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Financial Shenanigans, Fourth Edition: How to Detect Accounting Gimmicks & Fraud in Financial Reports, 4th Edition by Yoni Engelhart, Jeremy Perler, Howard M. Schilit

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10

Cash Flow Shenanigan No. 1: Shifting Financing Cash Inflows to the Operating Section

Arnold Schwarzenegger and Danny DeVito were an unlikely pair in the 1988 hit comedy Twins. The twins were born in a genetics lab as the result of a secret experiment to create the perfect child. Doctors manipulated the fertility process to funnel the desirable traits to one child while sending the “genetic trash” to the other. In so doing, they created an intelligent Adonis (Schwarzenegger), but to do so, the doctors also had to create his gnomish, conniving twin brother (DeVito).

That very same year, new cash flow reporting standards (SFAS 95) took effect, officially formalizing the Statement of Cash Flows and its three sections (Operating, Investing, and ...

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