9780071386265

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

by
  • ISBN13:

    9780071386265

  • ISBN10:

    0071386262

  • Edition: 2nd
  • Format: Hardcover
  • Copyright: 2002-03-01
  • Publisher: McGraw-Hill Australia
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Summary

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 Shenaniganspulls back the curtain on the current climate of accounting fraud. It presents tools that anyone who is potentially affected by misleading business valuationsshy;shy;from investors and lenders to managers and auditorsshy;shy;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 Shenaniganshas been thoroughly updated for today's marketplace. New chapters, data, and research reveal contemporary "shenanigans" that have been known to fool even veteran researchers.

Author Biography

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.

Table of Contents

Preface: Must Be a Sign of the Times v
PART ONE: Establishing the Foundation 1(60)
You Can Fool Some of the People All of the Time
3(20)
Seek and Ye Shall Find
23(18)
Searching for Shenanigans
41(20)
PART TWO: The Seven Shenanigans 61(116)
Shenanigan No. 1: Recording Revenue Too Soon or of Questionable Quality
63(20)
Shenanigan No. 2: Recording Bogus Revenue
83(14)
Shenanigan No. 3: Boosting Income with One-Time Gains
97(16)
Shenanigan No. 4: Shifting Current Expenses to a Later or Earlier Period
113(24)
Shenanigan No. 5: Failing to Record or Improperly Reducing Liabilities
137(16)
Shenanigan No. 6: Shifting Current Revenue to a Later Period
153(10)
Shenanigan No. 7: Shifting Future Expenses to the Current Period as a Special Charge
163(14)
PART THREE: Techniques for Detecting Shenanigans 177(30)
Database Searching
179(6)
Analyzing Financial Reports
185(22)
PART FOUR: Problem Areas 207(26)
Acquisition Accounting Tricks
209(10)
Revenue Recognition
219(14)
PART FIVE: Looking Back...Looking Forward 233(32)
History of Financial Shenanigans
235(10)
Leading the Battle to Combat Shenanigans
245(14)
As Bad As It Gets
259(6)
Appendix Tutorial: Understanding the Basics of Financial Reporting 265(23)
Index 288

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