By Howard Schilit
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Techniques to discover and keep away from accounting frauds and scamsInflated earnings . . . Suspicious write-offs . . . Shifted costs . . . those and different doubtful monetary maneuvers have taken on a latest twist as businesses pull out the stops in looking to fulfill Wall road. monetary Shenanigans pulls again the curtain at the present weather of accounting fraud. It provides instruments that anybody who's in all likelihood suffering from deceptive enterprise valuationsfrom traders and creditors to managers and auditorscan use to analyze and browse monetary reviews, and to spot early indications of a company's difficulties. A bestseller in its first variation, monetary Shenanigans has been completely up-to-date for today's industry. New chapters, info, and learn exhibit modern "shenanigans" which were recognized to idiot even veteran researchers.
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Additional info for Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports (2nd Edition)
Table 2-6. Warning Signs: Medaphis Problem Indicated Evidence Shenanigan Aggressive accounting: Recorded revenue too soon • MEDA used percentageof-completion accounting, thereby recording revenue before the product was shipped. • There was a big increase in unbilled revenue. 5 million of net earnings from a joint venture. 5 million (52 percent of pretax earnings), up an astonishing 423 percent from 1994. • MEDA lengthened the amortization period from five to seven years in 1995. • MEDA’s cash flow from operations was deteriorating.
2 40 30 MEDA announces unexpected loss 20 10 0 12/26/94 Fig. 2-2. 6/26/95 12/26/95 6/26/96 12/26/96 6/26/97 12/26/97 Medaphis Stock Price, 1994–1997 troubling sign. 5 million that represented its share of the earnings from an investment partnership. Investment income is certainly nice to have, but it should not be included as part of revenue. After the CFRA analyst restated the reported revenue and operating income by excluding the investment gains, the results were shocking— MEDA’s operating proﬁts were off 37 percent.
They have whimsically excluded expenses that really are related to the company’s normal recurring business. For example, some companies have excluded such costs as stock-based compensation and amortization expense in computing pro forma earnings. This subjective approach to accounting and ﬁnancial reporting can turn losses into proﬁts. That’s just what happened at Computer Associates International (CA), whose accounting was challenged in an April 2001 story in The New York Times. By changing the terms of its software sales and how it accounts for them, CA reported 42 cents of pro forma earnings per share in the ﬁnal quarter of last year, versus a 59-cent loss under GAAP.
Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports (2nd Edition) by Howard Schilit