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CREATIVE cash flow REPORTING
Uncovering Sustainable Financial Performance
Contrary to popular opinion, managers have a degree of discretion in reporting operating cash flow. In this era, when the trustworthiness of reported earnings is in question, a reliance on as-reported operating cash flow is not the convenient substitute measure of financial performance that it might appear to be.
Creative Cash Flow Reporting: Uncovering Sustainable Financial Performance identifies how the routine application of either current accounting standards or other measures employed by some companies can yield misleading operating cash flow statements in financial analysis.
When adjusted using the methods described in this clear guide, operating cash flow is a more effective tool for uncovering reported earnings that have been increased through questionable means. Premature or fictitious revenue will result in growing receivables but not cash. Also, steps taken to misstate inventory might boost gross profit and net income but will not reflect cash flow. The same is true about aggressive cost capitalization and other creative accounting acts.
Creative Cash Flow Reporting demonstrates how to use adjusted operating cash flow to uncover earnings that have been misreported by even the most aggressive and fraudulent accounting practices.
Real-world practice is demonstrated through the results of a study designed to adjust the cash flow statements of the S&P 100 for the years 2000, 2001, and 2002. Many
companies included in this sample had significant differences between reported and adjusted operating cash flow. The book is illustrated using hundreds of actual and recent company financial reports and applies recommendations to a large sample of actual companies.
Creative Cash Flow Reporting: Uncovering Sustainable Financial Performance is a must-have reference for serious readers of financial statements, including equity analysts and investors, credit professionals, serious individual investors, professional money managers, and anyone interested in uncovering true sustainable financial performance.
CREATIVE cash flow REPORTING
Uncovering Sustainable Financial Performance
Contrary to popular opinion, managers have a degree of discretion in reporting operating cash flow. In this era, when the trustworthiness of reported earnings is in question, a reliance on as-reported operating cash flow is not the convenient substitute measure of financial performance that it might appear to be.
Creative Cash Flow Reporting: Uncovering Sustainable Financial Performance identifies how the routine application of either current accounting standards or other measures employed by some companies can yield misleading operating cash flow statements in financial analysis.
When adjusted using the methods described in this clear guide, operating cash flow is a more effective tool for uncovering reported earnings that have been increased through questionable means. Premature or fictitious revenue will result in growing receivables but not cash. Also, steps taken to misstate inventory might boost gross profit and net income but will not reflect cash flow. The same is true about aggressive cost capitalization and other creative accounting acts.
Creative Cash Flow Reporting demonstrates how to use adjusted operating cash flow to uncover earnings that have been misreported by even the most aggressive and fraudulent accounting practices.
Real-world practice is demonstrated through the results of a study designed to adjust the cash flow statements of the S&P 100 for the years 2000, 2001, and 2002. Many
companies included in this sample had significant differences between reported and adjusted operating cash flow. The book is illustrated using hundreds of actual and recent company financial reports and applies recommendations to a large sample of actual companies.
Creative Cash Flow Reporting: Uncovering Sustainable Financial Performance is a must-have reference for serious readers of financial statements, including equity analysts and investors, credit professionals, serious individual investors, professional money managers, and anyone interested in uncovering true sustainable financial performance.
CHARLES W. MULFORD, PHD, CPA, is Invesco Chair and Professor of Accounting in the College of Management at the Georgia Institute of Technology in Atlanta. He has coauthored three books, including the bestselling The Financial Numbers Game, published by Wiley. He has appeared on numerous broadcast networks, including CNBC, ABC News, and Bloomberg TV. He regularly consults with major domestic and international commercial banks and money management firms on issues related to credit and investment decision-making.
EUGENE E. COMISKEY, PHD, CPA, CMA, is Associate Dean for Faculty and Research, Callaway Chair, and Professor of Accounting in the College of Management at the Georgia Institute of Technology in Atlanta. For more than twenty years, he has consulted with commercial banks around the world. He is the coauthor of three books, including The Financial Numbers Game, and has published numerous papers in a wide range of professional and academic journals.
Foreword xi
Preface xiii
About the Authors xv
1 Seeking Sustainable Cash Flow 1
An Artificial Boost to Operating Cash Flow 3
Classifying Cash Flow 5
Sustainable Cash Flow 9
Creative Cash Flow Reporting 18
Ignoring the Statement of Cash Flows 29
Cash Flow Analysis 30
Plan of This Book 32
Summary 33
2 Structure of the Statement of Cash Flows 37
Historical Background 38
Arrival of the Statement of Cash Flows 49
Non-GAAP Measures of Cash Operating Performance 68
International Differences in the Statement of Cash Flows 73
Summary 74
3 Is it Operating or Investing Cash Flow? 81
Investing Cash Flow 86
GAAP Flexibility: Is it Operating or Investing Cash Flow? 91
Beyond the Boundaries of GAAP 114
Summary 116
4 Is it Operating or Financing Cash Flow? 121
Financing Cash Flow 125
GAAP Flexibility: Is it Operating or Financing Cash Flow? 131
Beyond the Boundaries of GAAP 154
Summary 155
5 Income Taxes and the Statement of Cash Flows 159
Tax Reporting Essentials 160
Classification of Tax-Related Cash Flow 166
Nonrecurring Income Tax Cash Flows 180
Summary 203
6 Nonrecurring Sources and Uses of Operating Cash Flow 209
Characteristics of Nonrecurring Items of Operating Cash Flow 211
Examples of Nonrecurring Cash Sources and Uses 211
Management Identification of Nonrecurring Operating Cash Flow 213
Locating Nonrecurring Items of Operating Cash Flow 218
Cash Flow Tracking 231
Summary 235
7 Measuring Sustainable Operating Cash Flow 241
Sustainable Operating Cash Flow 242
Calibrating Operating Cash Flow Adjustments 244
Measuring Sustainable Operating Cash Flow 252
Completed Sustainable Operating Cash Flow Worksheet 257
Frequency and Size of Adjustment Items 262
Summary 265
8 Using Operating Cash Flow to Detect Earnings Problems 269
Relationship between Earnings and Operating Cash Flow 271
Earnings Supported by Artificial Means 284
Excess Cash Margin 290
Summary 300
9 Analyzing Operating Cash Flow 305
Cash Flow Analysis Statement 308
Using the Cash Flow Analysis Statement 314
Cash Flow Drivers 325
Closer Look at Core Operating Cash Flow 336
Summary 341
10 Understanding Free Cash Flow 345
Uses of Free Cash Flow 348
What is Free Cash Flow? 358
Free Cash Flow to Common Equity: A Closer Look 362
Capital Expenditures 370
Acquisitions and Free Cash Flow 375
Summary 375
Glossary 379
Subject Index 395
Company Index 409
| Erscheinungsjahr: | 2005 |
|---|---|
| Fachbereich: | Management |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 432 S. |
| ISBN-13: | 9780471469186 |
| ISBN-10: | 0471469181 |
| Sprache: | Englisch |
| Herstellernummer: | 14646918000 |
| Einband: | Gebunden |
| Autor: |
Mulford, Charles W
Comiskey, Eugene E |
| Hersteller: |
Wiley
John Wiley & Sons |
| Verantwortliche Person für die EU: | Wiley-VCH GmbH, Boschstr. 12, D-69469 Weinheim, product-safety@wiley.com |
| Maße: | 259 x 185 x 34 mm |
| Von/Mit: | Charles W Mulford (u. a.) |
| Erscheinungsdatum: | 20.01.2005 |
| Gewicht: | 0,953 kg |
CHARLES W. MULFORD, PHD, CPA, is Invesco Chair and Professor of Accounting in the College of Management at the Georgia Institute of Technology in Atlanta. He has coauthored three books, including the bestselling The Financial Numbers Game, published by Wiley. He has appeared on numerous broadcast networks, including CNBC, ABC News, and Bloomberg TV. He regularly consults with major domestic and international commercial banks and money management firms on issues related to credit and investment decision-making.
EUGENE E. COMISKEY, PHD, CPA, CMA, is Associate Dean for Faculty and Research, Callaway Chair, and Professor of Accounting in the College of Management at the Georgia Institute of Technology in Atlanta. For more than twenty years, he has consulted with commercial banks around the world. He is the coauthor of three books, including The Financial Numbers Game, and has published numerous papers in a wide range of professional and academic journals.
Foreword xi
Preface xiii
About the Authors xv
1 Seeking Sustainable Cash Flow 1
An Artificial Boost to Operating Cash Flow 3
Classifying Cash Flow 5
Sustainable Cash Flow 9
Creative Cash Flow Reporting 18
Ignoring the Statement of Cash Flows 29
Cash Flow Analysis 30
Plan of This Book 32
Summary 33
2 Structure of the Statement of Cash Flows 37
Historical Background 38
Arrival of the Statement of Cash Flows 49
Non-GAAP Measures of Cash Operating Performance 68
International Differences in the Statement of Cash Flows 73
Summary 74
3 Is it Operating or Investing Cash Flow? 81
Investing Cash Flow 86
GAAP Flexibility: Is it Operating or Investing Cash Flow? 91
Beyond the Boundaries of GAAP 114
Summary 116
4 Is it Operating or Financing Cash Flow? 121
Financing Cash Flow 125
GAAP Flexibility: Is it Operating or Financing Cash Flow? 131
Beyond the Boundaries of GAAP 154
Summary 155
5 Income Taxes and the Statement of Cash Flows 159
Tax Reporting Essentials 160
Classification of Tax-Related Cash Flow 166
Nonrecurring Income Tax Cash Flows 180
Summary 203
6 Nonrecurring Sources and Uses of Operating Cash Flow 209
Characteristics of Nonrecurring Items of Operating Cash Flow 211
Examples of Nonrecurring Cash Sources and Uses 211
Management Identification of Nonrecurring Operating Cash Flow 213
Locating Nonrecurring Items of Operating Cash Flow 218
Cash Flow Tracking 231
Summary 235
7 Measuring Sustainable Operating Cash Flow 241
Sustainable Operating Cash Flow 242
Calibrating Operating Cash Flow Adjustments 244
Measuring Sustainable Operating Cash Flow 252
Completed Sustainable Operating Cash Flow Worksheet 257
Frequency and Size of Adjustment Items 262
Summary 265
8 Using Operating Cash Flow to Detect Earnings Problems 269
Relationship between Earnings and Operating Cash Flow 271
Earnings Supported by Artificial Means 284
Excess Cash Margin 290
Summary 300
9 Analyzing Operating Cash Flow 305
Cash Flow Analysis Statement 308
Using the Cash Flow Analysis Statement 314
Cash Flow Drivers 325
Closer Look at Core Operating Cash Flow 336
Summary 341
10 Understanding Free Cash Flow 345
Uses of Free Cash Flow 348
What is Free Cash Flow? 358
Free Cash Flow to Common Equity: A Closer Look 362
Capital Expenditures 370
Acquisitions and Free Cash Flow 375
Summary 375
Glossary 379
Subject Index 395
Company Index 409
| Erscheinungsjahr: | 2005 |
|---|---|
| Fachbereich: | Management |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 432 S. |
| ISBN-13: | 9780471469186 |
| ISBN-10: | 0471469181 |
| Sprache: | Englisch |
| Herstellernummer: | 14646918000 |
| Einband: | Gebunden |
| Autor: |
Mulford, Charles W
Comiskey, Eugene E |
| Hersteller: |
Wiley
John Wiley & Sons |
| Verantwortliche Person für die EU: | Wiley-VCH GmbH, Boschstr. 12, D-69469 Weinheim, product-safety@wiley.com |
| Maße: | 259 x 185 x 34 mm |
| Von/Mit: | Charles W Mulford (u. a.) |
| Erscheinungsdatum: | 20.01.2005 |
| Gewicht: | 0,953 kg |
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