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 | | Creative Cash Flow Reporting: Uncovering Sustainable Financial Performance by Charles W. Mulford, Eugene E. Comiskey ISBN-10: 9780471469186 ISBN-10: 0-471-46918-1 ISBN-13: 9780471469186 ISBN-13: 978-0-471-46918-6 Hardcover 2005-01-20 Wiley Find Lowest Price |
Editorials | ||
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. | ||
Reviews | ||
Great book on understanding sustainable cash flow 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. | ||
The best book on the subject 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. | ||
The best: meaty, well-written and thorough This is not your typical accounting/finance book (i.e., unclear, unfocused and boring). Creative Cash Flow Reporting is the best and most important accounting/finance book I've read in many years. The authors are certainly focused on the right area (determining sustainable cash flow from operations). The interesting nuances of cash flow reporting are laid out in simple terms (e.g., debt funding and repayments are reported with Financing cash flows, but the related interest expense is reported with Operating cash flows). The authors also go beyond the numbers to provide good background re: a number of strategic alternatives (e.g., why one might enter into a sale/leaseback transaction). There are many other reasons to recommend the book. In summary, this book is a "must have" for accountants and financial analysts, and I would strongly recommend for CEOs, COOs, corporate and securities attorneys, and corporate middle managers. | ||
Nothing new in here this book serves more as a dictionary of cash flow related items rather than offering any prescription for active monitoring of cash flow related mischief. save your time and money. | ||
Groundbreaking book Mulford and Comiskey have delivered a tour de force for the financial and accounting community in this book. Whether you are a financial analyst, corporate accountant, auditor or an executive with a small or large firm, you absolutely will benefit from this book. It is one of the most important books of the last 20 years, and in my opinion, it is the finest book ever written on the concepts and methods of deciphering Operating Cash Flow, it's relationship to earnings, calibrating and measuring free cash flow, as well as the mechanics and drivers (and sometimes deliberate manipulation by unscrupulous management) within the business system that can lead to distortions in the Cash Flow statement. What about earnings supported by artificial means? What are the core drivers of cash flows? What should our view be, vis a vis the Operating Cash flows, regarding non recurring charges and depreciation? Are capital expenditures really as cut and dry as we like to think they are, under GAAP? How does it impact our cash flows, in the real world? How is it sometimes manipulated, to distort the underlying cash flow realities? If you are a financial or accounting professional, read this book. Read it twice. Read it three times. An absolutely extraordinary book. Well written, insightfull, never boring, always intriguing with unique content. The authors have such an extraordinary grasp of accounting and financial flows, and bring such groundbreaking concepts and ideas to the field, that you won't put this book down, and there are not many accounting or finance books we can say that about !! "Creative Cash Flow" by Mulford and Comiskey is absolutely a virtuoso performance. Amongst, and compared to, the entire literature that exists in the field of accounting and financial analysis, this book is an extraordinary achievement. | ||