Earnings Magic and the Unbalance Sheet: The Search for by Gary Giroux

By Gary Giroux

Compliment for profits Magic and the Unbalance Sheet"Gary Giroux brings a breezy, exciting writing variety that truly is helping the reader untangle arcane accounting practices, together with inventory recommendations, pensions, off-balance sheet goods, and the remainder of his 'dirty thirty.'"—Edward Swanson, Durst Chair and Professor of Accounting, Texas A&M University"Earnings Magic and the Unbalance Sheet presents fairness traders with transparent motives of modern-day monetary atmosphere including particular research instruments to evaluate the standard of profits. Gary Giroux offers a helpful and easy-to-use scoring approach the place traders assign grades to assist them of their funding judgements. profits Magic is a must-read for any investor within the Dow Jones commercial usual (Dow 30). Giroux completely analyzes a few of the greatest and most sensible recognized companies."—Andrew McLelland, Assistant Professor of Accounting, Auburn UniversityYOUR KEY TO comparing A COMPANY'S profits QUALITYWouldn't you're keen on to understand up to you may a couple of corporation prior to you put money into it? monetary info on businesses is instantly on hand, yet no longer inevitably effortless to interpret.With intelligent guidance and state of the art analytical instruments, gains Magic and the Unbalance Sheet hands you with the major concepts and rules that can assist you review even if a company's base line is headed towards excellence or monetary abuse. This eye-opening consultant expertly walks you thru the tangle of doubtless inflated gains and deceptive accounting disclosures to figure out a company's monetary fact.

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These companies were only small potatoes in the scandal game. As likely as not, they went bankrupt before their executives had a chance to commit felonies. AOL does get dishonorable mention in the scandal department. The two industries particularly prominent in the scandals were energy and telecommunications. They usually claimed to be New Economy–Internet companies. Deregulation allowed the stodgy energy companies to become high-tech energy traders using sophisticated derivatives and structuredfinance deals.

The stodgy gas transmission company remade itself as a high-tech conglomerate and, despite obvious high leverage and extreme financial risks, misled investors on its true value. CAUGHT IN THE ACT! 25 WorldCom By the middle of 2002, the financial and political worlds stopped hyperventilating about Enron and business as usual returned. Then came the announced bankruptcy of WorldCom on July 22, 2002, after the discovery of almost $4 billion in accounting irregularities in June (later to rise to $11 billion), replacing Enron as the largest failure in history.

Additional investigations are ongoing. Krispy Kreme 2005 PricewaterhouseCoopers Internal report showed “egregious accounting” to inflate earnings, including shipping high-margin doughnut-making equipment to franchisees far in advance, booking revenue but franchisees did not pay until it was actually installed. 4 billion, for the 1992 –1997 period, associated with understated expenses including inflated useful lives and salvage value of fixed assets. (continues) CAUGHT IN THE ACT! 33 Company Year Auditor Sunbeam 1998 Arthur Andersen Al Dunlap was hired in 1996 to turn the company around.

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