ST Alpha - "Can any accountants explain this concept to me like I'm a child? -- (link)" (Reading a Post)

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Can any accountants explain this concept to me like I'm a child? -- (link)

Posted by David (aka David) Sep 20 '23, 16:54

(No message)

https://www.wallstreetmojo.com/subsequent-event/ (www.wallstreetmojo.com)

Responses:

My favorite part of the audit process is getting the "Hey, you hidin' anything from us?" questionnaire. - Max Sep 20, 19:37 1
- you can't audit for fraud -- nm - rollo Sep 21, 05:21
Now do "involuntary asset conversion " - zeitgeist Sep 20, 18:50
Now explain it again with those nuggies. -- nm - Andy Reid Sep 20, 17:58
it takes a while to get shit together, and sometimes *things happen* while you're doing it that can't be directly factored in. - mafic Sep 20, 17:02 1
- That's an extremely useful way to look at it, thanks! -- nm - David Sep 20, 17:03
say your year end date was march 31st. The accountants come in and audit and your financial statements might get released once done say June 1st - Beaker 🍻 Sep 20, 16:58 7
- Thank you. Disney lists the following: - David Sep 20, 17:02 6
  - They’re literally saying “We can quit… if something happens.” -- nm - Mop🧹 Sep 20, 17:59
  - that's "we're projecting into the future. you're not allowed to sue if things don't go as planned." -- nm - mafic Sep 20, 17:15 1
    - Thank you. This child now understands. I appreciate you, ST family! -- nm - David Sep 20, 17:19
  - I think in this case it’s not the accounting concept of subsequent events but a quite literal definition. - spamlet Sep 20, 17:08
  - that seems weird for a financial statement note to me. no particular event, just a bunch of shit that could stop it -- nm - Beaker 🍻 Sep 20, 17:07 1
    - "breach of containment" wait, what -- nm - Reagen Sep 20, 17:07
(Disney's filing says "the occurrence of subsequent events.") -- nm - David Sep 20, 16:55 5
- Example: Disney's books close on 9/30, but get issued on 10/15. On 10/5, a massive hurricane roars through and destroys the park. - Will Hunting Sep 20, 17:00
- There's usually a footnote that gives info about what the subsequent event is. -- nm - jnine Sep 20, 16:57 3
  - Thank you. Admittedly, I'm not great at this, but a search doesn't show anything else in the filing. -- (link) - David Sep 20, 17:00 2
    - I'm reading this on my phone so I'm not sure if I'm seeing everything, but to me it's talking about the huge money Disney disclosed a few day it - jnine Sep 20, 21:04
    - the forward-looking statement thing? that's a cover your ass thing. "we did our best, but sometimes things happen." boilerplate stuff. -- nm - mafic Sep 20, 17:04

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