Details

The Financial Numbers Game


The Financial Numbers Game

Detecting Creative Accounting Practices
1. Aufl.

von: Charles W. Mulford, Eugene E. Comiskey

24,99 €

Verlag: Wiley
Format: EPUB
Veröffentl.: 10.03.2011
ISBN/EAN: 9780470495315
Sprache: englisch
Anzahl Seiten: 416

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Beschreibungen

Praise for The Financial Numbers Game<br> <br> "So much for the notion 'those who can, do-those who can't, teach.' Mulford and Comiskey function successfully both as college professors and real-world financial mercenaries. These guys know their balance sheets. The Financial Numbers Game should serve as a survival manual for both serious individual investors and industry pros who study and act upon the interpretation of financial statements. This unique blend of battle-earned scholarship and quality writing is a must-read/must-have reference for serious financial statement analysis." --Bob Acker, Editor/Publisher, The Acker Letter<br> <br> "Wall Street's unforgiving attention to quarterly earnings presents ever increasing pressure on CFOs to manage earnings and expectations. The Financial Numbers Game provides a clear explanation of the ways in which management can stretch, bend, and break accounting rules to reach the desired bottom line. This arms the serious investor or financial analyst with the healthy skepticism required to drive beyond reported results to a clear understanding of a firm's true performance." --Mark Hurley, Managing Director, Training and Development, Global Corporate and Investment Banking, Bank of America<br> <br> "After reading The Financial Numbers Game, I feel as though I've taken a master's level course in financial statement analysis. Mulford and Comiskey's latest book should be required reading for anyone who is serious about fundamentally analyzing stocks." --Harry Domash, San Francisco Chronicle investing columnist and investment newsletter publisher
<p><b>1 Financial Numbers Game 1</b></p> <p>Rewards of the Game 2</p> <p>Classifying Creative Accounting Practices 8</p> <p>Plan of This Book 13</p> <p>Summary 14</p> <p>Glossary 15</p> <p>Notes 16</p> <p><b>2 How the Game Is Played 19</b></p> <p>Accounting Policy Choice and Application 19</p> <p>Fraudulent Financial Reporting 39</p> <p>Cleaning Up after the Game 44</p> <p>Clarifying Terminology 49</p> <p>Summary 50</p> <p>Glossary 50</p> <p>Notes 52</p> <p><b>3 Earnings Management: A Closer Look 57</b></p> <p>What Is Earnings Management? 58</p> <p>Incentives and Conditions for Earnings Management 60</p> <p>Earnings Management Techniques 62</p> <p>Evidence of Earnings Management 68</p> <p>Effectiveness of Earnings Management 74</p> <p>Is Earnings Management Good or Bad? 82</p> <p>Summary 84</p> <p>Glossary 86</p> <p>Notes 88</p> <p><b>4 The SEC Responds 93</b></p> <p>The Chairman’s Speech 93</p> <p>The Action Plan 96</p> <p>Subsequent Developments 99</p> <p>Enforcing the Securities Laws 108</p> <p>Summary 120</p> <p>Glossary 122</p> <p>Notes 123</p> <p><b>5 Financial Professionals Speak Out 127</b></p> <p>Survey of Financial Professionals 129</p> <p>Survey Results 133</p> <p>Summary 156</p> <p>Glossary 157</p> <p>Notes 158</p> <p><b>6 Recognizing Premature or Fictitious Revenue 159</b></p> <p>Is It Premature or Fictitious Revenue? 160</p> <p>When Should Revenue Be Recognized? 165</p> <p>Detecting Premature or Fictitious Revenue 185</p> <p>Checklist to Detect Premature or Fictitious Revenue 191</p> <p>Summary 193</p> <p>Glossary 194</p> <p>Notes 196</p> <p><b>7 Aggressive Capitalization and Extended Amortization Policies 201</b></p> <p>Cost Capitalization 202</p> <p>Detecting Aggressive Cost Capitalization Policies 214</p> <p>Amortizing Capitalized Costs 220</p> <p>Detecting Extended Amortization Periods 226</p> <p>Checklist to Detect Aggressive Capitalization and Extended Amortization Policies 229</p> <p>Summary 231</p> <p>Glossary 231</p> <p>Notes 233</p> <p><b>8 Misreported Assets and Liabilities 237</b></p> <p>Link with Reported Earnings 238</p> <p>Boosting Shareholders’ Equity 239</p> <p>Overvalued Assets 240</p> <p>Undervalued Liabilities 259</p> <p>Checklist to Detect Misreported Assets and Liabilities 268</p> <p>Summary 271</p> <p>Glossary 272</p> <p>Notes 275</p> <p><b>9 Getting Creative with the Income Statement: Classification and Disclosure 279</b></p> <p>Current Income Statement Requirements and Practices 280</p> <p>Reporting Comprehensive Income 292</p> <p>Creative Income Statement Classifications 295</p> <p>Creativity with Other Aspects of the Income Statement 304</p> <p>Summary 311</p> <p>Glossary 312</p> <p>Notes 313</p> <p><b>10 Getting Creative with the Income Statement: Pro-Forma Measures of Earnings 317</b></p> <p>Recasting the Bottom Line: Pro-Forma Earnings Measures 318</p> <p>Summary 339</p> <p>Glossary 340</p> <p>Notes 341</p> <p><b>11 Problems with Cash Flow Reporting 345</b></p> <p>Reporting Cash Flow 347</p> <p>Problems with Reported Operating Cash Flow 354</p> <p>Using Operating Cash Flow to Detect Creative Accounting Practices 370</p> <p>Checklist for Using Operating Cash Flow to Detect Creative Accounting Practices 373</p> <p>Summary 373</p> <p>Glossary 375</p> <p>Notes 377</p> <p>Subject Index 379</p> <p>Company Index 391</p>
<p><b>CHARLES W. MULFORD</b> is Invesco Chair and Professor of Accounting and <b>EUGENE E. COMISKEY</b> is Callaway Chair and Professor of Accounting in the DuPree College of Management at the Georgia Institute of Technology in Atlanta, Georgia.
<p>Praise for <b>THE FINANCIAL NUMBERS GAME</b> <p>"So much for the notion 'those who can, do—those who can't, teach.' Mulford and Comiskey function successfully both as college professors and real-world financial mercenaries. These guys know their balance sheets. <i>The Financial Numbers Game</i> should serve as a survival manual for both serious individual investors and industry pros who study and act upon the interpretation of financial statements. This unique blend of battle-earned scholarship and quality writing is a must-read/must-have reference for serious financial statement analysis."</br> <b>—Bob Acker, Editor/Publisher, <i>The Acker Letter</i></b> <p>"Wall Street's unforgiving attention to quarterly earnings presents ever-increasing pressure on CFOs to manage earnings and expectations. <i>The Financial Numbers Game</i> provides a clear explanation of the ways in which management can stretch, bend, and break accounting rules to reach the desired bottom line. This arms the serious investor or financial analyst with the healthy skepticism required to drive beyond reported results to a clear understanding of a firm's true performance."</br> <b>—Mark Hurley, Managing Director, Training and Development, Global Corporate and Investment Banking, Bank of America</b> <p>"After reading <i>The Financial Numbers Game</i>, I feel as though I've taken a master's course in financial statement analysis. Mulford and Comiskey's latest book should be required reading for anyone who is serious about fundamentally analyzing stocks."</br> <b>—Harry Domash, Investing Columnist, <i>San Francisco Chronicle</i> and Publisher, <i>Winning Investing</i></b> <p><i>The Financial Numbers Game</i> identifies the steps businesses may take to misstate financial performance and helps its readers to identify those situations where reported results may not be what they seem.

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