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Earnings Magic and the Unbalance Sheet: The Search for Financial Reality

ISBN: 978-0-471-76855-5
304 pages
April 2006
Earnings Magic and the Unbalance Sheet: The Search for Financial Reality (0471768553) cover image
Praise for Earnings Magic and the Unbalance Sheet

"Gary Giroux brings a breezy, entertaining writing style that really helps the reader untangle arcane accounting practices, including stock options, pensions, off-balance sheet items, and the rest of his 'dirty thirty.'"
—Edward Swanson, Durst Chair and Professor of Accounting, Texas A&M University

"Earnings Magic and the Unbalance Sheet provides equity investors with clear explanations of today's financial environment together with specific analysis tools to assess the quality of earnings. Gary Giroux provides a valuable and easy-to-use scoring system where investors assign grades to help them in their investment decisions. Earnings Magic is a must-read for any investor in the Dow Jones Industrial Average (Dow 30). Giroux thoroughly analyzes some of the biggest and best known companies."
—Andrew McLelland, Assistant Professor of Accounting, Auburn University

YOUR KEY TO EVALUATING A COMPANY'S EARNINGS QUALITY

Wouldn't you like to know as much as you could about a company before you invest in it? Financial information on companies is readily available, but not necessarily easy to interpret.

With shrewd tips and state-of-the-art analytical tools, Earnings Magic and the Unbalance Sheet arms you with the key strategies and principles to help you evaluate whether a company's bottom line is headed toward excellence or financial abuse. This eye-opening guide expertly walks you through the tangle of potentially inflated earnings and misleading accounting disclosures to determine a company's financial reality.

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Preface.

SECTION 1: EARNINGS MAGIC AND THE UNBALANCED SHEET.

Chapter 1. What Is Earnings Magic? Does the Balance Sheet Balance?

Chapter 2. Caught in the Act!

Chapter 3. The New Accounting.

Chapter 4. Wading Through the earnings Numbers.

SECTION 2: THE BIG 8 AND DIRTY 30: KEY ACCOUNTING ISSUES THAT SIGNAL EARNINGS MAGIC.

Chapter 5. Key Accounting Issues: An Overview.

Chapter 6. Stock Options.

Chapter 7. Pensions and Other Postemployment Benefits.

Chapter 8. Revenues.

Chapter 9. Earnings, Expenses, and Expectations.

Chapter 10. Strange Special items and Other Things That Should Not Be on the Income Statement.

Chapter 11. Treasury Stock and Dividends.

Chapter 12. Off-Balance Sheet items: Operating Leases and Special-Purpose Entities.

Chapter 13. Acquisitions and All That Goodwill.

Chapter 14. Dishonorable Mention: The Rest of the Dirty 30.

SECTION 3: PUTTING IT ALL TOGETHER.

Chapter 15. Finding Signals of Financial Excellence and Earnings Magic.

Chapter 16. A Checklist for Evaluating Financial Excellence.

Chapter 17. An Investment Strategy.

Chapter 18. Searching for Help: Useful Internet Sites.

Epilogue.

Reference.

Index.

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GARY GIROUX, CPA, PhD, is Shelton Professor of Accounting at Texas A&M University. He received his PhD from Texas Tech University and has been at Texas A&M for over two-and-a-half decades. Dr. Giroux has published over fifty articles in various professional journals and is the author of Core Concepts of Financial Analysis: A User Approach, Detecting Earnings Management (Wiley), and Dollars & Scholars, Scribes & Bribes: The Story of Accounting.
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  • Thorough discussion of the current financial environment, including incentives for corporate deception and the new regulatory structure designed to limit manipulation
  • Emphasis on the importance of corporate governance
  • Includes earnings management detection strategy: what factors signal the potential for low earnings quality
  • Provides a concise presentation of significant financial issues, incorporating the recent corporate scandals
  • From user perspective, emphasizes how business professionals can evaluate and restate annual report and other public information
  • Includes checklist on specific issues to evaluate earnings quality and financial completeness, and converts the checklist to an accounting excellence score
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Earnings Magic and the Unbalance Sheet: The Search for Financial Reality (US $39.95)

-and- The Financial Numbers Game: Detecting Creative Accounting Practices (US $39.95)

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