by Charles W. Mulford, Eugene E. Comiskey
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Product Description
Successful methodology for identifying earnings-related reporting indiscretions
Creative Cash Flow Reporting and Analysis capitalizes on current concerns with misleading financial reporting on misleading financial reporting. It identifies the common steps used to yield misleading cash flow amounts, demonstrates how to adjust the cash flow statement for more effective analysis, and how to use adjusted operating cash flow to uncover earnings that have been misreported using aggressive or fraudulent accounting practices.
Charles W. Mulford, PhD, CPA (Atlanta, GA), is the coauthor of three books, including the bestselling The Financial Numbers Game: Identifying Creative Accounting Practices. Eugene E. Comiskey, PhD, CPA, CMA (Atlanta, GA), is the coauthor of the bestselling The Financial Numbers Game: Identifying Creative Accounting Practices.
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Average Customer Review:
0 of 0 people found the following review helpful:
 Examples, Examples, Examples, 2009-08-31
As a Professor of Accounting I am always on the lookout for examples of topics taught in my classes. Most of my students believe that cash flows cannot be manipulated and are skeptical when I tell them that cash flows are subject to interpretation just like accrual based accounting information. To punctuate that point I have my students read parts of this book and lead a discussion of the examples in the book. The students are truly amazed at the breadth of examples in the book and it seems to sink in that cash flows can be interpreted. I have read the entire book and find it well written and insightful regarding cash flows and their disclosures. I believe the book to be of great value for academics, financial professionals, analysts and cash flow enthusiasts.
0 of 0 people found the following review helpful:
Simply Superb, 2009-08-12
This book is not a quick read. It has almost 400 pages. But, it elevates an investor to a completely different level. It is all about cash flow. It teaches investors about cash flow classification between operating cash flow, investing cash flow, and financing cash flow. Sometimes, there are gray areas where certain inflows and outflows can be categorized in different categories. Managers can also manipulate numbers around to classify something as an operating inflow when in reality, it should be more classified as an investing cash flow or financing cash flow. But, I would warn readers that this is not a book for beginners. I would definitely have a hard time following along had I not taken accounting courses in college.
- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
4 of 5 people found the following review helpful:
 Awkward language., 2009-04-02
My main complaint about this book is its poor language. It is written in that awkward and abstract kind of language that some academics like to use, but which is hard to read for everyone else. Here's a typical example: "... cash paid to purchase or proceeds received from the sale of investments in debt or equity securities held for trading purposes is reported as operating cash flow." You can decode a few phrases like this here and there, but when an entire book is written in such a language it takes an immense effort to read.
I hope the authors will do a major rewrite of this book and greatly improve its clarity as it has some very interesting and important points about the analysis of financial cash-flow statements. In the meantime you may wish to take a look at the book Free Cash Flow by George Christy instead.
3 of 3 people found the following review helpful:
Great book on understanding sustainable cash flow, 2007-11-11
While most accounting books tell you the basic mechanics of cash flow (not to mention being extremely dry), and most finance/investing books basically stop at `earnings can be manipulated wildly, cash is king, and thus free cash flow is paramount', this is the best book I have read that is focused on how cash flow can be manipulated/misclassified and how to think about sustainable cash flow from operations. For example, learn how an acquisition of a company can boost operating cash flow (CFO) by more than the CFO of the acquired company. Or how messing around with vendor financing can increase reported CFO. Representative chapter titles include: "Is It Operating or Investing Cash Flow", "Is It Operating or Financing Cash Flow?", "Nonrecurring Sources and Uses of Operating Cash Flow", "Measuring Sustainable Operating Cash Flow".
In summary, this is a well-written book with great examples of how cash flow can and has been manipulated by companies. I highly recommend this book for advanced and professional investors who focus on fundamental analysis, and anyone else who is interested in improving their ability to analyze cash flow.
3 of 3 people found the following review helpful:
The best book on the subject, 2007-10-01
I was a student of Dr. Mulford during my MBA, and I can say that the book is as great as his class. He definitvely was one of the best professors I ever had.
We are used to see in many valuation books to take Free Cash Flow as a given; therefore not understanding the real implication of FCF manipulation in enterprise value.
This book explains how the FCF can be calculated and what are the usual "tricks" that companies do in order to show better (or worse?) results. And that is what is all about: building financial criteria for managers in order to make the best decisions.
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