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

by HowardM.Schilit (Author)

• Used

  Hardcover
  1993

  $18.08

  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. Other companies, not on the skids, can be tempted to paint a rosier picture than justified by the facts. Fortunately, there are equally sophisticated methods for spotting the signs of accounting chicanery in virtually any financial condition. This book provides investors and lenders with 50 powerful tools for uncovering accounting gimmicks to get a true reading of a company's financial condition. 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; and 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 more.

• Used

  Hardcover
  2002

  $10.53

  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 valuations - from investors and lenders to managers and auditors - can 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.