COMPARISON OF ALTMAN'S BANKRUPTCY PREDICTION MODEL AND BENEISH'S EARNINGS MANIPULATION RISK MODEL. Altman's bankruptcy risk model utilizes the values of the variables at a particular point in time (balance sheet variables) or for a period of time (income statement values). For the most part, Beneish's earnings manipulation risk model utilizes changes in variables from one period to the next. Why might the levels of values in Altman's model be more appropriate for predicting bankruptcy and changes in values in Beneish's model be more appropriate for identifying earnings manipulation?