Binding: Hardcover
Dewey Decimal Number: 657.3
EAN: 9780070561311
ISBN: 0070561311
Label: McGraw-Hill Companies
Manufacturer: McGraw-Hill Companies
Number Of Items: 1
Number Of Pages: 191
Publication Date: February 01, 1993
Publisher: McGraw-Hill Companies
Sales Rank: 106341
Studio: McGraw-Hill Companies

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Editorial Review:

Product 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!




Rating: - Not the Best, But Good
As a college-level lecturer in Forensic Accounting, I seriously considered using this book, but decided not to. While it is clearly the most readable book in the area of forensic accounting, it is lean on examples and does not include citations to the cases and other materials it describes.

A far better, though more difficult, book on the narrow subject of financial fraud is The Financial Numbers Game: Detecting Creative Accounting Practices and a better book on Forensic Accounting generally ... Read More

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Rating: - good book
This book is very through. It assumes that you have some background in accounting or finance. I do not, I am an average person who has never taken an accounting class or business class in my life but I'm able to follow the author. Schlit writes in an effective manner that keeps you involved and interested in what he's talking about. He also gives you hints and clues to follow when you are reading a financial statement. He tells you what to look for and what that may imply. This is a must have for any ... Read More

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Rating: - Excellent primer on accounting fraud
I recommend this book wholeheartedly to anyone who invests in individual stocks or who runs a business. This details many different ways to commit accounting fraud. Perhaps the best part of the book is that there are many detailed examples of each kind of fraud. Also, the book is highly readable and not dry at all. I could hardly put it down once I started.

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Rating: - Great summary of earnings manipulation tactics
This is the best summary of major earnings manipulation techniques that I have seen to date (The appendix: "Comprehensive Checklist of Warning Signs" alone is worth the investment). As a practitioner, it wasn't as in-depth as I hoped it would be, but as others have noted, it is very well written, and has many brief, but interesting examples. The lack of depth is understandable because it allows the author to reach a much broader audience effectively.

This book should be part of your investment ... Read More

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Rating: - Learn about accounting legerdemain
The great thing about this book: not only will you learn about accounting prestidigitation from the world's expert in this subject (Schilit's forensic accounting firm, the CFRA, is used by hedge funds worldwide to find problem companies), you can actually learn pretty much all there is to know about corporate accounting and financial statements. I found his explanations tremendously lucid; easily understood by an intelligent person who can add, subtract, multiply and divide. What is more; he made accounting not ... Read More

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