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Asian Financial Statement Analysis: Detecting Financial Irregularities by Howard Schilit, Thomas R. Robinson, ChinHwee Tan

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CONTENTS

Foreword

Genesis of This Book

Acknowledgments

Introduction

Why Focus on Scandals in Asia?

How This Book Is Organized

As You Begin

Notes

CHAPTER 1

A Framework for Evaluating Financial Irregularities

Articulation of Financial Statements

Accruals and Deferrals

Typical Accounting Games

Parting Comments

Note

References

CHAPTER 2

Detecting Overstated Earnings

Aggressive Revenue Recognition

Understatement or Deferral of Expenses

Classification of Non-Operating Income

Classification of Non-Operating Expenses

Parting Comments

Case Studies

Longtop Financial

Sino-Forest

Oriental Century

References

CHAPTER 3

Detecting Overstated Financial Position

Excluding Both Assets and Liabilities

Other Off-Balance-Sheet Financing/Liabilities

Overstating Assets

Parting Comments

Case Studies

RINO International Corp.

Olympus

Oceanus

Notes

References

CHAPTER 4

Detecting Earnings Management

Accruals and Deferrals Revisited

Accounts Receivable (Accrued Revenue) and the Allowance for Doubtful Accounts

Deferred (Unearned) Revenue

Accrued and Deferred (Prepaid) Expenses

Deferred Taxes

Contingencies and Reserves

Parting Comments

Case Studies

Harbin Electric

West China Cement

China Biotics

References

CHAPTER 5

Detecting Overstated Operating Cash Flows

Understanding the Cash Flow Statement

Using Cash Flow to Assess the Quality of Earnings

Cash Flow Games

Parting Comments

Case Studies

Renhe Commercial Holdings

Duoyuan Global Water

Winsway Coking Coal Holdings

References

CHAPTER 6

Evaluating Corporate Governance ...

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