winstoncooper Friday, 12/06/13 08:23:44 PM
Re: EarnestDD post# 159283
Post # of 159299
EarnestDD, let me help you out here. Recent GAAP changes state that all assets must be reported at their Fair Market Value.
In this case, the auditors feel that BGL's investment in Cinco Minas does have Fair Market Value (contingent upon a favorable ruling in court).
I believe (I am a CPA) that this investment in Cinco Minas should be written off since I don't believe it has any value. How can it have value if they don't even own an interest in Cinco Minas? I think the auditors have improperly reported the investment as having a Fair Market value.
We've had this discussion before...you really need to read the footnotes of their financial statements....not just the Balance Sheets and Income Statements.