- Hardcover: 408 pages
- Publisher: John Wiley & Sons; 1 edition (1 Mar. 2002)
- Language: English
- ISBN-10: 0471370088
- ISBN-13: 978-0471370086
- Product Dimensions: 18.8 x 3 x 26 cm
- Average Customer Review: 5.0 out of 5 stars See all reviews (2 customer reviews)
- Amazon Bestsellers Rank: 580,972 in Books (See Top 100 in Books)
- See Complete Table of Contents
The Financial Numbers Game: Detecting Creative Accounting Practices Hardcover – 1 Mar 2002
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"The author′s purpose is "to equip the financial statement reader to better detect the use of creative accounting practices and avoid the equity–investment and credit–granting mistakes." A book for it′s time" (Strategic Finance, March 2002)
"With the collapse of Enron Corp., the January debut of the "Financial Numbers Game" could not have arrived at a more perfect time. The book focuses on educating investors on how to spot "creative accounting Practices." Co–Author Charles W. Mulford outlines a few basic guidelines for detecting–and preventing–creative accounting." (SmartPros/Accounting News and Insights, March 2002)
From the Inside Flap
To hide falling profits, some managers ply the flexibility found in accounting principles to alter their financial reports. Others go further and use fraud in their deception. It is vitally important that investors, analysts, and other users of financial statements detect these creative accounting practices as early as possible in order to avoid negative earnings surprises and potential share–price declines. The Financial Numbers Game 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.
Authors Mulford and Comiskey also describe the flexibility built into the GAAP principles and discuss ways companies can take advantage of that flexibility while remaining within the rules of proper reporting. The role of the SEC in enforcing securities laws is explored, as are the specific statutes the SEC uses to prosecute those it deems to have gone too far. The authors present the results of a survey of important financial professionals on their views of the propriety of many financial reporting practices and on the steps they use to detect creative accounting practices. This survey shows a wide range of opinions on what is allowable and the best methods for detecting what is not allowable.
The Financial Numbers Game presents an expert analysis of creative accounting procedures, as well as:
∗ Real–world examples of aggressive and fraudulent financial reports
∗ What signs to look for in detecting earnings manipulation
∗ Ready–made checklists for detecting accounting misdeeds
∗ Advice from such experts as analysts, CFOs, and CPAs
∗ Help for anyone interested in understanding true financial performance
The Financial Numbers Game offers all users of financial statements a comprehensive resource for understanding, detecting, and avoiding the vast assortment of creative accounting techniques found in practice today.
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Top Customer Reviews
Most Helpful Customer Reviews on Amazon.com (beta) (May include reviews from Early Reviewer Rewards Program)
There were many key financial areas were not addressed and the text book feel made it difficult to read too many pages at one time. However, the nuggets of valuable information on the specifics of detection techniques made it a worth-while read.
John W. Taylor
Just as important, the authors show you where to look in a company's financial statements for signs of the bad practices they describe.
This should be a must read for anyone who does significant investing or who just wants to understand how the Enrons and Adelphias of the world manage to get away with their tricks so long.
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