The financial numbers game: detecting creative accounting by Charles W. Mulford PDF

By Charles W. Mulford

Compliment for The monetary Numbers online game "So a lot for the proposal 'those who can, do-those who cannot, teach.' Mulford and Comiskey functionality effectively either as university professors and real-world monetary mercenaries. those men comprehend their stability sheets. The monetary Numbers video game may still function a survival handbook for either severe person traders and execs who research and act upon the translation of economic statements. This distinct mix of battle-earned scholarship and caliber writing is a must-read/must-have reference for critical financial plan analysis." -Bob Acker, Editor/Publisher, The Acker Letter "Wall Street's unforgiving realization to quarterly profits provides ever-increasing strain on CFOs to control profits and expectancies. The monetary Numbers online game offers a transparent rationalization of the ways that administration can stretch, bend, and holiday accounting ideas to arrive the specified base line. This fingers the intense investor or monetary analyst with the fit skepticism required to force past said effects to a transparent realizing of a firm's actual performance." -Mark Hurley, handling Director, education and improvement worldwide company and funding Banking, financial institution of the USA "After interpreting The monetary Numbers video game, i believe as if i have taken a master's path in financial plan research. Mulford and Comiskey's most modern publication can be required studying for somebody who's enthusiastic about essentially interpreting stocks." -Harry Domash, making an investment Columnist, San Francisco Chronicle and writer, successful making an investment The monetary Numbers online game identifies the stairs companies might take to misstate monetary functionality and is helping its readers to spot these events the place mentioned effects is probably not what they appear.

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Extra resources for The financial numbers game: detecting creative accounting practices

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In its 1998 annual report, the company provided the following disclosure of the restatement: In connection with the review by the Staff of the Securities and Exchange Commission of documents related to SunTrust’s acquisition of Crestar Financial Corporation and the Staff’s comments thereon, SunTrust lowered its provision for loan losses in 1996, 1995 and 1994 by $40 million, $35 million and $25 million, respectively. 3 million, respectively. 36 It is the exception, not the rule, where the SEC considers earnings to be reported too conservatively.

Interestingly, much of the company’s financial reporting problems arose from an aggressive stance taken in its selection of useful lives and residual values for property and equipment. One would not normally expect that accounting practices as innocuous as fixed asset useful lives and residual values could have such material effects on the financial statements. But that is the case for companies with heavy investments in capital assets. Property and equipment, excluding land and construction in progress, are depreciated to their estimated residual values over their useful lives.

1. Companies are actively using the different methods available to them, with FIFO being the more popular and LIFO following closely behind. When inventory costs are changing, each inventory cost method will result in a different earnings amount on the income statement and different amounts for inventory and shareholder’s equity on the balance sheet. Longview Fibre Co. uses the LIFO method of inventory cost determination for all of its inventories except supplies. 2 provides the company’s inventory amounts taken from its 1999 annual report.

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