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

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McGraw-Hill, 1993 - Accounting fraud - 191 pages
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!

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User Review  - shawnd - LibraryThing

This is a great summary of the most-used tricks to sliding around in the gray areas of GAAP accounting in the US. These specific techniques likely represent 80% or more of the different tricks used ... Read full review

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User Review  - jcvogan1 - LibraryThing

Straight-forward introduction to various accounting techniques that can be used to manipulate earnings. Read full review

Contents

Searching for Shenanigans
15
Recording Revenue Too Soon
33
Recording Bogus Revenues
49
Copyright

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About the author (1993)

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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