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Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports
Author(s): Howard Schilit (Author)
- Publisher: McGraw-Hill Companies
- Publication Date: January 1, 1993
- Edition: First Edition
- Language: English
- Print length: 191 pages
- ISBN-10: 0070561311
- ISBN-13: 9780070561311
Book Description
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!
Editorial Reviews
Review
“For a book about accounting, “Financial Shenanigans” is “relatively easy, even fascinating read, liberally laced with reveting anecdotes about wayward companies,” says Kiplinger’s Personal Finance magazine.” — Boyd, Brendan, The Cincinnati Post, 10/11/94
