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Possibility of more sanctions looming ?


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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 by wellbeaten-the-owl
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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.

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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

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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.

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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. 

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Guest Mcguigan
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.

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Guest Mcguigan
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.

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Guest Mcguigan
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.

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Guest Mcguigan
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.

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