Arthur Levitt: The Numbers Game

As earnings season begins again, I thought it would be worth looking at an excerpt from an speech at NYU by then-SEC Chairman Arthur Levitt called The Numbers Game:

Well, today, I’d like to talk to you about another widespread, but too little-challenged custom: earnings management. This process has evolved over the years into what can best be characterized as a game among market participants. A game that, if not addressed soon, will have adverse consequences for America’s financial reporting system. . . .

→ Read More: Arthur Levitt: The Numbers Game

A Financial Sleuth Finds a World of Abuses

Howard Schilit is back! The author of my favourite guide to detecting fraudulent accounting, Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports (see my in-depth review here), has emerged from retirement:

The list of companies that Schilit was either first or among the first to criticize is a rogue’s gallery: WorldCom, Sunbeam, Cendant, New Century Financial, among others.

Given the growth of capital markets outside the U.S., Schilit has spent the last two years acquainting himself with . . .

→ Read More: A Financial Sleuth Finds a World of Abuses

Financial Shenanigans – Chapter 16: Shenanigans Recap and Recommendations

Cover - Financial Shenanigans by Howard SchilitFinancial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports

By Howard M. Schilit and Jeremy Perler

Today I am continuing my in-depth review of Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial . . .

→ Read More: Financial Shenanigans – Chapter 16: Shenanigans Recap and Recommendations

Financial Shenanigans – Chapter 15: Distorting Balance Sheet Metrics to Avoid Showing Deterioration

Cover - Financial Shenanigans by Howard SchilitFinancial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports

By Howard M. Schilit and Jeremy Perler

Today I am continuing my in-depth review of Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial . . .

→ Read More: Financial Shenanigans – Chapter 15: Distorting Balance Sheet Metrics to Avoid Showing Deterioration

Financial Shenanigans – Chapter 14: Showcasing Misleading Metrics That Overstate Performance

Cover - Financial Shenanigans by Howard SchilitFinancial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports

By Howard M. Schilit and Jeremy Perler

Today I am continuing my in-depth review of Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial . . .

→ Read More: Financial Shenanigans – Chapter 14: Showcasing Misleading Metrics That Overstate Performance