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?
