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About the Author
Howard Schilit, Ph.D., CPA, is the founder and chief executive officer of Schilit Forensics LLC. Dr. Schilit is a pioneer in the field of detecting accounting tricks in corporate financial reports that mislead investors. Howard was the founder and CEO of CFRA, a global forensic accounting research organization. He has been a leading spokesman before the US Congress, the SEC, and global media outlets about the causes and early warning signs of accounting tricks in public filings. Dr. Schilit began his career as an Associate Professor of Accounting at American University and continues to teach and lecture all over the world. Dr. Schilit holds his doctorate in Accounting from the University of Maryland. Jeremy Perler, CFA, CPA, is the Director of Research at Schilit Forensics and co-author of Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports (3rd edition, 2010). Previously, Jeremy served as the in-house Forensic Accounting Analyst for CoatueManagement, a long/short equity hedge fund; Director of Research for CFRA; and auditor for PricewaterhouseCoopers. In addition, Mr. Perler serves on the FASB's Financial Accounting Standards Advisory Council (FASAC) as a representative of the Investor Community. Jeremy holds a Master of Accounting and a BBA from the University of Michigan Ross School of Business.
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Product details
Hardcover: 336 pages
Publisher: McGraw-Hill Education; 3rd edition (May 5, 2010)
Language: English
ISBN-10: 9780071703079
ISBN-13: 978-0071703079
ASIN: 0071703071
Product Dimensions:
5.9 x 1 x 9.5 inches
Shipping Weight: 1.3 pounds (View shipping rates and policies)
Average Customer Review:
4.5 out of 5 stars
64 customer reviews
Amazon Best Sellers Rank:
#90,681 in Books (See Top 100 in Books)
As one who invests for long term reliable income using the dividends paid by publicly traded stocks, I find the content of this book good and most of it useful, at least at the conceptual level. The author gives several examples of companies who have accelerated earnings, delayed expenses and booked what should have been operational cash flow as cash flow used for investing activities. This is good and helpful. But what the book does not do is show you where you can find such information in the quarterly or annual shareholder reports. Where would I go to find information that would lead me to understand that the company is selling its A/R and what wording is typically used that would suggest A/R has been sold?And one constructive suggestion to the author....most who will want to read your book are sophisticated enough to know the basics of financial statements and are likely interested in getting into the 'meat' of the shenanigan. But you often begin chapters or descriptive sections of a chapter with somewhat lengthy quaint metaphorical examples as a lead in to the shenanigan you're about to address. As I progressed through the book, I found this distracting and would skip those pages. I appreciate keeping the book interesting and non-boring, but sometimes a little bit of analogous description goes a long way :-)Otherwise, this is a very good book on this subject.
The book by Howard Schilit and Jeremy Perler dives deep into the dark world of corporate accounting, blowing apart common tricks corporate accountants use to make businesses look better than they are.The book hits hard on the many changes in GAAP accounting and how masterful accountants trick business analysts with gimmickry.In total there are: 7 Earnings manipulation shenanigans – These run the gamut from simple revenue recognition discrepancies to very disingenuous sales processes that allow a company to record revenue before a sale is even made. The author boosts this section of the book with high-quality examples from leading public companies including Sunbeam and IBM. You won’t believe the extent to which high-profile companies report earnings beats with fictitious accounting numbers. 4 Cash flow shenanigans – The cash flow statement is one of the most difficult to engineer – a company produces cash, or it doesn’t. However, accounting teams still have four methods to boost cash flows when a business would otherwise produce very little free cash. This section primarily focuses on how businesses shift financing cash flows (money from stock and bond sales) into operating income. Also, this section uncovers how acquisitions and disposition can be used to make cash flow look stronger than it really is. 3 Key metric shenanigans – This section targets the key metrics used by executives when they talk about their business and brand. In particular, it examines how corporate brass can turn attention away from struggling businesses with non-GAAP measures like “same store sales†or “average revenue per user.†This section curiously touches on the subject of “bookings,†a metric used by recent IPOs like Groupon to hide their true revenue per user metrics. This is a must-read section for people who tune into corporate conference calls or who read conference call presentations.This book will also help anyone who: Invests in individual stocks – Particularly in large cap companies, where the sheer complexity of one or many businesses can hide the true operating performance of a company, this book gives investors a way to “fact†check the going-ons of a company from quarter to quarter. If you invest in individual stocks, this is a must-read book. Values stocks on cash flows – The cash flow shenanigans are absolutely incredible. Anyone who uses a discounted cash flow analysis to value companies will appreciate the wisdom in Financial Shenanigans. The cash flow statement is not as impenetrable as investors seem to believe. Wants to learn more about financial history – The book takes you through the evolution of corporate scams and accounting frauds. The author makes frequent references to massive scams like Enron and Worldcom, and even goes back in time to show you how investors could have caught onto the false accounting that made these companies the biggest frauds in Wall Street history.What I like most about the book is that it doesn’t just expose the gimmicks that businesses use to fake their financials. Instead, the authors go to great lengths to give examples, and then explain how you can fact check the accounting of any public company.All in all, at little more than $18 for the hardcover, this is a must-own book for any serious individual stock investor. It’s easy to read, easy to follow (there are literally hundreds of examples), and easy to apply what you learn to companies you watch immediately after reading.
I personally loved this book for the following reasons:Very clear graphics to follow.Very clear break down of how companies manage money inappropriately.Easy to follow and actually a fun read from a typically dull subject.If anything the only two downsides from this book are below:The transitions between sections and sub sections are repetitive, and a little annoying.The author occasionally talks down to the reader, and I think this is unintentional.The overall content, author knowledge, and easy to read breakdown of accounting gimmicks gets a 5 from me.
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