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Title: The Financial Numbers Game: Detecting Creative Accounting Practices by Charles W. Mulford, Eugene E. Comiskey, Charles W. Mulford ISBN: 0-471-37008-8 Publisher: Wiley Pub. Date: 18 January, 2002 Format: Hardcover Volumes: 1 List Price(USD): $39.95 |
Average Customer Rating: 4.24 (17 reviews)
Rating: 5
Summary: Whoa! Excellent book to explain creative accounting ...
Comment: So what is a shareholder to believe? The analysts? The accountants? FASB? SEC? Who has our best interest at heart? And who can you trust anymore? Caveat Emptor. Buyer beware... I began a search to find the best book I could to educate me on corporate creative accounting and this is it. EZ to understand. You don't need to know debits and credits. I know what to look for now when I study 10k's. It's all in this book. Timely. Published just as Enron broke. Lots of companies mentioned, which I won't mention here. You just might be shocked at what you find out. Chapters include 'How the Game is Played', 'Misreported Assets and Liabilities', 'Getting Creative with the Income Statement, 'Earnings Management', 'Problems with Cash Flow Reporting', and many more. Complete with exhibits, charts, footnotes. EZ read. Have to go now and re-evaluate my favorite corporate annual reports!
Rating: 4
Summary: Frustrating but valuable
Comment: Mulford and Comiskey badly need an editor, clear-sighted and heartless. There is a wonderful book here, but it is maddeningly difficult to extract from the text as presented -- ill-organized and repetitive and in coverage, perhaps even haphazard (another reviewer note that they don't cover reserves -- true, and I wonder if this is simply an oversight?). That said, this remains the best introduction that I've seen to games managers play (and in which accountants cooperate). More extensive (and less jaunty) than Howard Schilit (Financial Shenanigans). For broader coverage on the limits of accounting, move on to Eccles, etc., "The ValueReporting (sic) Revolution." After the dust settles from the Enron imbroglio, M&C will surely want to do a new edition: here's hoping they keep the same wonderful content, with better focus and analysis.
Rating: 5
Summary: Highly Recommended!
Comment: A special note in the preface of this book explains that it went to press just as the Enron story was beginning to break. Three of its chapters provide almost all the information anyone would have needed to spot the problems at Enron, not to mention at the other big corporations whose scandals made recent headlines. Spotting fraud isn't that hard. The authors provide a very useful toolkit that even a novice investor can use. Some of their coverage of the regulatory apparatus will no doubt have to be changed in future editions, as the regulations themselves keep changing, but this enlightening introduction to the nitty-gritty of skeptical financial statement analysis will have enduring utility. It's written by accountants, so it gets a bit plodding in spots, but their anecdotes relieve the tedium and their information is invaluable. We recommend this reality check for every investor's bookshelf, as well as every employee's and every financial reporter's. Anyone who depends on corporate performance or who uses corporate financial statements should read it.
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Title: Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports, Second Edition by Howard Schilit ISBN: 0071386262 Publisher: McGraw-Hill Companies Pub. Date: 01 March, 2002 List Price(USD): $27.95 |
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Title: Financial Statement Analysis: A Practitioner's Guide, 3rd Edition by Martin Fridson, Fernando Alvarez, Martin S. Fridson ISBN: 0471409154 Publisher: Wiley Pub. Date: 15 March, 2002 List Price(USD): $69.95 |
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Title: Quality of Earnings ISBN: 0684863758 Publisher: Free Press Pub. Date: 01 October, 1998 List Price(USD): $15.75 |
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Title: Financial Statement Analysis: A Valuation Approach by Leonard C. Soffer, Robin J. Soffer ISBN: 0130328340 Publisher: Prentice Hall Pub. Date: 12 November, 2002 List Price(USD): $133.33 |
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Title: Guide to Financial Reporting and Analysis by Eugene E. Comiskey, Charles W. Mulford ISBN: 0471354252 Publisher: Wiley Pub. Date: 15 July, 2000 List Price(USD): $75.00 |
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