McGraw-Hill Education Financial Shenanigans

Awesome

Best book you can find in anaylising cash flow balance sheet and income statements to find financial shenanigans.

the textbook for shortsellers attempting to uncover financial frauds

Toby Lucich in his September 2004 review lays out the Shenanigans well and will admit that dean from sa's June 2004 review is correct that the author does give a fair amount of self promotion to his CFRA service. (He did return my email when I asked about the service, as it did pique my curiosity. I wasn't interested in spending $300/M as an individual for it.)He does provide a warning on what to learn about Enron. Here is a quote: "Investors should be wary whenever a company dramatically changes its business model, particularly from one easily understood by investors to another, far more obtuse and difficult to evaluate and monitor. Moreover, investors should assume the use of special purpose entities, and other off-balance-sheet entities can be used to create phantom profits and hide liabilities. The absence of detailed disclosure about such entities raises additional red flags."He provides a tutorial at the end of the book to give an understanding of the basics of financial reporting.In an easy to read format, the author does a very good job of explaining the concepts and this book would be very helpful to anyone interested in improving their F&A savvy.

The book is clear and interesting. I am reasonably familiar with financial statement reports which is a big help in understanding some of the isseus discussed.