With the expansion of the volume of business around the world and the constant scandals that follow various companies in the form of economic crime, the need for regular monitoring of financial information has developed. Precisely because of the large number of frauds in the financial world, the veracity of financial statements is called into question. Financial statements are the best indicator of a company's results, therefore it is not surprising that many companies decide to manipulate them in order to create a better picture of performance. The reasons for creating false financial statements are countless, whether it is to attract investors by showing higher profits, raising the credit rating so that the company can compete for credit on more favorable terms, ultimately the company undertakes various activities that are usually illegal. The paper first theoretically points to the concept and determinants of financial statements and thus creative accounting in the capacity of manipulation of financial statements. Then, by practical application of the acquired theoretical knowledge, the paper studies examples of manipulation of financial statements on the example of three companies, Enron, WorldCom and Agrokor. Analyzing the case of manipulation of financial statements on the example of three companies, the paper showed how the companies used various methods and types of financial fraud, and in all three cases there were various accounting irregularities, value adjustments and other effects on capital.