Mild mannered Janitor wrote:Really, you need to stop, it's not healthy to be obsessed by something you are clearly not familiar with.
Ok, read this a few times before responding.
The ACCUMULATED loss. The net balance of net profit less net loss since incorporation. Now, like it or not the historic company of Hull FC didn't disappear., it merged with another company( which incidentally also had a 600k loss accumulated in just 12 months) . At that point the historical company had accumulated losses of over £1.5m . This is really not hard to work out. Time passes, some losses are made and a few years of small profits are made. It left the company in 2010 having an accumulated loss of circa £2m.
I got incorrectly accused of googling earlier, never could an ill judged post prove a point of plagerism than yours. LISTEN AND READ CAREFULLY. Internally generated intangibles. Virtually impossible to recognise in the accounts as it's difficult to identify a realisable measurement of value. Hence the auditors qualified their report as it disagreed at the time with both SSAP13 and FRS 11. Hull FC created a reserve (ie a transaction direct to equity, not to p/l) of the valuation of players (under contract under the age of 24). Any movement in that value would have been altered via the reserve which backed it up and never affecting the p/l account.
I stated that it would affect the profit and loss account if he followed the recommendations and removed the valuation of the players as intangible assets. If anything he has increased the valuation after he stated that he was going to reduce the figure.
That, as they say, is tHe final word. Please don't bore the rest of the forum users with a contrary response, you will be wrong.
Joined: Feb 09 2004 Posts: 7735 Location: Here there and everywhere
Dave K. wrote:That's your best post on here Keith.
DAve, I think its this bit Keith still cannot fathom
Quote:I stated that it would affect the profit and loss account if he followed the recommendations and removed the valuation of the players as intangible assets. If anything he has increased the valuation after he stated that he was going to reduce the figure.
I mentioned in my earlier post, you really should stop, its becoming embarrassing for you.
The valuation of the player contracts is, in reality a made up figure and not based on a cash transaction. This made up figure when originally recognised created an asset and a reserve. Any increase or decrease to that figure would affect that reserve and not the p/l.
You are confusing this situation with that of amortisation of intangibles.
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