Wednesday, February 17, 2016

MIA aka the S has hit the fan

I'm sorry I have been missing in action.  My auditors have started testing financial statement disclosures, which means I'm running to gather backup for leases and contracts and debt documents, etc.  At the same time, January has closed and required monthly reporting for that is due, and we have three other sets of annual financial statements for individual companies that are due next week that we haven't even started.  For any of you who are or have been CPAs  or worked for a public company that files reports, you will understand that I also have four 1,200 question disclosure checklists that need to be scoped and completed. And if you know anything, you will know that is not fun.  Here is an example of one question:

460-10-25
 
Is the entity in compliance with the guidance in ASC 460-10-25-4?
Comments, Notes & References

25-4   {At the inception of a guarantee, a guarantor shall recognize in its statement of financial position a liability for that guarantee. [FIN  45,  paragraph 9] }{This Subsection does not prescribe a specific account for the guarantor’s offsetting entry when it recognizes a liability at the inception of a guarantee. That offsetting entry depends on the circumstances in which the guarantee was issued. See paragraph 460-10-55-23 for implementation guidance. [FIN  45,  paragraph 11] }

Yes, so much joy here.  I will try hard to get a post written tonight at home, since I actually have stuff to talk about.  Two lessons, one with jumping involved, happened over the weekend!  Here's a teaser, Violet is the best pony EVAR!

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