Adver News: Legal cases stall audit release

[tans]

But Power had money. McCrory didnt did he, hence why Power got involved in the first place.

I'd rather have neither of the fuckers for what its worth.

Gonna go to Dubai and kidnap a sheikh

[Simon Pieman]

TLDR: Release the accounts minus the note about contingent liabilities (minor details about legal cases).


Was going to flag this up the other week but forgot, as it would have appeared Shah had reneged on her promise.

I can understand not releasing the full accounts as they would contain details of contingent liabilities which would give a brief description of the legal issue and the estimated cost where possible.

However, contingent liabilities are a separate note in the accounts and do not affect the Profit and Loss Account or Balance Sheet i.e. it's simply a note after the financial statements to state that there is a possible (sometimes remote) outcome which could affect the company in the future. The adver have pretty much told us the details anyway - so unless it's another thing this is just another bullshit excuse.

With this in mind, why doesn't Shah release the Accounts without this note? Sure, it's not the most transparent but a brief explanation as to why a note is omitted would be better than not releasing anything.

Shah thinks the basic numbers are available publicly. I hope that's a statement out of context because this coupled with her assertion that an audit apparently hadn't been done for '10 to 15 years' was way off the mark (despite the 5 year margin of error Shah gave herself). The shoddy knowledge doesn't inspire confidence once a full commentary is released.

[Simon Pieman]

Sorry: IF a full commentary is released.

I wonder what the Supporters Trust have received in the way of statutory accounts.

[TheMajorSTFC]

The bring Jed back campaign/petition is laughable!

[Summerof69]

I wonder what the Supporters Trust have received in the way of statutory accounts.

We've received nothing at the moment!!

[RedRag]

However, contingent liabilities are a separate note in the accounts and do not affect the Profit and Loss Account or Balance Sheet

With this in mind, why doesn't Shah release the Accounts without this note? Sure, it's not the most transparent but a brief explanation as to why a note is omitted would be better than not releasing anything.

I used to know that anything Jed said would have a tangential relationship with the truth at best.

Although I don't trust Power (or any chairman), he at least has a small amount of dosh and a little more knowledge than most about football.

I had been minded to believe there may be good reasons not to publish audited accounts mid-litigation till Si Pie's very helpful comments above showing that provision for possible claims could easily be "held back".

Surely every club (every club like STFC anyway) has one or two claims on the go with agents and players most of the time.  When will it ever end?  The time will never be right to release the audited accounts, will it?  Heaven knows what companies like BP do when they spill a few drops of oil in the Gulf of Mexico.

 

[pauld]

Me too, cheers Si.