Financial Shenanigans : How to Detect Accounting Gimmicks and Fraud in Financial Reports / Edition 2

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Techniques to uncover and avoid accounting frauds and scams

Inflated profits . . . Suspicious write-offs . . . Shifted expenses . . . These and other dubious financial maneuvers have taken on a contemporary twist as companies pull out the stops in seeking to satisfy Wall Street. Financial Shenanigans pulls back the curtain on the current climate of accounting fraud. It presents tools that anyone who is potentially affected by misleading business valuations­­from investors and lenders to managers and auditors­­can use to research and read financial reports, and to identify early warning signs of a company's problems. A bestseller in its first edition, Financial Shenanigans has been thoroughly updated for today's marketplace. New chapters, data, and research reveal contemporary "shenanigans" that have been known to fool even veteran researchers.

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Product Details

  • ISBN-13: 9780071386265
  • Publisher: McGraw-Hill Companies, The
  • Publication date: 3/1/2002
  • Edition description: REV
  • Edition number: 2
  • Pages: 240
  • Product dimensions: 6.30 (w) x 9.30 (h) x 1.15 (d)

Meet the Author

Howard M. Schilit, Ph.D., CPA, is president of the Center for Financial Research and Analysis (CFRA), a leading independent financial research organization, and is one of today's leading authorities on detecting accounting gimmicks. Dr. Schilit, a former professor at American University, has been quoted or featured in numerous business publications including The Wall Street Journal, BusinessWeek, Fortune, and The New York Times, and has appeared on CNBC, CNN, and other networks. He is also the coauthor of Blue Chips and Hot Tips.

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Table of Contents

Preface: Must Be a Sign of the Times
Pt. 1 Establishing the Foundation 1
Ch. 1 You Can Fool Some of the People All of the Time 3
Ch. 2 Seek and Ye Shall Find 23
Ch. 3 Searching for Shenanigans 41
Pt. 2 The Seven Shenanigans 61
Ch. 4 Shenanigan No. 1: Recording Revenue Too Soon or of Questionable Quality 63
Ch. 5 Shenanigan No. 2: Recording Bogus Revenue 83
Ch. 6 Shenanigan No. 3: Boosting Income with One-Time Gains 97
Ch. 7 Shenanigan No. 4: Shifting Current Expenses to a Later or Earlier Period 113
Ch. 8 Shenanigan No. 5: Failing to Record or Improperly Reducing Liabilities 137
Ch. 9 Shenanigan No. 6: Shifting Current Revenue to a Later Period 153
Ch. 10 Shenanigan No. 7: Shifting Future Expenses to the Current Period As a Special Charge 163
Pt. 3 Techniques for Detecting Shenanigans 177
Ch. 11 Database Searching 179
Ch. 12 Analyzing Financial Reports 185
Pt. 4 Problem Areas 207
Ch. 13 Acquisition Accounting Tricks 209
Ch. 14 Revenue Recognition 219
Pt. 5 Looking Back ... Looking Forward 233
Ch. 15 History of Financial Shenanigans 235
Ch. 16 Leading the Battle to Combat Shenanigans 245
Ch. 17 As Bad As It Gets 259
App. Tutorial Understanding the Basics of Financial Reporting 265
Index 288
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  • Anonymous

    Posted November 10, 2004

    How To Spot A Scoundrel

    Well written, with easy to follow examples, this book is a treasure. Even if - like me - you work on Wall Street and are already conversant with financial statements, this book is well worth your time and effort. The $20 you spend on it might very well save you and your clients a fortune.

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  • Anonymous

    Posted February 29, 2004

    Packed with Knowledge!

    Author Howard Schilit writes in surprisingly plain English, and provides the reader with a toolkit to determine what¿s so rotten in Denmark ¿ or on Wall Street. You don¿t have to be an experienced reader of financial reports to learn a lot from this book. Schilit offers more than theory; he provides specific examples and case studies. Learn about the manager who reduced future expenses by purchasing $12 million worth of advance postage metering at the end of the year. Find out how ¿Chainsaw Al¿ Dunlop drove up the price of Sunbeam stock by creating a $35 million reserve, all while laying off 11,000 employees. Learn the inside story of how Enron became the poster child for corporate wrongdoing. We highly recommends this book to independent investors, and anyone else who needs to understand how unethical execs cook the books. It may not save you from losing a bundle, but at least you won¿t feel like you¿re in a battle of wits and devoid of weaponry.

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  • Anonymous

    Posted November 16, 2011

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  • Anonymous

    Posted March 17, 2011

    No text was provided for this review.

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