ST Alpha - ""The REIT said early Wednesday that its financial filings covering 2013 and the first two quarters of 2014 should not be relied upon." -- (link)" (Reading a Post)

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"The REIT said early Wednesday that its financial filings covering 2013 and the first two quarters of 2014 should not be relied upon." -- (link)

Posted by ty97 Oct 29 '14, 11:57

(No message)

Accountant nightmare (www.marketwatch.com)

Responses:

I was actually looking at this on the other day. - Will Hunting Oct 29, 12:09
Lots of people got fired. -- nm - spamlet Oct 29, 12:02 9
- for all our accounting geeks: They overstated AFFO and understated net loss -- (link) - decline Oct 29, 12:06 8
  - "intentionally not corrected" is the key phrase. Mistakes sometimes happen, but this sounds like a fraud -- nm - Beaker Oct 29, 12:11 7
    - They basically made up numbers so that their earnings added up. -- nm - spamlet Oct 29, 12:13 6
      - And somehow their controls didn't catch this? (Or did catch it and they let it go?) - ty97 Oct 29, 12:15 2
        
        I didn't notice in the article, did it say who their accounting firm was? (I say was as I'd wager they are toast too) -- nm - Beaker Oct 29, 12:16 1
        
        In June, shareholders approved Grant Thornton as external auditor. Not sure if this was a change or a re-up of an existing relationship -- (link) - ty97 Oct 29, 12:20
      - isn't that a general practice in accounting ? -- nm - decline Oct 29, 12:14 2
        
        the experts call it "rounding" or "plugging" -- nm - Beaker Oct 29, 12:15
        
        No no, general practice is you take column A, shake it, and mix it with Column B until you're happy with the results. - Will Hunting Oct 29, 12:15
Step 2: Going concern warning. -- nm - Were-Baron Oct 29, 11:59
oopsie -- nm - decline Oct 29, 11:59

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