lies. Structuring deals to get around those rules isn't false or illegal accounting, it's creative accounting. Failure to comply and disclose these deals according to those rules is what we're accused of.
On creative accounting alone you could easily argue these same accusations against any club in the Premier League. Why do you think that the parent business who owns United is registered in the Cayman Islands? Why is the parent of Liverpool registered in Delaware USA? The reason for this is to avoid tax and keep the books out of UK scrutiny which is just another form of creative accounting.
I haven't read into all of the supposed breaches but it seems that they often come down to an extremely complicated web of transactions which probably aren't seen in the accounts. This doesn't mean that they're illegal, it may just mean that clearly certain transactions have been structured in such a way to avoid the rules let's say.