: Tue Nov 24, 2009 10:14 am  

Bertie wrote:

I don't know, Chillibeano seems to be sorting out Mrs Barista's inaccurasies

: Tue Nov 24, 2009 10:18 am  

Good thread this. Any chance, GML, of merging this with something on http://www.accountantsarenotdull.com ?

Good thread this. Any chance, GML, of merging this with something on http://www.accountantsarenotdull.com ?

: Tue Nov 24, 2009 11:07 am  

Chillibeano wrote:

That’s not completely correct though is it Mrs Barista?!

There are instances within IFRS when the revaluation gain / loss goes directly through the Income Statement. For instance if a revaluation increase is reversing a previous impairment that went through the P&L.

Since the treatment of including players valuations on the balance sheet is not correct treatment in the accounts – who are we to say what is happening to any revaluation surplus or deficit anyway? That equally could be treated in a way that would best suit the ‘look’ of the accounts.

All I would say is while the clubs accounts are being qualified by the auditors it is best to take the profit figure with a pinch of salt, unless of course you get hold of a copy and can scrutinise the figures behind the profit.

Rubbish. Why not download the accounts? You can see that the valuations impact the balance sheet only.

Fixed assets. 280,000 (within tangible fixed asset note in accounts to 2007)
Intangibles (player valuations) 942,500
Total. 1,222,500 Assets in balance sheet November 2008

Revaluation reserve 1,222,500 in balance sheet November 2008

Perhaps you can articulate the p&l impacts of these equal and opposite balance sheet items?

: Tue Nov 24, 2009 11:29 am  

Mrs Barista wrote:

Rubbish. Why not download the accounts? You can see that the valuations impact the balance sheet only.

Fixed assets. 280,000 (within tangible fixed asset note in accounts to 2007)
Intangibles (player valuations) 942,500
Total. 1,222,500 Assets in balance sheet November 2008

Revaluation reserve 1,222,500 in balance sheet November 2008

Perhaps you can articulate the p&l impacts of these equal and opposite balance sheet items?

No problem with that Mrs B. Like I said, I've not checked the figures myself but if thats what you say they are fair enough.

The point still stands - and to be honest you have helped prove it - that with any accounts, you need to understand what is behind the headline figures in order to fully understand them.

Now then, I'm off to empty this keepnet. It's rather full.

: Tue Nov 24, 2009 11:40 am  

Not good reading for us but its not hard to see where FC made a profit when you consider the quality of their squad over the last two years!

Maybe we should aim to finish near the bottom and save a few hundered grand in salaries?

: Tue Nov 24, 2009 12:30 pm  

JB Down Under wrote:

Not good reading for us but its not hard to see where FC made a profit when you consider the quality of their squad over the last two years!

Maybe we should aim to finish near the bottom and save a few hundered grand in salaries?

nah, it'd be a lot easier to cheat the salary cap, play players against weaker sides that shouldn't be playing, get to wembley, lose (again) and be proud of your heritage. Then bank the receipts & stick 2 fingers up at the RFL.

: Tue Nov 24, 2009 12:35 pm  

rovers r red wrote:

nah, it'd be a lot easier to cheat the salary cap, play players against weaker sides that shouldn't be playing, get to wembley, lose (again) and be proud of your heritage. Then bank the receipts & stick 2 fingers up at the RFL.

Don't forget winning the cup and getting to the grand final
and the 71-0

: Tue Nov 24, 2009 12:39 pm  

JB Down Under wrote:

Not good reading for us but its not hard to see where FC made a profit when you consider the quality of their squad over the last two years!

Maybe we should aim to finish near the bottom and save a few hundered grand in salaries?

That your plan isnt it hense your star player recruitment to date?

: Tue Nov 24, 2009 1:16 pm  

JB Down Under wrote:

Maybe we should aim to finish near the bottom and save a few hundered grand in salaries?

I think that is your aim looking at your recruitment for next year

: Tue Nov 24, 2009 3:47 pm  

I do hope Rovers comply with the rules when submitting their accounts. Apparently one club went against their accountants advice and included players transfer values as a tangible fixed asset. Not doing this would have reduced their fixed assets and reduce their capital and assests by £780,000.

Plain cheating or cooking the books ?

Surely one employs accountants and follow the rules.