Creative Cash Flow Reporting: Uncovering Sustainable Financial Performance by Ch

Description: Creative Cash Flow Reporting by Charles W. Mulford, Eugene E. Comiskey Successful methodology for identifying earnings-related reporting indiscretions Creative Cash Flow Reporting and Analysis capitalizes on current concerns with misleading financial reporting on misleading financial reporting. FORMAT Hardcover LANGUAGE English CONDITION Brand New Publisher Description Successful methodology for identifying earnings-related reporting indiscretions Creative Cash Flow Reporting and Analysis capitalizes on current concerns with misleading financial reporting on misleading financial reporting. It identifies the common steps used to yield misleading cash flow amounts, demonstrates how to adjust the cash flow statement for more effective analysis, and how to use adjusted operating cash flow to uncover earnings that have been misreported using aggressive or fraudulent accounting practices. Charles W. Mulford, PhD, CPA (Atlanta, GA), is the coauthor of three books, including the bestselling The Financial Numbers Game: Identifying Creative Accounting Practices. Eugene E. Comiskey, PhD, CPA, CMA (Atlanta, GA), is the coauthor of the bestselling The Financial Numbers Game: Identifying Creative Accounting Practices. Back Cover CREATIVE cash flow REPORTING Uncovering Sustainable Financial Performance Contrary to popular opinion, managers have a degree of discretion in reporting operating cash flow. In this era, when the trustworthiness of reported earnings is in question, a reliance on as-reported operating cash flow is not the convenient substitute measure of financial performance that it might appear to be. Creative Cash Flow Reporting: Uncovering Sustainable Financial Performance identifies how the routine application of either current accounting standards or other measures employed by some companies can yield misleading operating cash flow statements in financial analysis. When adjusted using the methods described in this clear guide, operating cash flow is a more effective tool for uncovering reported earnings that have been increased through questionable means. Premature or fictitious revenue will result in growing receivables but not cash. Also, steps taken to misstate inventory might boost gross profit and net income but will not reflect cash flow. The same is true about aggressive cost capitalization and other creative accounting acts. Creative Cash Flow Reporting demonstrates how to use adjusted operating cash flow to uncover earnings that have been misreported by even the most aggressive and fraudulent accounting practices. Real-world practice is demonstrated through the results of a study designed to adjust the cash flow statements of the S&P 100 for the years 2000, 2001, and 2002. Many companies included in this sample had significant differences between reported and adjusted operating cash flow. The book is illustrated using hundreds of actual and recent company financial reports and applies recommendations to a large sample of actual companies. Creative Cash Flow Reporting: Uncovering Sustainable Financial Performance is a must-have reference for serious readers of financial statements, including equity analysts and investors, credit professionals, serious individual investors, professional money managers, and anyone interested in uncovering true sustainable financial performance. Flap CREATIVE cash flow REPORTING Uncovering Sustainable Financial Performance Contrary to popular opinion, managers have a degree of discretion in reporting operating cash flow. In this era, when the trustworthiness of reported earnings is in question, a reliance on as-reported operating cash flow is not the convenient substitute measure of financial performance that it might appear to be. Creative Cash Flow Reporting: Uncovering Sustainable Financial Performance identifies how the routine application of either current accounting standards or other measures employed by some companies can yield misleading operating cash flow statements in financial analysis. When adjusted using the methods described in this clear guide, operating cash flow is a more effective tool for uncovering reported earnings that have been increased through questionable means. Premature or fictitious revenue will result in growing receivables but not cash. Also, steps taken to misstate inventory might boost gross profit and net income but will not reflect cash flow. The same is true about aggressive cost capitalization and other creative accounting acts. Creative Cash Flow Reporting demonstrates how to use adjusted operating cash flow to uncover earnings that have been misreported by even the most aggressive and fraudulent accounting practices. Real-world practice is demonstrated through the results of a study designed to adjust the cash flow statements of the S&P 100 for the years 2000, 2001, and 2002. Many companies included in this sample had significant differences between reported and adjusted operating cash flow. The book is illustrated using hundreds of actual and recent company financial reports and applies recommendations to a large sample of actual companies. Creative Cash Flow Reporting: Uncovering Sustainable Financial Performance is a must-have reference for serious readers of financial statements, including equity analysts and investors, credit professionals, serious individual investors, professional money managers, and anyone interested in uncovering true sustainable financial performance. Author Biography CHARLES W. MULFORD, PHD, CPA, is Invesco Chair and Professor of Accounting in the College of Management at the Georgia Institute of Technology in Atlanta. He has coauthored three books, including the bestselling The Financial Numbers Game, published by Wiley. He has appeared on numerous broadcast networks, including CNBC, ABC News, and Bloomberg TV. He regularly consults with major domestic and international commercial banks and money management firms on issues related to credit and investment decision-making. EUGENE E. COMISKEY, PHD, CPA, CMA, is Associate Dean for Faculty and Research, Callaway Chair, and Professor of Accounting in the College of Management at the Georgia Institute of Technology in Atlanta. For more than twenty years, he has consulted with commercial banks around the world. He is the coauthor of three books, including The Financial Numbers Game, and has published numerous papers in a wide range of professional and academic journals. Table of Contents Foreword xi Preface xiii About the Authors xv 1 Seeking Sustainable Cash Flow 1 An Artificial Boost to Operating Cash Flow 3 Classifying Cash Flow 5 Sustainable Cash Flow 9 Creative Cash Flow Reporting 18 Ignoring the Statement of Cash Flows 29 Cash Flow Analysis 30 Plan of This Book 32 Summary 33 2 Structure of the Statement of Cash Flows 37 Historical Background 38 Arrival of the Statement of Cash Flows 49 Non-GAAP Measures of Cash Operating Performance 68 International Differences in the Statement of Cash Flows 73 Summary 74 3 Is it Operating or Investing Cash Flow? 81 Investing Cash Flow 86 GAAP Flexibility: Is it Operating or Investing Cash Flow? 91 Beyond the Boundaries of GAAP 114 Summary 116 4 Is it Operating or Financing Cash Flow? 121 Financing Cash Flow 125 GAAP Flexibility: Is it Operating or Financing Cash Flow? 131 Beyond the Boundaries of GAAP 154 Summary 155 5 Income Taxes and the Statement of Cash Flows 159 Tax Reporting Essentials 160 Classification of Tax-Related Cash Flow 166 Nonrecurring Income Tax Cash Flows 180 Summary 203 6 Nonrecurring Sources and Uses of Operating Cash Flow 209 Characteristics of Nonrecurring Items of Operating Cash Flow 211 Examples of Nonrecurring Cash Sources and Uses 211 Management Identification of Nonrecurring Operating Cash Flow 213 Locating Nonrecurring Items of Operating Cash Flow 218 Cash Flow Tracking 231 Summary 235 7 Measuring Sustainable Operating Cash Flow 241 Sustainable Operating Cash Flow 242 Calibrating Operating Cash Flow Adjustments 244 Measuring Sustainable Operating Cash Flow 252 Completed Sustainable Operating Cash Flow Worksheet 257 Frequency and Size of Adjustment Items 262 Summary 265 8 Using Operating Cash Flow to Detect Earnings Problems 269 Relationship between Earnings and Operating Cash Flow 271 Earnings Supported by Artificial Means 284 Excess Cash Margin 290 Summary 300 9 Analyzing Operating Cash Flow 305 Cash Flow Analysis Statement 308 Using the Cash Flow Analysis Statement 314 Cash Flow Drivers 325 Closer Look at Core Operating Cash Flow 336 Summary 341 10 Understanding Free Cash Flow 345 Uses of Free Cash Flow 348 What is Free Cash Flow? 358 Free Cash Flow to Common Equity: A Closer Look 362 Capital Expenditures 370 Acquisitions and Free Cash Flow 375 Summary 375 Glossary 379 Subject Index 395 Company Index 409 Review "This book is a must-have reference for anyone interested in serious financial statement analysis and uncovering manipulations to earnings from creative reporting of cash flows." (Graziado Business Report.com; Issue 4, Vol 10, 2007) Long Description Praise for Creative Cash Flow Reporting "With Creative Cash Flow Reporting , Charles Mulford and Eugene Comiskey have established themselves as the Graham and Dodd of sniffing out financial shenanigans. This book is destined to become a classic it is the last word on cash flow." Herb Greenberg, Senior Columnist, CBSMarketwatch.com "The combination of academic rigor with excellent accessible writing and explanation on display makes this book extraordinarily valuable for investors of any skill level." Bill Mann, Senior Editor, Investing, The Motley Fool " Creative Cash Flow Reporting is destined to become the gold standard in the field of forensic analysis of corporate cash flow." Thornton L. Oglove, founder, Quality of Earnings Report "With this book, professors Mulford and Comiskey take popular analytical dogma about cash flow reporting and stand it on its head: cash flow can be manipulated." Jack Ciesielski, Publisher, The Analysts Accounting Observer "I always assumed that operating cash flow was the last word when it comes to evaluating a companys results. No more! Mulford and Comiskeys latest effort opened my eyes to what really counts: sustainable cash flow." Harry Domash, Publisher, Winning Investing newsletter; Investing columnist, San Francisco Chronicle , MSN Money "Mulford and Comiskey have created another superb guide for serious users of financial statements. This book should be a companion for anyone examining the quality and sustainability of a firms earnings and cash flow." Mark N. Hurley, Head, Global Risk Education, JPMorgan Chase Review Text "This book is a must-have reference for anyone interested in serious financial statement analysis and uncovering manipulations to earnings from creative reporting of cash flows." (Graziado Business Report.com; Issue 4, Vol 10, 2007) Review Quote "This book is a must-have reference for anyone interested in serious financial statement analysis and uncovering manipulations to earnings from creative reporting of cash flows." ( Graziado Business Report.com ; Issue 4, Vol 10, 2007) Feature Foreword. Preface. About the Authors. 1. Seeking Sustainable Cash Flow. An Artificial Boost to Operating Cash Flow. Classifying Cash Flow. Sustainable Cash Flow. Creative Cash Flow Reporting. Ignoring the Statement of Cash Flows. Cash Flow Analysis. Plan of This Book. Summary. 2. Structure of the Statement of Cash Flows. Historical Background. Arrival of the Statement of Cash Flows. Non-GAAP Measures of Cash Operating Performance. International Differences in the Statement of Cash Flows. Summary. 3. Is It Operating or Investing Cash Flow? Investing Cash Flow. GAAP Flexibility: Is It Operating or Investing Cash Flow? Beyond the Boundaries of GAAP. Summary. 4. Is It Operating or Financing Cash Flow? Financing Cash Flow. GAAP Flexibility: Is It Operating or Financing Cash Flow? Beyond the Boundaries of GAAP. Summary. 5. Income Taxes and the Statement of Cash Flows. Tax Reporting Essentials. Classification of Tax-Related Cash Flow. Nonrecurring Income Tax Cash Flows. Summary. 6. Nonrecurring Sources and Uses of Operating CashFlow. Characteristics of Nonrecurring Items of Operating CashFlow. Examples of Nonrecurring Cash Sources and Uses. Management Identification of Nonrecurring Operating CashFlow. Locating Nonrecurring Items of Operating Cash Flow. Cash Flow Tracking. Summary 7. Measuring Sustainable Operating Cash Flow. Sustainable Operating Cash Flow. Calibrating Operating Cash Flow Adjustments. Measuring Sustainable Operating Cash Flow. Completed Sustainable Operating Cash Flow Worksheet. Frequency and Size of Adjustment Items. Summary. 8. Using Operating Cash Flow to Detect EarningsProblems. Relationship between Earnings and Operating Cash Flow. Earnings Supported by Artificial Means. Excess Cash Margin. Summary. 9. Analyzing Operating Cash Flow. Cash Flow Analysis Statement. Using the Cash Flow Analysis Statement. Cash Flow Drivers. Closer Look at Core Operating Cash Flow. Summary. 10. Understanding Free Cash Flow. Uses of Free Cash Flow. What Is Free Cash Flow? Free Cash Flow to Common Equity: A Closer Look. Capital Expenditures. Acquisitions and Free Cash Flow. Summary. Glossary. Subject Index. Company Index . Details ISBN0471469181 Author Eugene E. Comiskey Short Title CREATIVE CASH FLOW REPORTING Language English ISBN-10 0471469181 ISBN-13 9780471469186 Media Book Format Hardcover Year 2005 Imprint John Wiley & Sons Inc Subtitle Uncovering Sustainable Financial Performance Place of Publication New York Country of Publication United States Edition 1st Birth 1951 DOI 10.1604/9780471469186 UK Release Date 2005-02-11 NZ Release Date 2005-01-20 Pages 432 Publisher John Wiley & Sons Inc Publication Date 2005-02-11 DEWEY 658.15244 Illustrations Exhibits: 183 B&W, 0 Color Audience Professional & Vocational US Release Date 2005-02-11 AU Release Date 2005-01-05 We've got this At The Nile, if you're looking for it, we've got it. With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love! TheNile_Item_ID:1581815;

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