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Financial Shenanigans: How to Detect Accounting Gimmicks and Fraud in Financial Statements

Overview

Written by the man Wall Street Week's Louis Rukeyser calls "an expert on corporate financial games," this no-nonsense guide draws on eye-opening case histories of major companies whose recent accounting "shenanigans" brought in millions of investment dollars before they were exposed. Building on the specific lessons learned from these cases,Financial Shenanigans shows investors,lenders,auditors,regulators,and others how to immediately spot such misleading accounting tricks as: Recording revenue prematurely; ...
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Overview

Written by the man Wall Street Week's Louis Rukeyser calls "an expert on corporate financial games," this no-nonsense guide draws on eye-opening case histories of major companies whose recent accounting "shenanigans" brought in millions of investment dollars before they were exposed. Building on the specific lessons learned from these cases,Financial Shenanigans shows investors,lenders,auditors,regulators,and others how to immediately spot such misleading accounting tricks as: Recording revenue prematurely; Recording bogus revenues; Boosting income artificially with one-time gains; Shifting current expenses to a later period; Failing to record or disclose major liabilities; Shifting current income to a later period; Shifting future expenses to the current period. Plus there are tips on checking the balance of inventory,sales,and receivables. . . scrutinizing statements of cash flows. . . and much more!

Would a company with serious financial problems want to broadcast that fact in its corporate report? Of course not! Prospective investors and lenders should understand that some companies in hot water try to hide the fact with "creative accounting" techniques that provide a distorted picture of their financial health. Now a noted authority uncovers the gimmicks which can hide ailing finances. 20 illustrations.

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Product Details

  • ISBN-13: 9780070561311
  • Publisher: McGraw-Hill Companies, The
  • Publication date: 2/1/1993
  • Edition description: Older Edition
  • Pages: 191
  • Product dimensions: 6.33 (w) x 9.27 (h) x 0.84 (d)

Table of Contents

Preface
Acknowledgments
1 What Are Shenanigans? 1
2 Searching for Shenanigans 15
3 Shenanigan No. 1: Recording Revenue Too Soon 33
4 Shenanigan No. 2: Recording Bogus Revenues 49
5 Shenanigan No. 3: Boosting Income with One-Time Gains 59
6 Shenanigan No. 4: Shifting Current Expenses to a Later Period 77
7 Shenanigan No. 5: Failing to Record or Disclose All Liabilities 97
8 Shenanigan No. 6: Shifting Current Income to a Later Period 111
9 Shenanigan No. 7: Shifting Future Expenses to the Current Period 117
10 Cash Is King: Study the Statement of Cash Flows 123
11 Keep Everything in Balance: Inventory, Sales, and Receivables 131
12 Preventing Shenanigans 147
13 A Century of Shenanigans 157
Tutorial: Understanding the Basics of Financial Reporting 167
Other Books of Interest on Financial Shenanigans 186
Index 187
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  • Anonymous

    Posted January 28, 2001

    useful tool for any investor

    Easy to read....hard to believe a financial book could be so light yet informative and useful. Schilit does a wonderful job explaining financial practices and gives great examples. A real 'top notch' additional to the book shelf on financial statement analysis.

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