Fogbow

RTH10260 wrote: ↑Tue Feb 15, 2022 12:53 am

bob wrote: ↑Mon Feb 14, 2022 9:29 pm https:// twitter.com/Acyn/status/1493410649942097921

Acyn @Acyn
Eric Trump: At what point is it acceptable to break into the servers at the White House

3:23 AM · Feb 15, 2022

When you are a foreign nation and have outwitted all the NSA, CIA, FBI, Secret Service and numerous other agencies that have brighter minds than certain sons of a former guy.

Junior could ask his dad that question...

but he may never get an answer because dad has no time for any of his children except Ivanka and then only because..

Reality Check wrote: ↑Mon Feb 14, 2022 4:34 pm Isn't that like Mazars trying to put the toothpaste back into the tube or more like rats jumping a sinking ship? Or both?

The only other time I can remember this happening was Arthur Andersen in its final days tried to pull back on several companies, starting with Enron. That worked out pretty well for everybody, didn't it?

There is no way he or his company gets another loan from an FDIC insured bank as long as anyone involved in those 10 years are there, and I can't see any investment bank doing anything to raise money for them, either.

I said when Trump filed to withhold all this stuff that Mazars probably had it loaded up and ready to go as soon as a Judge told them to. Theu had spent decades doing a little wink and nod dance where they were pretty clear what they didn't want to know. They were very close to being bent Accountants and we're about to see if throwing Trump under a bus will divert attention away from how hard they looked when they audited the books.

Just another chapter in the continuing saga of "Everything Trump Touches Turns to Shit"

tek wrote: ↑Tue Feb 15, 2022 6:28 am Just another chapter in the continuing saga of "Everything Trump Touches Turns to Shit"

Be fair, sometimes it's gold-painted shit with a big T on it!

Sam the Centipede wrote: ↑Tue Feb 15, 2022 8:00 am Be fair, sometimes it's gold-painted shit with a big T on it!

A big T and an equally big RUMP.

Dr. Ken wrote: ↑Mon Feb 14, 2022 7:39 pm Waiting for this FLmNpMSVcAIucz5.jpeg

What is sad is that at this point, such an announcement would not be all that surprising. If not CN, there is probably some other loyalist run firm that will happily claim to work with Trump.

neeneko wrote: ↑Tue Feb 15, 2022 1:07 pm

Dr. Ken wrote: ↑Mon Feb 14, 2022 7:39 pm Waiting for this FLmNpMSVcAIucz5.jpeg

What is sad is that at this point, such an announcement would not be all that surprising. If not CN, there is probably some other loyalist run firm that will happily claim to work with Trump.

Well, maybe, but any real accounting firm is very well aware that working with Trump could put them out of business.

And the Trump Organization needs a real accounting firm.

much ado wrote: ↑Tue Feb 15, 2022 1:32 pm

neeneko wrote: ↑Tue Feb 15, 2022 1:07 pm

Dr. Ken wrote: ↑Mon Feb 14, 2022 7:39 pm Waiting for this FLmNpMSVcAIucz5.jpeg

What is sad is that at this point, such an announcement would not be all that surprising. If not CN, there is probably some other loyalist run firm that will happily claim to work with Trump.

Well, maybe, but any real accounting firm is very well aware that working with Trump could put them out of business.

And the Trump Organization needs a real accounting firm.

And I can't imagine any real accounting firm would be willing to stake their reputation on the Trump Organization without doing a deep and thorough audit of all the Trump assets and liabilities before taking on the job.

Cyber Ninjas can't do it, of course. The accounting firm has to be registered with the state board of accountancy in the State of New York.

Good luck with that, Donald!

Firm Licensure

Every accounting firm in the United States must register with the board of accountancy in the state where its professionals practice. However, similar to the CPA licensing process, the steps to registering a CPA firm vary from state to state. You can find information about how to register a CPA firm at that particular state board of accountancy website or you can use NASBA’s Accountancy Licensing Library (ALL), where you can find the information you need to register and manage multiple state firm registrations.

From the National Association of State Boards of Accountancy: https://nasba.org/licensure/gettingacpa ... licensure/

Jim wrote: ↑Tue Feb 15, 2022 1:38 pm And I can't imagine any real accounting firm would be willing to stake their reputation on the Trump Organization without doing a deep and thorough audit of all the Trump assets and liabilities before taking on the job.

I can't see the Trumps ever allowing something like that to happen. Moreover, they would never pay for something like that to occur.

MN-Skeptic wrote: ↑Tue Feb 15, 2022 1:56 pm

Jim wrote: ↑Tue Feb 15, 2022 1:38 pm And I can't imagine any real accounting firm would be willing to stake their reputation on the Trump Organization without doing a deep and thorough audit of all the Trump assets and liabilities before taking on the job.

I can't see the Trumps ever allowing something like that to happen. Moreover, they would never pay for something like that to occur.

That's why this is such a big deal. They absolutely must have a state-certified accountant firm audit their books. Their is no way they can stay in business without an audit. Outstanding loans almost certainly have clauses in them regarding audits.

I wrote over in the other thread that I think Mazars more or less gave a nod and a wink to TFGs personal financial statements. The rules for personal financial statements require the person to provide all fair market values of assets owned and liabilities owed. With properties owned all over the globe, and with complex ownership structures for many of them, it is not an easy task to provide a reasonable fair market value for them.

For example, the fair market value of real estate that is owned 100% by one person is easy to report at 100% of value less closing and disposition costs. But the fair market value of a 20% tenancy in common or a 40% partnership interest is a lot trickier. Those values are not just an exercise in multiplication. There are discounts involved because of a minority interest or lack of marketability. However, the prorata share of debt is not discounted.

In addition, a provision for future income taxes must be calculated that would use the FMV less closing costs and cost basis to arrive at an estimated gain or loss. Then foreign and domestic income taxes are estimated.

There are a lot of areas where TFG and his minions with the (allegedly implied) consent of the accountants at Mazars could have inflated his net worth by hundreds of millions, if not billions of dollars.

If Mar-a-lago gets seized, maybe he could still scrape up enough for a room at The Villages and spend the rest of his days racing golf carts and rascal scooters.

Of course any ethical and/or prudent accountancy company would wish to avoid any Trump work.

And it's too large and complex a job for a sole practitioner or a small partnership.

But … remember the election? Many milions voted for Trump, birth rich and poor, low skilled and professional, intelligent and stupid. There might well be an accountancy company somewhere staffed and run by such assholes who would love to serve the Great Shitgibbon and (in their tiny minds) own the libs.

Sam the Centipede wrote: ↑Tue Feb 15, 2022 2:30 pm Of course any ethical and/or prudent accountancy company would wish to avoid any Trump work.

And it's too large and complex a job for a sole practitioner or a small partnership.

But … remember the election? Many milions voted for Trump, birth rich and poor, low skilled and professional, intelligent and stupid. There might well be an accountancy company somewhere staffed and run by such assholes who would love to serve the Great Shitgibbon and (in their tiny minds) own the libs.

Wonder how many employees they might be willing to lose if they took on Trump? Not everyone (not even 1/3) of the country is big Trump fans.

Next great venture for Donnie….

Trump Accountants

(And off shoot of Trump Steaks - just cooking books than leather)

Junior is set to be the front/fall guy!

There must be an accountancy firm that all the Russian biznesmeny in New York use? Surely he could get some recommendations from them?

Isn’t that Mazars?

Accounting for non-accountants - Mazars compiled financial statements for Trump, based on numbers provided by Trump. A compilation is not an audit or review, and Mazars issued no opinion on the numbers. A compilation, unlike an audit or review, need not be done by a CPA. Joe Blow down the street, without a lick of certification could do the compilations for Trump. Hope this clarifies.

WhiteH2O wrote: ↑Tue Feb 15, 2022 7:33 pm Accounting for non-accountants - Mazars compiled financial statements for Trump, based on numbers provided by Trump. A compilation is not an audit or review, and Mazars issued no opinion on the numbers. A compilation, unlike an audit or review, need not be done by a CPA. Joe Blow down the street, without a lick of certification could do the compilations for Trump. Hope this clarifies.

Yeah, but if any bank was willing to take his word for anything, that's a ship that's sailed. And he needs a bunch of banks to believe him just now.

WhiteH2O wrote: ↑Tue Feb 15, 2022 7:33 pm Accounting for non-accountants - Mazars compiled financial statements for Trump, based on numbers provided by Trump. A compilation is not an audit or review, and Mazars issued no opinion on the numbers. A compilation, unlike an audit or review, need not be done by a CPA. Joe Blow down the street, without a lick of certification could do the compilations for Trump. Hope this clarifies.

I wouldn't think that a mere compilation, rather than an audit, would satisfy a lender about to give TFG $300M or so. I would think that they would want the assurance provided by a more rigorous audit. I would also think that they would want assurances that the statements were compiled according to GAAP.

But then, I'm not a CPA.

WhiteH2O wrote: ↑Tue Feb 15, 2022 7:33 pm Accounting for non-accountants - Mazars compiled financial statements for Trump, based on numbers provided by Trump. A compilation is not an audit or review, and Mazars issued no opinion on the numbers. A compilation, unlike an audit or review, need not be done by a CPA. Joe Blow down the street, without a lick of certification could do the compilations for Trump. Hope this clarifies.

But if it is just a compilation and the firm has no opinion on the numbers, why would they need to withdraw? It is "just" a compilation based on numbers supplied by their client. They risk nothing in supplying the compilation to interested third parties.

I am missing something here.

I think some of the third parties actually need an audit, not just a compilation. Am I wrong?

ETA: I see noblepa has noticed the same issue.

WhiteH2O wrote: ↑Tue Feb 15, 2022 7:33 pm Accounting for non-accountants - Mazars compiled financial statements for Trump, based on numbers provided by Trump. A compilation is not an audit or review, and Mazars issued no opinion on the numbers. A compilation, unlike an audit or review, need not be done by a CPA. Joe Blow down the street, without a lick of certification could do the compilations for Trump. Hope this clarifies.

Mazars were also preparing his personal income tax return, if I am reading correctly.

Who is going to take over THAT worm pit? H & R Block?