Financial warnings:
A material difference between a corporation's expected and actual earnings, otherwise known as an earnings surprise, can spell big trouble for lenders and equity investors, to say nothing of the company in question. The failure to anticipate a negative result can threaten a lender's prospe...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York [u.a.]
Wiley
1996
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Zusammenfassung: | A material difference between a corporation's expected and actual earnings, otherwise known as an earnings surprise, can spell big trouble for lenders and equity investors, to say nothing of the company in question. The failure to anticipate a negative result can threaten a lender's prospects for loan repayment, cause investors to absorb heavy losses, and trigger substantial losses on positions in equity securities Dedicated to the principle that "forewarned is forearmed," this book provides accountants and other users of financial statements with the resources needed to avoid these damaging financial discrepancies. Charles Mulford and Eugene Comiskey employ numerous case studies to examine and define these discrepancies and classify earnings surprises according to their major causes: changing economics, fraud, and aggressive application of GAAP. They then examine the results of a survey of bankers and develop a system for rating earnings surprise potential. This Earnings Reversal Score concisely categorizes cautionary signals, such as profitability, liquidity, and management-related early warnings, enabling accountants to recognize problems and take timely corrective measures Financial Warnings helps improve the quality of earnings forecasts as well. With the aid of a detailed worksheet and a pair of extended case studies, you'll learn how to locate material nonrecurring items - a major cause of earnings surprises - and determine a firm's sustainable earnings base more accurately. You'll discover how to pinpoint differences in the book and market values of assets and liabilities, which, if undetected, can also result in earnings surprises. In addition, you'll learn the early warning indicators of fraudulent financial reporting, as well as crucial information on the role and responsibility of auditors in detecting such fraud |
| Beschreibung: | XVII, 478 S. graph. Darst. |
| ISBN: | 0471120448 |
Internformat
MARC
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| 245 | 1 | 0 | |a Financial warnings |c Charles W. Mulford ; Eugene E. Comiskey |
| 264 | 1 | |a New York [u.a.] |b Wiley |c 1996 | |
| 300 | |a XVII, 478 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 520 | 3 | |a A material difference between a corporation's expected and actual earnings, otherwise known as an earnings surprise, can spell big trouble for lenders and equity investors, to say nothing of the company in question. The failure to anticipate a negative result can threaten a lender's prospects for loan repayment, cause investors to absorb heavy losses, and trigger substantial losses on positions in equity securities | |
| 520 | |a Dedicated to the principle that "forewarned is forearmed," this book provides accountants and other users of financial statements with the resources needed to avoid these damaging financial discrepancies. Charles Mulford and Eugene Comiskey employ numerous case studies to examine and define these discrepancies and classify earnings surprises according to their major causes: changing economics, fraud, and aggressive application of GAAP. They then examine the results of a survey of bankers and develop a system for rating earnings surprise potential. This Earnings Reversal Score concisely categorizes cautionary signals, such as profitability, liquidity, and management-related early warnings, enabling accountants to recognize problems and take timely corrective measures | ||
| 520 | |a Financial Warnings helps improve the quality of earnings forecasts as well. With the aid of a detailed worksheet and a pair of extended case studies, you'll learn how to locate material nonrecurring items - a major cause of earnings surprises - and determine a firm's sustainable earnings base more accurately. You'll discover how to pinpoint differences in the book and market values of assets and liabilities, which, if undetected, can also result in earnings surprises. In addition, you'll learn the early warning indicators of fraudulent financial reporting, as well as crucial information on the role and responsibility of auditors in detecting such fraud | ||
| 650 | 7 | |a Financiële verslaglegging |2 gtt | |
| 650 | 4 | |a Assets (Accounting) | |
| 650 | 4 | |a Corporate profits |x Accounting | |
| 650 | 4 | |a Financial statements | |
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| 689 | 1 | |5 DE-604 | |
| 700 | 1 | |a Comiskey, Eugene E. |e Sonstige |4 oth | |
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| 999 | |a oai:aleph.bib-bvb.de:BVB01-007311894 | ||
Datensatz im Suchindex
| _version_ | 1804125420959825920 |
|---|---|
| adam_text | Contents
Preface xv
Acknowledgments xvii
1 What Is an Earnings Surprise? 1
An Earnings Surprise Requires an Earnings Expectation 3
Not All Deviations from Expectations Are Earnings Surprises 3
Selected Causes of Earnings Surprises 5
Forecast Surprises in Nonearnings Areas 7
The Plan of This Book 8
Endnotes 10
2 Identifying Earnings Surprises 12
Reviewing the Financial Press 13
Comparing Actual Results with Expectations 15
Earnings Expectations 16
The Income Statement 17
Management s Discussion and Analysis (MD A) 18
The Findings 18
Trend Based Earnings Surprises 19
Analyst Based Earnings Surprises 33
Summary 45
References 46
Endnotes 46
3 Causative Factors 48
Changing Economic Fundamentals 49
Aggressive Application of Accounting Principles 54
Fraudulent Financial Reporting 59
Classifying Earnings Surprises 60
Summary 64
Endnotes 65
vii
vijj Contents
4 A Survey of Lenders 66
Profitability Related Early Warnings 67
Increase in Inventory Days 67
High Fixed Component to Cost Structure 69
Sustainability of Earnings 69
Decline in Gross Margin 70
Rapid Growth 70
Liquidity Related Early Warnings 71
Overdrafts 71
Increase in Days Statistics 73
Performance of Lines of Credit 73
Inquiries from Other Creditors 73
Management Related Early Warnings 74
Changes in Management 74
Failure to Make or Meet Projections 74
Management Lifestyle 76
Other Management Related Early Warnings 76
External Environment Related Early Warnings 76
Borrower Communications Related Early Warnings 77
Decline in Responsiveness 78
Quality and Character of Communications 79
Financial Communications Related Early Warnings 79
Delayed Receipt of Financial Information 79
Changes in Accountants/Auditors and Accounting Methods 81
Strategy Related Early Warnings 82
Change and Expansion 82
Movement into Unrelated Businesses 83
Miscellaneous Early Warnings 84
Summary 85
Endnotes 87
5 Avoiding Earnings Surprises by Improving
the Quality of Historical Earnings Analysis 88
The Nature of Nonrecurring Items 89
The Process of Identifying Nonrecurring Items 90
Nonrecurring Items in the Income Statement 90
Nonrecurring Items Located in Income from
Continuing Operations 92
Nonrecurring Items Located Below Income from
Continuing Operations 96
Nonrecurring Items in the Statement of Cash Flows 104
Nonrecurring Items in the Inventory Note of LIFO Firms 105
Nonrecurring Items in the Income Tax Note 107
Contents ix
Nonrecurring Items in the Other Income (Expense) Note 111
Small Net Balances May Obscure the Presence of
Large Nonrecurring Items 112
Other Income (Expense) Notes Typically Include
Recurring and Nonrecurring Items 112
Nonrecurring Items in Management s Discussion
and Analysis (MD A) 113
Nonrecurring Items in Other Selected Notes 114
Foreign Exchange Notes 115
Restructuring Notes 116
Quarterly and Segmental Financial Data 117
Summary 118
Endnotes 118
6 The Analysis of Sustainable Earnings 120
The Sustainable Earnings Base Worksheet 120
Role of the Sustainable Earnings Base 123
Application of the Sustainable Earnings Base Worksheet:
Acme Cleveland Corp. 124
Comments on the Acme Cleveland Worksheet 126
Application of the Sustainable Earnings Base Worksheet:
The E. W. Scripps Co. 136
Comments on the E. W. Scripps Worksheet 136
Sustainable Earnings Base Analysis in Company
Annual Reports 140
Amoco Corporation 150
Other Petroleum Companies 152
Non Petroleum Companies 153
Income Taxes and Sustainable Earnings
Base Analysis 156
Selection of an Average Effective Tax Rate 156
Dealing with Changes in Valuation Allowances 157
Summary 159
Endnotes 160
7 Financial Position Analysis 162
Financial Position Analysis and Financial Flexibility:
The Earnings Sustainability Connection 163
Investments 164
Held to Maturity Investments 164
Trading Investments 165
Available for Sale Investments 166
Equity Method Investments 167
x Contents
Investments, Financial Flexibility, and the Sustainability
of Earnings 168
Income Taxes 169
Deferred Tax Assets 170
Deferred Tax Asset Valuation Allowances 171
Recognition of Previously Reserved Deferred Tax Assets 172
Deferred Tax Assets, Financial Flexibility, and
the Sustainability of Earnings 175
LIFO Inventories 177
Disclosure of LIFO Valuation Differences 177
LIFO Valuation Differences: Out of the Notes and
into the Income Statement 179
The Size of LIFO Valuation Differences 179
LIFO Inventories, Financial Flexibility, and the
Sustainability of Earnings 180
Pensions and Other Postretirement and
Postemployment Benefits 180
Pension Reporting and Associated Disclosures 181
Funded Status and Financial Flexibility:
Overfunded Versus Underfunded Plans 183
Reporting and Disclosure of Other Postretirement
and Postemployment Benefits 187
Financial Flexibility and the Recognition of
Other Postretirement and Postemployment Obligations 189
Other Items 189
Undervalued Land 189
Sale and Leaseback Gains 190
Purchased Technology 190
Business Combinations Accounting 191
Overstated Credit Loss Reserves 193
Off Balance Sheet Lease Obligations 193
Example: Philip Morris Companies, Inc. 194
Summary 196
References 198
Endnotes 199
8 Overstated Revenue 202
Revenue Recognition Policies 204
Sales Revenue 204
Sales with Rights of Return 205
Service Revenue 207
Revenue from the Use of Company Assets 209
When Collectibility Is in Doubt 210
Premature Revenue Recognition 212
Contents xi
Examples of Premature Revenue Recognition 212
Example: Knowledgeware, Inc. 214
Example: The Topps Co. 216
Example: Global Resources, Inc. 220
Fictitious Revenue Recognition 223
Examples of Fictitious Revenue Recognition 224
Example: MiniScribe Corp. 225
Example: Comptronix Corp. 228
Recognizing Revenue under Long Term Contracts 233
Incentives for Overstated Revenue 239
Summary 240
Endnotes 242
9 Understated Expenses 245
Aggressive Cost Capitalization 246
The Matching Principle 248
Capitalizing Membership Acquisition Costs 251
Identifying Aggressive Cost Capitalization 253
Capitalized Costs and the Balance Sheet 256
Taking an Aggressive Position 257
Capitalizing Software Development Costs 259
Capitalizing Interest Costs 262
Extended Amortization Periods 265
Summary 273
Endnotes 275
10 Misreported Assets and Liabilities 279
Overvaluation of Assets 281
Accounts Receivable 281
Inventory 286
Investments 297
Undervaluation of Liabilities 300
Financing Related Obligations 300
Operating Related Obligations 301
Contingent Liabilities 304
Summary 320
References 323
Endnotes 323
11 Cash Flow Warnings 326
Linking the Statement of Cash Flows with
Other Statements 328
The Statement of Cash Flows 329
xjj Contents
Cash Flows from Operating Activities 330
Cash Flows from Investing Activities 332
Cash Flows from Financing Activities 332
Direct Method Format 332
Creativity in Classifying Cash Flows 333
Anticipating Trends in Net Income and Operating Cash Flow 335
A Company s Life Cycle 336
Using a Company s Stage in Its Life Cycle to
Anticipate Earnings Surprises 341
Cash Flow Analysis 342
Growth 343
Changes in Operating Profitability 343
Changes in Operating Efficiency 346
Using Cash Flow Analysis to Find Causes of
Earnings Surprises 346
Example: Scientific Technologies, Inc. 347
Example: Cincinnati Microwave, Inc. 353
Summary 357
References 358
Endnotes 358
12 Managed Earnings 360
Boosting Current Year Performance 361
Discretionary Accounting Changes 362
Timed Management Actions 367
Warnings from Boosted Current Year Performance 368
Reducing Current Year Performance 368
Warnings from Reduced Current Year Performance 371
The Big Bath 371
Summary 372
References 374
Endnotes 374
13 The Role of Accountants and Auditors 375
The Several Roles of Outside Accountants
and Auditors 376
Compilation and Review Services 376
Audits 382
Auditors and Fraudulent Financial Reporting 389
The Nature and Incidence of Fraudulent
Financial Reporting 390
Auditing Standards and Auditors Responsibility
for Detecting Fraudulent Financial Reporting 390
Contents xiii
Evidence on Auditors Detection of Fraudulent
Financial Reporting 393
Summary 396
Endnotes 398
Appendix: Topical Accounting Guides 400
Long Term Contract Reporting 400
Contract Reporting Terminology 401
An Illustration of Contract Reporting 402
Contract Reporting Uncertainties 403
Inventory Reporting Alternatives 404
Application of the LIFO Method 405
Role of the LIFO Reserve 406
Nature and Effect of LIFO Liquidations 407
The LIFO Reserve and Financial Position 408
Interest Capitalization 408
Tax Accounting: Foundations 410
Tax Accounting: Carryovers, Deferred Tax Assets and
the Valuation Allowance 414
Deferred Tax Assets: Deductible Temporary Differences,
and Loss and Tax Credit Carryovers 414
Deferred Tax Assets and the Tax Valuation Allowance 418
The Tax Valuation Allowance and Accounting Flexibility 422
Foreign Currency Accounting Issues 423
Transaction Reporting 423
Translation of Foreign Currency Statements 430
Investments in Equity Securities 436
Holdings of Less than Twenty Percent 437
Holdings of 20% 50% 440
Accounting for Leases 442
Lessee Accounting 442
Lessor Accounting 445
Sale and Leaseback Transactions 449
Accounting for Pensions 451
Characteristics of Pensions and Their Reporting Treatment 451
Pension Plan Disclosures 452
Recognition of Underfunded and Overfunded Amounts
by the Plan Sponsor 456
Other Pension Type Benefit Plans 459
Endnotes 460
Company Index 463
Subject Index 469
|
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| id | DE-604.BV010930816 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:01:17Z |
| institution | BVB |
| isbn | 0471120448 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-007311894 |
| oclc_num | 33666561 |
| open_access_boolean | |
| owner | DE-12 DE-703 DE-522 |
| owner_facet | DE-12 DE-703 DE-522 |
| physical | XVII, 478 S. graph. Darst. |
| publishDate | 1996 |
| publishDateSearch | 1996 |
| publishDateSort | 1996 |
| publisher | Wiley |
| record_format | marc |
| spelling | Mulford, Charles W. Verfasser aut Financial warnings Charles W. Mulford ; Eugene E. Comiskey New York [u.a.] Wiley 1996 XVII, 478 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier A material difference between a corporation's expected and actual earnings, otherwise known as an earnings surprise, can spell big trouble for lenders and equity investors, to say nothing of the company in question. The failure to anticipate a negative result can threaten a lender's prospects for loan repayment, cause investors to absorb heavy losses, and trigger substantial losses on positions in equity securities Dedicated to the principle that "forewarned is forearmed," this book provides accountants and other users of financial statements with the resources needed to avoid these damaging financial discrepancies. Charles Mulford and Eugene Comiskey employ numerous case studies to examine and define these discrepancies and classify earnings surprises according to their major causes: changing economics, fraud, and aggressive application of GAAP. They then examine the results of a survey of bankers and develop a system for rating earnings surprise potential. This Earnings Reversal Score concisely categorizes cautionary signals, such as profitability, liquidity, and management-related early warnings, enabling accountants to recognize problems and take timely corrective measures Financial Warnings helps improve the quality of earnings forecasts as well. With the aid of a detailed worksheet and a pair of extended case studies, you'll learn how to locate material nonrecurring items - a major cause of earnings surprises - and determine a firm's sustainable earnings base more accurately. You'll discover how to pinpoint differences in the book and market values of assets and liabilities, which, if undetected, can also result in earnings surprises. In addition, you'll learn the early warning indicators of fraudulent financial reporting, as well as crucial information on the role and responsibility of auditors in detecting such fraud Financiële verslaglegging gtt Assets (Accounting) Corporate profits Accounting Financial statements Finanzierungskontrolle (DE-588)4124974-4 gnd rswk-swf Frühwarnsystem (DE-588)4123236-7 gnd rswk-swf Unternehmen (DE-588)4061963-1 gnd rswk-swf Frühwarnsystem (DE-588)4123236-7 s Unternehmen (DE-588)4061963-1 s DE-604 Finanzierungskontrolle (DE-588)4124974-4 s Comiskey, Eugene E. Sonstige oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007311894&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Mulford, Charles W. Financial warnings Financiële verslaglegging gtt Assets (Accounting) Corporate profits Accounting Financial statements Finanzierungskontrolle (DE-588)4124974-4 gnd Frühwarnsystem (DE-588)4123236-7 gnd Unternehmen (DE-588)4061963-1 gnd |
| subject_GND | (DE-588)4124974-4 (DE-588)4123236-7 (DE-588)4061963-1 |
| title | Financial warnings |
| title_auth | Financial warnings |
| title_exact_search | Financial warnings |
| title_full | Financial warnings Charles W. Mulford ; Eugene E. Comiskey |
| title_fullStr | Financial warnings Charles W. Mulford ; Eugene E. Comiskey |
| title_full_unstemmed | Financial warnings Charles W. Mulford ; Eugene E. Comiskey |
| title_short | Financial warnings |
| title_sort | financial warnings |
| topic | Financiële verslaglegging gtt Assets (Accounting) Corporate profits Accounting Financial statements Finanzierungskontrolle (DE-588)4124974-4 gnd Frühwarnsystem (DE-588)4123236-7 gnd Unternehmen (DE-588)4061963-1 gnd |
| topic_facet | Financiële verslaglegging Assets (Accounting) Corporate profits Accounting Financial statements Finanzierungskontrolle Frühwarnsystem Unternehmen |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007311894&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT mulfordcharlesw financialwarnings AT comiskeyeugenee financialwarnings |