The Financial Numbers Game: Detecting Creative Accounting Practices

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9780471770732: The Financial Numbers Game: Detecting Creative Accounting Practices
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Praise for The Financial Numbers Game

"So much for the notion 'those who can, do-those who can't, teach.'Mulford and Comiskey function successfully both as collegeprofessors and real-world financial mercenaries. These guys knowtheir balance sheets. The Financial Numbers Game should serve as asurvival manual for both serious individual investors and industrypros who study and act upon the interpretation of financialstatements. This unique blend of battle-earned scholarship andquality writing is a must-read/must-have reference for seriousfinancial statement analysis."
-Bob Acker, Editor/Publisher, The Acker Letter

"Wall Street's unforgiving attention to quarterly earnings presentsever-increasing pressure on CFOs to manage earnings andexpectations. The Financial Numbers Game provides a clearexplanation of the ways in which management can stretch, bend, andbreak accounting rules to reach the desired bottom line. This armsthe serious investor or financial analyst with the healthyskepticism required to drive beyond reported results to a clearunderstanding of a firm's true performance."
-Mark Hurley, Managing Director, Training and Development GlobalCorporate and Investment Banking, Bank of America

"After reading The Financial Numbers Game, I feel as though I'vetaken a master's course in financial statement analysis. Mulfordand Comiskey's latest book should be required reading for anyonewho is serious about fundamentally analyzing stocks."
-Harry Domash, Investing Columnist, San Francisco Chronicle andPublisher, Winning Investing

The Financial Numbers Game identifies the steps businesses may taketo misstate financial performance and helps its readers to identifythose situations where reported results may not be what they seem.

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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 foranyone 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.

About the Author:

Charles W. Mulford is the Invesco Chair and Professor of Accounting and Eugene E. Comiskey is the Callaway Chair and Professor of Accounting in the DuPree College of Management at the Georgia Institute of Technology in Atlanta. Both professors have doctorates in accounting and are professionally qualified as certified public accountants. In addition to their work at Georgia Tech, they actively consult with lenders at commercial banks in the United States and abroad. Professors Mulford and Comiskey have published articles on financial reporting and analysis issues in leading academic journals in the accounting and finance fields as well as in such widely read professional journals as the Commercial Lending Review and the Financial Analysts’ Journal. This is the authors’ third book. Their first, Financial Warnings, published in 1996, identifies the warning signs of future corporate earnings difficulties. Their second, Guide to Financial Reporting and Analysis, seeks to simplify the complexities of current-day generally accepted accounting principles as an aid to practicing financial analysts and other users of financial statements.

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Book Description John Wiley & Sons Inc, United States, 2005. Paperback. Condition: New. 1. Auflage. Language: English. Brand new Book. Praise for "The Financial Numbers Game": '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". '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. 'After reading "The Financial Numbers Game", 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' - Harry Domash, Investing Columnist, "San Francisco Chronicle" and Publisher, "Winning Investing". "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. Seller Inventory # AAH9780471770732

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