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  • Audio CD
  • null
  • Financial Shenanigans How to Detect Accounting Gimmicks Fraud in Financial Reports
  • Howard Schilit
  • English
  • 10 March 2019
  • 9781978605459
Financial Shenanigans How to Detect Accounting Gimmicks Fraud in Financial Reports

Financial Shenanigans How to Detect Accounting Gimmicks Fraud in Financial Reports Download ó PDF, eBook or Kindle ePUB free review Æ PDF, eBook or Kindle ePUB free Ö Howard Schilit The bestselling classic from the Sherlock Holmes of Accounting―updated to reflect the key case studies and most important lessons from the past uarter centuryThis fourth edition of the classic guide shines a light on the most shocking frauds and financial reporting offenders of the last twenty five years and gives investors the tools they need to detectCorporate cultures that incentiv. very good and insightful Explained in a very simple wayWith accounting background most of it is common sense but is very good to have the cases layed out and explained

review Æ PDF, eBook or Kindle ePUB free Ö Howard Schilit

Financial Shenanigans How to Detect Accounting Gimmicks Fraud in Financial Reports Download ó PDF, eBook or Kindle ePUB free review Æ PDF, eBook or Kindle ePUB free Ö Howard Schilit Ize dishonest practicesThe latest tricks companies use to exaggerate revenue and earningsTechniues devised by management to manipulate cash flow as easily as earningsCompanies that use misleading metrics to fool investors about their financial performanceHow companies use acuisitions to hide deterioration in their underlying businessThis new edition focuses on the key case studies and m. Extra one star for the style of presenting the cases and real life situation Accounting gimmicks and ethical business always been my favourite research area and I never found such an interesing book in this area before I think the newest edition will also cover changing situation under IFRS vs GAAP in details

Read Financial Shenanigans How to Detect Accounting Gimmicks Fraud in Financial Reports

Financial Shenanigans How to Detect Accounting Gimmicks Fraud in Financial Reports Download ó PDF, eBook or Kindle ePUB free review Æ PDF, eBook or Kindle ePUB free Ö Howard Schilit Ost important lessons from the past uarter century and brings you up to date on accounting chicanery in the global markets Howard Schilit and his team of renowned forensic accounting experts expose financial reporting miscreants and unveil the latest methods companies use to mislead investors You'll learn everything you need to know to unearth deceptive reporting and avoid costly mistak. Greed is as old as mankind Unscrupulous people will try to trick others out of their money One arena for this is the business sector and especially after the IT crash there was a number of high profile accounting scandals Financial Shenanigans has become the de facto standard work on detecting accounting gimmicks and fraud in financial reports Howard Schilit is a former accounting professor who left academia and founded two consultancy firms specializing in so called forensic accounting Having sold the prior Centre for Financial Research and Analytics the author is today the CEO of Schilit Forensics helping clients research companies of interest Schilit is as Barron s puts it a financial sleuth and this book will provide the reader plenty of advice on how not to be taken advantage ofThe second edition of this book contains five parts After an introduction the meatiest part of the book is the second where The Seven Shenanigans are presented ie the most common ways to intentionally distort a company s financials to make the current profits and the financial strength look stronger or weaker than is warranted by actual performance In order the shenanigans are 1 Recording revenue too soon or of uestionable uality such as recording revenue before a service has been provided before a shipment has been made or before the customer s full acceptance or recording sales to an affiliated party and much 2 Recording bogus revenues as when recording cash from lending transactions as revenue or any recording of sales without economic substance 3 Boosting income with one time gain which includes increasing profits by selling undervalued assets or creating income by reclassification of balance sheet items 4 Shifting current expenses to a later or earlier period for example capitalizing normal operating costs amortizing costs too slowly unduly reducing asset reserves etc 5 Failing to record or improperly reducing liabilities such as failure to record expenses and related liabilities when future obligations remain or recording revenue when cash is received even though future obligations remain 6 Shifting current revenue to a later period by for example creating reserves and releasing them into income in a later period or improperly holding back revenue before an acuisition closes and 7 Shifting future expenses to the current period as a special charge that could include improperly inflating the amount of a special charge or accelerating expenses into the current periodThe first five of those shenanigans aim to inflate the current period and to make it look better than it is The last two instead deflate the current period to be able to look better than merited in the future The creative accounting that tweaks the revenues is in a way worse than that which misrepresents costs as the revenues form the basis for the entire profit and loss statement The topics discussed are all relevant but to some extent I feel that the book is too profit and loss centric The balance sheet get s very little attention The chapters include a number of guiding accounting principles and there is an appendix tutorial describing the basics of financial reporting Despite this it is a clear benefit for the reader to have some basic understanding of accounting principles and conceptsThe much shorter parts three through five handle areas such as how to search for signs of improper accounting by using databases and analysing company reports trickier areas such as acuisition accounting and financial reporting in companies that due to their business model don t fit into standard accounting models and finally there is a short historical review of financial tricksters with special attention given to Enron Especially the history part is so short that it becomes close to unnecessary However the part on analysing financial reports does its job To sum up this book should be mandatory complementary reading in every accounting class Apart from learning how accounting ought to work everybody should know how some people come to misuse accounting