By Charles W. Mulford
Compliment for The monetary Numbers Game
"So a lot for the inspiration 'those who can, do-those who cannot, teach.' Mulford and Comiskey functionality effectively either as collage professors and real-world monetary mercenaries. those men be aware of their stability sheets. The monetary Numbers video game should still function a survival handbook for either critical person traders and execs who learn and act upon the translation of monetary statements. This certain mixture of battle-earned scholarship and caliber writing is a must-read/must-have reference for severe financial plan analysis."
-Bob Acker, Editor/Publisher, The Acker Letter
"Wall Street's unforgiving awareness to quarterly profits offers ever-increasing strain on CFOs to control profits and expectancies. The monetary Numbers video game offers a transparent clarification of the ways that administration can stretch, bend, and holiday accounting ideas to arrive the specified final analysis. This fingers the intense investor or monetary analyst with the fit skepticism required to force past stated effects to a transparent figuring out of a firm's actual performance."
-Mark Hurley, coping with Director, education and improvement worldwide company and funding Banking, financial institution of America
"After analyzing The monetary Numbers online game, i believe as if i have taken a master's direction in financial plan research. Mulford and Comiskey's most recent booklet will be required analyzing for someone who's occupied with essentially interpreting stocks."
-Harry Domash, making an investment Columnist, San Francisco Chronicle and writer, profitable Investing
The monetary Numbers online game identifies the stairs companies may well take to misstate monetary functionality and is helping its readers to spot these events the place suggested effects is probably not what they appear.
Read Online or Download The Financial Numbers Game: Detecting Creative Accounting Practices PDF
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Additional info for The Financial Numbers Game: Detecting Creative Accounting Practices
Example text
With these disclosures, the company was announcing that in the future, it would be less aggressive in its application of accounting principles for depreciation and amortization and reduce the useful lives and residual values of its property, plant, and equipment. , used aggressive revenue recognition practices in order to boost near-term profitability. The company’s policy was to recognize revenue at the time of shipment. ”26 When customer demand did not meet expectations, the company was forced to buy back significant amounts of inventory.
Property and equipment, excluding land and construction in progress, are depreciated to their estimated residual values over their useful lives. Residual value or salvage value is the estimated fair value of an asset at the time it is expected to be removed from service. The useful life of an asset is its service life—the time period over which the asset is expected to be used in operations. It is up to management to determine appropriate useful lives and residual values for property and equipment.
Not knowing whether the acquired R&D will have alternative future uses, expensing currently the amount paid for it is proper. In an effort to stretch the rules, however, some companies will allocate an overly large amount of the purchase price to in-process R&D, permitting them to charge off a significant amount of the purchase price at the time of acquisition. This accounting procedure enables them to minimize the portion of the purchase price that must be allocated to goodwill. Goodwill must be carried on the balance sheet and written down when evidence indicates its value is impaired, necessitating a change to earnings.