Brilliant response about bottle nonsense Sterli
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Posted On: 01/11/2017 4:23:58 AM
Brilliant response about bottle nonsense
Sterling, from the other board, contributed a great response as well:
Respectfully, per the rules for filing Consolidated Financials… the International Accounting Standard 27 "Consolidated and separate financial statements"… and the International Financial Reporting Standard 10 "Consolidated financial statements"… allows for a company to group their assets, liabilities, equity, income, expenses and cash flows of the parent (company) and its subsidiaries to be presented as a single economic entity. See below…
Per OTC Markets, it is their requirement that a company's filings/financials be Consolidated Financials and it’s their requirement that they must be in Generally Accepted Accounting Principles (GAAP) format before being granted Pink Current Information Status. Companies are not required to file audited financials, but they are required to file Consolidated Financials in GAAP format per OTC Market rules. To confirm this with what I have stated, you can reach out to OTC Markets via either email or call them as I had done at the number below:
Email: info@otcmarkets.com
Phone: 212-896-4420
From reading the format of ICNB financials filed with OTC Markets, it is clearly indicated that ICNB has filed Consolidated Financials as stated and also they are in GAAP format which is also evident since they are Pink Current Information Status:
http://www.otcmarkets.com/stock/ICNB/filings
With ICNB now having a 51% Controlling Interest in Bellissima Prosecco, this means that by definition, ICNB becomes what is known as the ”Parent Company” and because of such, ICNB is now able to consolidate both companies’ assets, liabilities, equity, income, expenses and cash flows into a single economic entity within their Consolidated Financials.
I think it is important for me to reiterate that since the news announcing ICNB now owning the 51% “Controlling Interest” in Bellissima Prosecco, this means that ICNB is beyond just owning the ”bottle” or the ”brand” as some were trying to insinuate . This news mean that ICNB can capture the assets, liabilities, equity, income, expenses and cash flows into a single economic entity within their Consolidated Financials as I have explained above.
I think ICNB will be fine. Those that are contrary to what I stated above, I can only recommend to stay tuned because in the near future, I am confident that the company will continue to release news that will continue to add more clarity and growth with what they have going on that will further justify what I posted above.
v/r
Sterling
Sterling, from the other board, contributed a great response as well:
Respectfully, per the rules for filing Consolidated Financials… the International Accounting Standard 27 "Consolidated and separate financial statements"… and the International Financial Reporting Standard 10 "Consolidated financial statements"… allows for a company to group their assets, liabilities, equity, income, expenses and cash flows of the parent (company) and its subsidiaries to be presented as a single economic entity. See below…
Per OTC Markets, it is their requirement that a company's filings/financials be Consolidated Financials and it’s their requirement that they must be in Generally Accepted Accounting Principles (GAAP) format before being granted Pink Current Information Status. Companies are not required to file audited financials, but they are required to file Consolidated Financials in GAAP format per OTC Market rules. To confirm this with what I have stated, you can reach out to OTC Markets via either email or call them as I had done at the number below:
Email: info@otcmarkets.com
Phone: 212-896-4420
From reading the format of ICNB financials filed with OTC Markets, it is clearly indicated that ICNB has filed Consolidated Financials as stated and also they are in GAAP format which is also evident since they are Pink Current Information Status:
http://www.otcmarkets.com/stock/ICNB/filings
With ICNB now having a 51% Controlling Interest in Bellissima Prosecco, this means that by definition, ICNB becomes what is known as the ”Parent Company” and because of such, ICNB is now able to consolidate both companies’ assets, liabilities, equity, income, expenses and cash flows into a single economic entity within their Consolidated Financials.
I think it is important for me to reiterate that since the news announcing ICNB now owning the 51% “Controlling Interest” in Bellissima Prosecco, this means that ICNB is beyond just owning the ”bottle” or the ”brand” as some were trying to insinuate . This news mean that ICNB can capture the assets, liabilities, equity, income, expenses and cash flows into a single economic entity within their Consolidated Financials as I have explained above.
I think ICNB will be fine. Those that are contrary to what I stated above, I can only recommend to stay tuned because in the near future, I am confident that the company will continue to release news that will continue to add more clarity and growth with what they have going on that will further justify what I posted above.
v/r
Sterling
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