Steve Down South Posted January 31, 2021 Share Posted January 31, 2021 Just now, wellbeaten-the-owl said: The situation post finalising the court case is nothing to do with the club or their competence. Really? How so? Genuine question by the way, in my ignorance I assumed it would be a relatively simple task to finalise the accounts. Link to comment Share on other sites More sharing options...
wellbeaten-the-owl Posted January 31, 2021 Share Posted January 31, 2021 (edited) 10 minutes ago, Steve Down South said: Really? How so? Genuine question by the way, in my ignorance I assumed it would be a relatively simple task to finalise the accounts. Yes but the auditors have to sign off them before they can be published. There are new stronger regulations which have recently come in that auditors need to follow which have an increased emthesis on an accounting concept called "going concern" Basically the auditors have to consider if the company is going to be able to carry on trading for a period of at least 12 months from the date the accounts are signed (not the date of the year end of the accounts) They will look at various factors for this but considering the uncertainty around when fans will be back and when clubs will start getting income again it all adds up to problems to agree this. It's all because of big companies that have gone bust such as Carillion where the audit profession has been criticized as those companies had accounts signed off with clean audit reports before going bust. Edited January 31, 2021 by wellbeaten-the-owl 1 Link to comment Share on other sites More sharing options...
Themagiccap Posted January 31, 2021 Share Posted January 31, 2021 Accounting qualification or not, I'm pretty certain they'll make grim reading... unless DC backdated the £7k wage cap and our wage bill would be so low we'd show a profit. 1 Link to comment Share on other sites More sharing options...
Steve Down South Posted January 31, 2021 Share Posted January 31, 2021 18 minutes ago, wellbeaten-the-owl said: Yes but the auditors have to sign off them before they can be published. There are new stronger regulations which have recently come in that auditors need to follow which have an increased emthesis on an accounting concept called "going concern" Basically the auditors have to consider if the company is going to be able to carry on trading for a period of at least 12 months from the date the accounts are signed (not the date of the year end of the accounts) They will look at various factors for this but considering the uncertainty around when fans will be back and when clubs will start getting income again it all adds up to problems to agree this. It's all because of big companies that have gone bust such as Carillion where the audit profession has been criticized as those companies had accounts signed off with clean audit reports before going bust. Thanks for that information, very interesting. Link to comment Share on other sites More sharing options...
wellbeaten-the-owl Posted January 31, 2021 Share Posted January 31, 2021 13 minutes ago, Themagiccap said: Accounting qualification or not, I'm pretty certain they'll make grim reading... unless DC backdated the £7k wage cap and our wage bill would be so low we'd show a profit. Will be grim for the 2019 accounts, the 2020 ones may be slightly better but the 2021 accounts will look very bad for nearly every club Link to comment Share on other sites More sharing options...
Nero Posted January 31, 2021 Share Posted January 31, 2021 One of many Middlesborough based leaks pressurising the EFL for their own ends. Link to comment Share on other sites More sharing options...
Manwë Posted January 31, 2021 Share Posted January 31, 2021 6 minutes ago, Nero said: One of many Middlesborough based leaks pressurising the EFL for their own ends. It's an EFL rule that accounts need the submitted on time (https://www.efl.com/-more/governance/efl-rules--regulations/section-4---clubs/) Section 16.2 onwards. We might as well start playing with 25 players on the pitch, rules are not for us. Link to comment Share on other sites More sharing options...
NeonLeon Posted January 31, 2021 Share Posted January 31, 2021 If I was the owner of another club that’s sticking by the rules then I’d be sick of Wednesday and Derby by now. Its gone beyond clever accounting to bypass P&S. Its straying into taking the p*ss territory. Ultimately it undermines the competition, no doubt. 6 Link to comment Share on other sites More sharing options...
@owlstalk Posted January 31, 2021 Share Posted January 31, 2021 Anyone excusing our accounts being late are basically fans of Chansiri and not of Sheffield Wednesday FC 5 1 Owlstalk Shop Link to comment Share on other sites More sharing options...
Guest Mcguigan Posted January 31, 2021 Share Posted January 31, 2021 2 hours ago, Costello 77 said: Couple of things.. Are we under sanction? And the clubs allegedly stirring the pot ...who are they? Yes Why shouldn’t they, we would if the boot was on the other foot. We’re nearly a full late posting our audited accounts. Link to comment Share on other sites More sharing options...
Guest Mcguigan Posted January 31, 2021 Share Posted January 31, 2021 Just now, Mcguigan said: Yes Why shouldn’t they, we would if the boot was on the other foot. We’re nearly a full late posting our audited accounts. Sorry, full year late. Link to comment Share on other sites More sharing options...
Costello 77 Posted January 31, 2021 Share Posted January 31, 2021 7 minutes ago, Mcguigan said: Yes Why shouldn’t they, we would if the boot was on the other foot. We’re nearly a full late posting our audited accounts. What sanction is enforced? Who are the clubs? Link to comment Share on other sites More sharing options...
Jack of Clubs Posted January 31, 2021 Share Posted January 31, 2021 In all fairness if the boot was on the other foot we’d be the same and feeling aggrieved. 1 Link to comment Share on other sites More sharing options...
Guest Mcguigan Posted January 31, 2021 Share Posted January 31, 2021 3 minutes ago, Costello 77 said: What sanction is enforced? Who are the clubs? Soft sanctions regarding signing new players, weekly wage allowances and transfer fees. No idea. I said why shouldn’t they be not that there are, to the question. Link to comment Share on other sites More sharing options...
Roscoe P. Coltrane Posted January 31, 2021 Share Posted January 31, 2021 If the auditors aren't signing the accounts off then we are in deep poo here. 3 1 Link to comment Share on other sites More sharing options...
Guest Mcguigan Posted January 31, 2021 Share Posted January 31, 2021 3 hours ago, bladeshater said: I'm sure the late accounts have been sanctioned by the EFL The T1 and T2 tests of P&S submissions need to be audited accounts from companies house. The EFL will not have sanctioned the late accounts, how could they. Link to comment Share on other sites More sharing options...
bladeshater Posted January 31, 2021 Share Posted January 31, 2021 1 minute ago, Mcguigan said: The T1 and T2 tests of P&S submissions need to be audited accounts from companies house. The EFL will not have sanctioned the late accounts, how could they. Fair do Link to comment Share on other sites More sharing options...
Costello 77 Posted January 31, 2021 Share Posted January 31, 2021 15 minutes ago, Mcguigan said: Soft sanctions regarding signing new players, weekly wage allowances and transfer fees. No idea. I said why shouldn’t they be not that there are, to the question. Good grief. Link to comment Share on other sites More sharing options...
Guest Mcguigan Posted January 31, 2021 Share Posted January 31, 2021 25 minutes ago, Costello 77 said: Good grief. In what respect? Link to comment Share on other sites More sharing options...
Costello 77 Posted January 31, 2021 Share Posted January 31, 2021 1 minute ago, Mcguigan said: In what respect? You haven't given any factual information to answer my query. Posting opinion as fact is why the thread becomes a screaming mess. I honestly don't mind speculation.. it's thought provoking as long as it's presented as opinion. Link to comment Share on other sites More sharing options...
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