The Administration Thread

[Rambalin]

Think CK will be here for the final signing and announcement. He said in one of his interviews he would like to be here to experience the platinum jubilee celebration so two birds with one quick flight. 

[Mihangel]

1 minute ago, Rambalin said:

Think CK will be here for the final signing and announcement. He said in one of his interviews he would like to be here to experience the platinum jubilee celebration so two birds with one quick flight. 

Can you call the Queen that?

[RadioactiveWaste]

1 minute ago, Mihangel said:

Can you call the Queen that?

The Blanch Duvoir of the palace apparently.

[Caerphilly Ram]

11 minutes ago, Jimbo Ram said:

So WW3 is your last hope One Chop.....

Best not to rule out Tsunamis, Hurricanes, an asteroid striking the earth and/or an alien invasion along the lines of Independence Day

[Day]

3 minutes ago, Caerphilly Ram said:

Best not to rule out Tsunamis, Hurricanes, an asteroid striking the earth and/or an alien invasion along the lines of Independence Day

Don’t forget monkeypox, still time to catch that and be forced into 3 weeks isolation and unable to complete.

[RAM1966]

5 hours ago, Ghost of Clough said:

The rules at the time stated we must stick to FRS102. Some people believe our policy was compliant to FRS102, others didn't. Unfortunately, the 3 people who had the final say (with no accounting background) determined it was non-compliant.

The rule change doesn't automatically mean our policy was acceptable, but it does mean there will be nothing other than a common approach for all EFL clubs going forward. As I said very early on in the P&S case, the pragmatic approach would have been to change the rules and get the Club to change back to a straight line method.

It was compliant you have the option under FRS102 to do straight line, in stepped increments or depreciate annually after a evaluation.  The later being how the Stadium was increased in value on the books.....

Essentially its up to the business to present accounts in a true honest and fair reflection of thier assets. 

How many players get sold before the end of there contracts meaning they retain some residual value?  Meaning that the straightline method is not necessarily the best method.

Its accepted that it was common practice though throught the EFL to submit accounts in this manner.  Mel spotted a legal loop hole to exploit (As have many clubs to beat FFP regs), he got ducked over fir it, when they should of just closed the loop hole....

Legally we did nothing wrong, we just didn't follow the same working practices is others, it doesn't make it illegal though

Edited May 27, 2022 by RAM1966

[Bald Eagle's Barmy Army]

17 minutes ago, Rambalin said:

Think CK will be here for the final signing and announcement. He said in one of his interviews he would like to be here to experience the platinum jubilee celebration so two birds with one quick flight. 

Dirty ba$7ard - i suppose it would make the flight over here go quick though. 

[LazloW]

All great news. Now I want to know, how long can Is it before I can start calling him nasty names for not spending enough? Is the start of next season too soon?

Edited May 27, 2022 by LazloW

[B4ev6is]

Nope

Kircher saved our club no nasty names towards him.

[PistoldPete]

29 minutes ago, The Baron said:

Hi,

That’s when you would report the gain to the tax authorities, it’s reported in the accounts in the year in which the gain is reported under the accruals principle.

We’re having a party when Derby County survive and all you want to talk about is amortisation? 

[Mihangel]

Best news about all this, I've left three BAWT telegram chat, what a bunch of self important twonks!

[RoyMac5]

13 minutes ago, PistoldPete said:

We’re having a party when Derby County survive and all you want to talk about is amortisation? 

Nowt left to blow his whistle about! #COYR

[RAM1966]

43 minutes ago, The Baron said:

Hi, here’s the amortisation for intangibles as requested. 

Read the next paragraph though, 18.23 (b)(2) it is probable that such a market will exist at the end at the assets useful life....

Which suggests tgat the straightline method did not have to be used.  Its clearly ambiguous, which is why the EFL had a rule change to close the loop, obviously not changed until after we got ducker over, then changed, as it would of strengthened our case.

How can you not see we've been unfairly treated?

[Ghost of Clough]

21 minutes ago, The Baron said:

Hi, here’s the amortisation for intangibles as requested. 

It's pretty much down to your interpretation of 'reliably'. This should not be confused with accurately.

For example, you record how much water is leaking out of a pipe.
You measure the results 10 times and you get values ranging from 980ml to 1020ml.
Your friend measures the water 10 times. However, he gets values ranging from 240ml to 260ml.
In reality, the true measurement should have been 250ml. Your friend measure the water accurately and reliably. You may have been accurate, but you were still reliable.

The same principle was more or less applied to the amortisation policy. The club were reliably valuing players above their true value

FRS 102 states:
"Reliability: information is reliable when it is free from material error or bias"
"‘In many cases the cost or value of an item is known. In other cases it must be estimated. The use of reasonable estimates is an essential part of the preparation of financial statements and does not undermine their reliability"
In essence, the club using a systematic method to determine the values of players ensured the policy remained reliable.

The DC found the evidence provided by Pearce and Delve to be "consistent with the Club having been able to determine the pattern of its consumption of future economic benefits from its ownership of player registrations reliably".

The DC also stated that Blackman, Butterfield and Johnson leaving for free at the end of their contracts did not prove the policy to be unreliable. We can all state with relative confidence that the book values of those players were higher than reality, but it cannot be proven.

 

At the end of the day, every qualified and practicing accountant involved in the case believe the policy used was compliant. But a few lawyers had the final say and overruled their decision and there's nothing we can do about it.

[Mostyn6]

1 hour ago, Stive Pesley said:

Signatures have started and will complete on Tuesday??

How long does it take to write your name?

genuinely choked on my mouthful of Coke Zero then, Bravo. Fizzy pop out of me nostrils!

[Stive Pesley]

2 hours ago, Stive Pesley said:

Signatures have started and will complete on Tuesday??

How long does it take to write your name?

[scout's dad]

Just need Forest to lose on Sunday then it will be a 

[I know nuffin]

57 minutes ago, RAM1966 said:

It was compliant you have the option under FRS102 to do straight line, in stepped increments or depreciate annually after a evaluation.  The later being how the Stadium was increased in value on the books.....

Essentially its up to the business to present accounts in a true honest and fair reflection of thier assets. 

How many players get sold before the end of there contracts meaning they retain some residual value?  Meaning that the straightline method is not necessarily the best method.

Its accepted that it was common practice though throught the EFL to submit accounts in this manner.  Mel spotted a legal loop hole to exploit (As have many clubs to beat FFP regs), he got ducked over fir it, when they should of just closed the loop hole....

Legally we did nothing wrong, we just didn't follow the same working practices is others, it doesn't make it illegal though

I wonder who told Mel because he is no accountant so someone must have suggested it and he went with it . 

[Eastdevonram]

I does seem very odd that it cannot be completed until the last day of the month, there must be a reason  that they are not telling us

[CapeTownRam]

10 minutes ago, Eastdevonram said:

I does seem very odd that it cannot be completed until the last day of the month, there must be a reason  that they are not telling us

I did read somewhere, where he mentioned the club had money till the end of this month. It's probably financially as well as hand over driven.