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Summary: An easy to read accounting book? Ye gods, it's true!
Review: This accounting book covers everything we wished we learned in our introductory accounting class, namely "How do we know if the managers are lying to us?"In a very easy to read format, the book groups accounting tricks into seven major accounting shennanigans and then cross-references them to a variety of accounting scandals. In the end, you're left with a deeper understanding of the major ways people can manipulate financial statements for their own game. A surprising interesting book given how dull most accounting texts are. It practically reads itself.
Rating:
Summary: A very interesting book
Review: This book helps me avoid stocks that blow up. It is a very useful tool that no investor should be without.
Rating: 
Summary: Good kickoff-book for financial analysts
Review: This book is a good starting point for financial analysts. Some common tricks of clever accountants are illustrated in this book. However, the book does not offer too many in depth analysis and due to its publishing date (1993) it does not include recent developments. I would recommend waiting for the next edition - will be coming out March 22nd.
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Summary: Useful framework for analysis
Review: This book was updated on the heels of the WCOM and ENE scandals. There are many interesting techniques available for the researcher here. It requires a meticulous person to properly apply these techniques. However, the average person with a limited number of holdings might do very well with applying these techniques to their portfolio. See the table of contents for a listing of the 7 "financial shenanigans". Some of the items on Schilit's governance wish list are dealt with by the Sarbanes-Oxley legislation. This will do away with much of management's self-dealing and sleight of hand when presenting pro forma earnings. Some of the "shenanigans" have been dealt with FASB promulgations so there are less of an issue. Schilit is too harsh on the FASB over the failure to expense stock based compensation the first time it was considered. The forces that oppose the FASB n that issue generated a considerable political threat to FASB's existence in Washington. FASB backed down was preserved and we are all the better for it. FASB is addressing this issue in an exposure draft and it appears likely that it will move forward this time despite the same forces trotting out the same vacuous arguments a second time. Schilit should have given better context with his critique of the FASB. I remember seeing a piece in Grant's interest rate observer (a newsletter) about a presentation by Trevor Harris (an accounting expert employed by a bulge bracket firm). The article stated that hedge fund managers treated Harris like a rock star, because they needed to learn how to analyze the names in their portfolios better. Harris was simply presenting topics much like are found in this book. In this book you will learn about many of the manipulations that have been used in the past by companies. Schilit uses the "case" method of teaching. The examples almost all have a real life demonstration of how the trick manifested itself. At times, the book reads like an advertisement for Schilit's CFRA subscription service. There are 13 such references in the index. I guess this is to be expected, but is still a distraction in an otherwise fine book.
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Summary: Good entry Fin Accounting read.
Review: This is a good read for someone who needs a refersher on balance sheet antics. It does contain some good real-life examples that are easy to understand (if you don't remember them happening). It is a pretty quick read that gives a high lever overview of fraud tatics. I would put this as a first year grad student accounting book. One dislike, not all applications mentioned in this book can be detected by just viewing a balance sheet. Some require some in-depth research, and time. Its easy to say a stock is a dog after the fact. It does give a bit of insight to those looking for stocks to short.
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Summary: Im now rich
Review: This is a great book everyone should own. I'd give it more stars if I could. I've had the priveledge to meet Howard Schilit in person and he is really a great guy. This book completely changed my life and all my thoughts on financial sheganigans. This version is much different than his first and very imformative and creative titles. Schilit has done it again!
Rating:
Summary: AMAZING!!!
Review: This is a great book everyone should own. I'd give it more stars if I could. I've had the priveledge to meet Howard Schilit in person and he is really a great guy. This book completely changed my life and all my thoughts on financial sheganigans. This version is much different than his first and very imformative and creative titles. Schilit has done it again!
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