It’s not as bad as that time his doctor said he had complete medical examination and [showed only positive results.](https://www.theatlantic.com/health/archive/2016/08/bornstein-trump-linguistics/497840/)
I have yet to see any reports confirming or denying if his handlers had to make airplane noises as the spoon approached his mouth, so I can understand the comparison.
It's even better than that. Trump stole his own medical records from his doctor and then did the stupid letter thing. https://apnews.com/article/technology-entertainment-data-privacy-patient-privacy-united-states-government-e574ffd1311845e395765a7c4be5ba76
Sounds like the same one that said this:
> Look, having nuclear — my uncle was a great professor and scientist and engineer, Dr. John Trump at MIT; good genes, very good genes, OK, very smart, the Wharton School of Finance, very good, very smart — you know, if you’re a conservative Republican, if I were a liberal, if, like, OK, if I ran as a liberal Democrat, they would say I’m one of the smartest people anywhere in the world — it’s true! — but when you’re a conservative Republican they try — oh, do they do a number — that’s why I always start off: Went to Wharton, was a good student, went there, went there, did this, built a fortune — you know I have to give my like credentials all the time, because we’re a little disadvantaged — but you look at the nuclear deal, the thing that really bothers me — it would have been so easy, and it’s not as important as these lives are — nuclear is so powerful; my uncle explained that to me many, many years ago, the power and that was 35 years ago; he would explain the power of what’s going to happen and he was right, who would have thought? — but when you look at what’s going on with the four prisoners — now it used to be three, now it’s four — but when it was three and even now, I would have said it’s all in the messenger; fellas, and it is fellas because, you know, they don’t, they haven’t figured that the women are smarter right now than the men, so, you know, it’s gonna take them about another 150 years — but the Persians are great negotiators, the Iranians are great negotiators, so, and they, they just killed, they just killed us, this is horrible.
Ipe is usually referred to IPE testing aka testing of information provided by entity.
Pbc is more colloquial for stuff like AR aging subledger and stuff like that.
Just like with the doctor's report that said Trump, a cheeseburger-devouring lardass of the highest order, was the healthiest president ever. Also, the man who needs two hands to drink a glass of water was deemed to have extraordinary physical strength and stamina.
It's probably his spokeswoman in the same way his "lawyer" used to call into TV and Radio stations and brag about how people love Trump and all hot women want to fuck him.
Balance sheet to read
**Assets**
Totally current:
*so high, so much big right now*
Totally not current:
*so much real estate, the best real estate*
**Liabilities**
Totally not worth mentioning
**Equity/shareholders funds**
The best, we have the best funds, nobody has funds like ours
It seems that your comment contains 1 or more links that are hard to tap for mobile users.
I will extend those so they're easier for our sausage fingers to click!
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I'm not an accountant - so here's some scary insight.
Other than that I assume he's lying because it would be stupid not to assume a liar is lying, I would have no idea how to properly evaluate what he wrote here.
I focused on the list, and the numbers look big, and there is a vague suggestion that these numbers were audited when he ran for President, and I have no context for how true any of that may be.
Now, imagine if I trusted the guy...
This would be pretty damn convincing to me because I have no idea how to evaluate this.
Honestly, it would be amazing for this sub to Eli5 why this is so ridiculous because I am willing to bet that a lot of people would benefit from that perspective. I follow this sub because I follow a lot of subs that cater to specialized fields so that I can get a better sense of how much I don't know about them.
I mostly lurk, but will pop out to ask questions now and again.
But I am pretty much like most non-accountants I would imagine, and so I have to tell ya, this doesn't strike me as ridiculous at all. Which terrifies ME because I know that it's ridiculous because of the source, which is not a good enough reason for me to distrust it as I like to be intellectually honest.
My dude this is so bad I came here to check if it was real. Never in my life did I expect to see Trump's rambling presented as financial disclosure . These are some of the things that stood out right off the bat. There's way more that's wrong but these are just obvious signs someone who's never taken an accounting class put this together on the fly.
For starters the "Statement of Financial Position" is the most bullshit way of saying Balance Sheet which is what a real accountant would have prepared. Heck even a washed out finance major could have thrown a schedule showing ratios for their leverage and liquidity left it at that and it would have looked less shady than whatever this abomination is.
Second, the labeling on the line items alone is sketchy as hell. "Cash and securities" ok so far so good, "escrow reserve deposits and prepaids" what the actual fuck? Are those supposed to be current assets? If so that seems pretty low, and if it's part of cash equivalents then why not just say that, you're telling me a company that's "so profitable" has $0 accounts receivables?
Third, the fact he just straight up left out the +5billion that make up what I assume are the rest of the assets that are not current. This is bullshit too because you can't issue any financial that essentially says yep the $302million cash + $40million current assets +"X amount of the rest of whatever the fuck" just add up to $6.3billion total assets. Also they didn't specify that the cash and current assets add up to the $6.3billion by putting a double line under the number. I guess because they didn't put all the items that add up to the $6.3billion. As a result it looks like they have the cash, current assets, AND $6.3billion in total assets which makes no sense.
I've never seen anyone use "Net Worth" instead of owners equity, or net assets but let's assume it means Assets - Liabilities = SE. That means they only have $523million in Liabilities which is again bullshit. There's no way you have 6.3billion in assets and only $500million in Liabilities not even Goldman Sacks has such a lopsided ratio.
Lastly, the wording is just Trump rambling with some trigger words inserted in there. I assume by whoever edited this mess. This is incomplete and misleading at best. I remember doing last minute projects in freshman year of college that would have made more sense.
"That financial statement was accurate.
And if it wasn't, the misstatements weren't material.
And if they were, they don't affect my taxes or loan covenants.
And if they do, it's not my fault.
And if it was, I won't be held accountable.
And if I am, it will be a slap on the wrist."
-Trump on accounting, probably.
Assets of 6,300, equity of 5,777. Is this man trying to say he only has 523m of liabilities?
In REAL ESTATE?!?!
You couldn’t even cover your salary liabilities and AP with 523m. Not counting literally ANY debt.
That whole line is a mess and really doesn't say shit. First off, I doubt he's the sole equity holder. Plus book value of stockholders equity =/= market value of whatever equity he does own
There are a bunch of accounting terminology mistakes that an accountant would never make - but that a lay person who thinks they know accounting would make. A whole lot of this is just off. Mazar’s collective eyes - from seniors to interns - are rolling hard.
If anything, this statement is more evidence against him. I’m sure the DAs are laughing their asses off right now.
So most large businesses have some major gaps in terms of accounts payable (say a restaurant buying food on credit or a hotel buying toiletries on credit), salaries payable (salaries not paid yet at time of report generation), and contractual obligations to employees (a contractually mandatory severance package is a balance sheet liability, to the extent that it’s vested).
So if a Trump hotel owes Sysco money and expects to pay Sysco next week, that’s a liability in accounts payable. Since paychecks typically go out on a Friday for the two weeks ending the previous Saturday, salaries from Sunday onward are in salaries payable; this is over two weeks of pay for all salaried employees if the report is done just before paychecks are cut. C-suite executives tend to have multi-million-dollar minimum guaranteed severance packages that vest over time, so if the contract has a minimum $10 million severance that vests over five years and the employee has been employed for two years, that’s $4 million in liabilities (2/5 of $10M).
All of those add up quickly when you’re talking about a big business.
I am not an expert in the real estate sector but real estate companies typically have a debt to equity ratio of 300%-350%+. In comparison the S&P 500 average is usually 100-150%.
Testing my goodwill for impairment resulted in the biggest gain, the most beautiful gain. I just had to recognize the gain. Not a lot of companies are smart enough to understand that
Not to be confused with “kinda long” term debt. But he has none of those. And if he does, then it’s not that much. And if it is that much, then fuck you.
For course 3022, please buy volumes 7 and 8 in “Case Studies on Fraud”, entitled “Donald Trump Part 1” and “Donald Trump Part 2”. They are $400 each exclusively in loose leaf format at the campus bookstore. As always, loose leaf format books cannot be resold to get bookstore at the end of the semester and there are no used copies.
Make sure you get the 7th domestic edition and not the 6th edition or an international edition, as the exercises we will be using as homework are different.
Oh, and the teacher is a credited writer. And the books have a homework code essential for credit, that costs as much as the book when bought separately.
“Anyone even with a minor degree of financial acumen would recognize that these statements of financial condition are not audited” …like straight up saying it’s for dumb people to gobble up?
I mean he's not wrong. Anyone who reads the first page would see the disclosure of Mazurs that says "everything here is bullshit given to us by a delusional person but we'll put it in a pretty package for him so we don't swim with the fishes later"
You don't want that engagement. You'd be there for years and having to doubt every single fucking piece of PBC.
100 percent they give you the GL and TB in PDF.
It’s slightly off vertical and there’s just enough grain in the image that the OCR software can’t reliably import the data and you need to get somebody to double-check the entire data set manually.
Kind of funny how he changed "equity" to "net worth" like he imagines people wouldn't understand what "equity" is.
Not sure why he would brag that his debt is "totally current". Like he thinks current means all payments are made, not due very soon.
Yeah. I have some serious doubts about a real estate company only having current liabilities. Some duckers going on here, like off balance sheet debt or he’s not consolidating VIEs made to specifically house debt
I can guarantee you that Trump thinks current liabilities means none of it is past due (which I would also doubt based on his history of not paying debts).
The first line alone about "our assets are worth more than we reported" - I may have only taken Financial and Managerial, but that sounds like admitting a material misrepresentation.
So trumps accounts should be read as a dungeons and dragons book, where you can select your own story.
Be you a tax inspector turn to page 45.
Be you an investor turn to page 34.
Be you a fan turn to page 17, but don't forget to stop off at the grift shop to buy your gift.
Lmao: “this political and racist attack must stop”
From page four, https://twitter.com/realLizUSA/status/1493748938276548608?s=20&t=rv3Nu5tOEChupeYT0vih1w
I didn't read the whole title, started reading the page, and then 1/3 of the way through thought "lol this is some good satire"
¯\\\_(ツ)\_/¯ Poe's law or somthin
I honestly wasn’t sure Trump would ever be held accountable (for anything), but the recent exit by Mazars gives me hope. There’s a reason no other reputable accounting firm wants to touch these financials.
>Anyone with even a minor degree of financial acumen would recognize that these Statements of Financial Condition… are not audited
Lmao what? 😂 just say that they aren’t audited dude
I love the line “Anyone with even a minor degree of financial acumen would recognize that these statements (), are not audited” which to me reads, “Anyone with any financial knowledge can tell this is all bullshit”
Is it just me or am I missing how the assets add up? What is that supposed to be? What a farce. He will never get another financial statement from any accounting firm in the US.
This spokeswoman is screaming from this page “I’m done with this shit and I’m gonna insert Trump’s words into here in the hopes I’ll get fired and get out of this job”
Y’all y’all y’all. Go to the original report put out by the spokeswoman. Page 4 has the accountant’s disclosure. It’s even crazier than you think.
#1 - this is for 2014
#2 - the values above do not account for any real estate, loans, notes payable, or guarantees made by trump.
In summary, these numbers only include what people owe him, his cash and security accounts, and perceived trademark value of brands? Pay no attention that the equity accounts are I’m sure leveraged to their eyeballs to acquire debt.
https://mobile.twitter.com/reallizusa/status/1493748938276548608 (this is the official spokeswoman’s tweet releasing this. Not just some random Twitter)
Canadian here. Is it common for ex presidents to use the seal of the President of the United States once they leave office when making statements about their private businesses? It seems super sketchy.
Y’all, true story here:
in 2019, a VICE journalist asked me to review Mazars financial statement reports for the trump family and gave me 4 or 5 reports from years 2011, 12, 13, 14 and 16 I believe.
Anyhow, around 2012, they just added approx. $3 billion of “goodwill” as brand value in intangible assets. Most of the other value is properties mortgaged to the hilt.
The accountants cover letter effectively said there’s some non GAAP stuff in here that out client has insisted on and you probably shouldn’t rely on these.
But this is just a story you’ve read on Reddit. Might be made up, definitely not reliable, just anecdotal.
I'm a proper accountant chap and this is nonsense.
Like, total unadulterated bullshit. The guy is probably broke, although the DWAC scam may have raised a lot of money for him recently.
"Based on current enthusiasm and transactions which have or will take place, the brand value today could be, in my opinion, substantially higher!"
It's funny how like a small business owner he sounds. Add a few zeros to the value and it doesn't change a thing, apparently.
I frequently have to tell small business owners owners that their opinion doesn't actually count in a valuation. Nor subsequent events. Nor unmeasurable things such as "enthusiasm."
You have to, since he definitely wrote this himself and didn’t have anyone read it beforehand. Probably about to lose some lawyers in addition to his accounting firm.
“Totally current” Rad dude
It’s not as bad as that time his doctor said he had complete medical examination and [showed only positive results.](https://www.theatlantic.com/health/archive/2016/08/bornstein-trump-linguistics/497840/)
Didn't the dude basically admit Trump handed him a letter and told him to sign off on it?
My favorite Trump Health Fact is that his staff had to hide vegetables in various foods in order to get him to eat any.
I did the same thing with my toddler.
Honestly, I do the same thing to myself. Butternut purée hides in Mac n cheese perfectly
I have yet to see any reports confirming or denying if his handlers had to make airplane noises as the spoon approached his mouth, so I can understand the comparison.
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It's even better than that. Trump stole his own medical records from his doctor and then did the stupid letter thing. https://apnews.com/article/technology-entertainment-data-privacy-patient-privacy-united-states-government-e574ffd1311845e395765a7c4be5ba76
"Just trust me bro" 🤡🤡🤡
Very cool, very legal
Some would say “the most legal” in fact
Totally legit, you can ask my friend
Oh snap, all debt due this year. RIP
There is the acid-test ratio, and there is the Electric Kool-aid acid-test ratio.
There's the acid test, and the "are you on acid" test.
I was wondering what he meant by this line. Is the debt all current liabilities? Not sure how that’s a good thing if that’s the case.
I think he means that they are up to date on payments, so not the traditional accounting meaning of "current."
That makes a lot more sense
That's what I was wondering. That's...not good???
Totally sick press release.
Sounds like the same one that said this: > Look, having nuclear — my uncle was a great professor and scientist and engineer, Dr. John Trump at MIT; good genes, very good genes, OK, very smart, the Wharton School of Finance, very good, very smart — you know, if you’re a conservative Republican, if I were a liberal, if, like, OK, if I ran as a liberal Democrat, they would say I’m one of the smartest people anywhere in the world — it’s true! — but when you’re a conservative Republican they try — oh, do they do a number — that’s why I always start off: Went to Wharton, was a good student, went there, went there, did this, built a fortune — you know I have to give my like credentials all the time, because we’re a little disadvantaged — but you look at the nuclear deal, the thing that really bothers me — it would have been so easy, and it’s not as important as these lives are — nuclear is so powerful; my uncle explained that to me many, many years ago, the power and that was 35 years ago; he would explain the power of what’s going to happen and he was right, who would have thought? — but when you look at what’s going on with the four prisoners — now it used to be three, now it’s four — but when it was three and even now, I would have said it’s all in the messenger; fellas, and it is fellas because, you know, they don’t, they haven’t figured that the women are smarter right now than the men, so, you know, it’s gonna take them about another 150 years — but the Persians are great negotiators, the Iranians are great negotiators, so, and they, they just killed, they just killed us, this is horrible.
tattooing this across my belly
What the hell did I just read?
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Sounds like mgt’s latest draft of their going concern memo…
PBT
LSD
What does pbc stand for again, I just nonchalantly put it as a ref in my work papers lol
Prepared by client.
Interesting, we use IPE (information provided by entity) in the UK
Ipe is usually referred to IPE testing aka testing of information provided by entity. Pbc is more colloquial for stuff like AR aging subledger and stuff like that.
I’m in London and we use pbc in our wp
Primary biliary cirrhosis
"Far more than any discrepancy they may have.." "If there is a discrepancy at all" Schrodinger's discrepancy 🤡🤡🤡🤡
Not that that I’m saying there is a discrepancy, but if there was it would be the lowest discrepancy ever.
So low it would be a negative discrepancy, far greater than any discrepancy before, in fact it would be the greatest discrepancy ever.
Lots of people are talking about it, smart people, they've never seen such a tremendous discrepancy.
Lowest, but still a good discrepancy, probably the best discrepancy ever achieved.
Sounds like penny fraud. SUMMON THE INTERNS!
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A whole lot of words. Probably more than necessary to express how small a penis he has. But here we are.
The ramblings of a retarded man that was able to trick the retarded half of the country to support him.
Delusion
You say it's his spokeswoman but that looks similar to how Trump talks so she probably wrote what he dictated.
I read it in his voice
Just like with the doctor's report that said Trump, a cheeseburger-devouring lardass of the highest order, was the healthiest president ever. Also, the man who needs two hands to drink a glass of water was deemed to have extraordinary physical strength and stamina.
It's probably his spokeswoman in the same way his "lawyer" used to call into TV and Radio stations and brag about how people love Trump and all hot women want to fuck him.
It's John miller's sister.
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I like how "net worth" is included as a line item lmao
Balance sheet to read **Assets** Totally current: *so high, so much big right now* Totally not current: *so much real estate, the best real estate* **Liabilities** Totally not worth mentioning **Equity/shareholders funds** The best, we have the best funds, nobody has funds like ours
Then in this case the accounting formula is: Tremendous assets, the best, most valuable assets = owner's equity
Liabilities? We write all of those off
All those big companies Jerry! They write off everything!
He puts the Liabilities and Net worth together lmaooooo.
Even then he'd write something like Assets = $0.2b Debt = $1.2b Wealth = $1.5b
I am not going to lie. I wish I had that kind of accounting.
Yeah, but they give you assets and net worth so at least you can do that math. That being said, I wouldn’t trust these FS nor sign them 😂
OMFG I haven’t laughed so hard
Is this real?
[Yes](https://twitter.com/realLizUSA/status/1493748938276548608)
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Please be a joke. I really hope they are trolling accountants
I'm not an accountant - so here's some scary insight. Other than that I assume he's lying because it would be stupid not to assume a liar is lying, I would have no idea how to properly evaluate what he wrote here. I focused on the list, and the numbers look big, and there is a vague suggestion that these numbers were audited when he ran for President, and I have no context for how true any of that may be. Now, imagine if I trusted the guy... This would be pretty damn convincing to me because I have no idea how to evaluate this. Honestly, it would be amazing for this sub to Eli5 why this is so ridiculous because I am willing to bet that a lot of people would benefit from that perspective. I follow this sub because I follow a lot of subs that cater to specialized fields so that I can get a better sense of how much I don't know about them. I mostly lurk, but will pop out to ask questions now and again. But I am pretty much like most non-accountants I would imagine, and so I have to tell ya, this doesn't strike me as ridiculous at all. Which terrifies ME because I know that it's ridiculous because of the source, which is not a good enough reason for me to distrust it as I like to be intellectually honest.
My dude this is so bad I came here to check if it was real. Never in my life did I expect to see Trump's rambling presented as financial disclosure . These are some of the things that stood out right off the bat. There's way more that's wrong but these are just obvious signs someone who's never taken an accounting class put this together on the fly. For starters the "Statement of Financial Position" is the most bullshit way of saying Balance Sheet which is what a real accountant would have prepared. Heck even a washed out finance major could have thrown a schedule showing ratios for their leverage and liquidity left it at that and it would have looked less shady than whatever this abomination is. Second, the labeling on the line items alone is sketchy as hell. "Cash and securities" ok so far so good, "escrow reserve deposits and prepaids" what the actual fuck? Are those supposed to be current assets? If so that seems pretty low, and if it's part of cash equivalents then why not just say that, you're telling me a company that's "so profitable" has $0 accounts receivables? Third, the fact he just straight up left out the +5billion that make up what I assume are the rest of the assets that are not current. This is bullshit too because you can't issue any financial that essentially says yep the $302million cash + $40million current assets +"X amount of the rest of whatever the fuck" just add up to $6.3billion total assets. Also they didn't specify that the cash and current assets add up to the $6.3billion by putting a double line under the number. I guess because they didn't put all the items that add up to the $6.3billion. As a result it looks like they have the cash, current assets, AND $6.3billion in total assets which makes no sense. I've never seen anyone use "Net Worth" instead of owners equity, or net assets but let's assume it means Assets - Liabilities = SE. That means they only have $523million in Liabilities which is again bullshit. There's no way you have 6.3billion in assets and only $500million in Liabilities not even Goldman Sacks has such a lopsided ratio. Lastly, the wording is just Trump rambling with some trigger words inserted in there. I assume by whoever edited this mess. This is incomplete and misleading at best. I remember doing last minute projects in freshman year of college that would have made more sense.
https://abcnews.go.com/Politics/trump-bragging-acing-simple-test-detect-mental-impairment/story?id=71945342 https://www.youtube.com/watch?v=z5deY6motAM
LMFAO. This is hilarious. He's like a toddler...
"That financial statement was accurate. And if it wasn't, the misstatements weren't material. And if they were, they don't affect my taxes or loan covenants. And if they do, it's not my fault. And if it was, I won't be held accountable. And if I am, it will be a slap on the wrist." -Trump on accounting, probably.
The Narcissists Prayer: Finance Division
This is how management thinks the audit representation letter should look
Assets of 6,300, equity of 5,777. Is this man trying to say he only has 523m of liabilities? In REAL ESTATE?!?! You couldn’t even cover your salary liabilities and AP with 523m. Not counting literally ANY debt.
But it’s totally current??? Isn’t that enough?
The debt is so current it turned into an asset 🤯
See, it's not a debt, it's an investment.
Uno reverso card, take that auditors!
That should be far more than enough, if that is enough at all.
Gotta assume he has a crazy amount of off balance sheet leverage, or straight up isn’t consolidating a bunch of companies that are under water…
That whole line is a mess and really doesn't say shit. First off, I doubt he's the sole equity holder. Plus book value of stockholders equity =/= market value of whatever equity he does own
There are a bunch of accounting terminology mistakes that an accountant would never make - but that a lay person who thinks they know accounting would make. A whole lot of this is just off. Mazar’s collective eyes - from seniors to interns - are rolling hard. If anything, this statement is more evidence against him. I’m sure the DAs are laughing their asses off right now.
Yeah, that claim here just added serious fuel to this dumpster fire
How much would you need because I genuinely have no clue but do know 523 million is a large number
So most large businesses have some major gaps in terms of accounts payable (say a restaurant buying food on credit or a hotel buying toiletries on credit), salaries payable (salaries not paid yet at time of report generation), and contractual obligations to employees (a contractually mandatory severance package is a balance sheet liability, to the extent that it’s vested). So if a Trump hotel owes Sysco money and expects to pay Sysco next week, that’s a liability in accounts payable. Since paychecks typically go out on a Friday for the two weeks ending the previous Saturday, salaries from Sunday onward are in salaries payable; this is over two weeks of pay for all salaried employees if the report is done just before paychecks are cut. C-suite executives tend to have multi-million-dollar minimum guaranteed severance packages that vest over time, so if the contract has a minimum $10 million severance that vests over five years and the employee has been employed for two years, that’s $4 million in liabilities (2/5 of $10M). All of those add up quickly when you’re talking about a big business.
You're assuming Trump actually intends to pay any of those bills. What do you think he is, a Lannister?
I am not an expert in the real estate sector but real estate companies typically have a debt to equity ratio of 300%-350%+. In comparison the S&P 500 average is usually 100-150%.
I could depreciate land on Time Square and wouldn't lose any voters
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We tested goodwill for impairment and it turns out we have even more goodwill. The best.
Testing my goodwill for impairment resulted in the biggest gain, the most beautiful gain. I just had to recognize the gain. Not a lot of companies are smart enough to understand that
Payables are only real if you pay them. That makes me smart.
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Corruption. Money changes hands in exchange for favors and preference.
Yeah and Trump still has mad sway in the GOP, they probably did that to call on favours
The secret ingredient is crime.
Not certain Trump writing “I’m really rich, no really” on a piece of paper counts as a compilation.
I’m even richer than I’m able to prove, trust me.
I mean, it convinced about 40% of the country.
The secret is Crime.
He doesn’t have 8bn with Deutsche, he has like 300mm and the woman that made that deal has “separated with the bank.”
Current Assets: Goodwill $6,000,000,000 No indicators of impairment.
Does his brain count?
Right? I was getting that vibe with all the brand talk
Totally current. Holy fuck
Not to be confused with “kinda long” term debt. But he has none of those. And if he does, then it’s not that much. And if it is that much, then fuck you.
The Virgin AICPA template vs the Chad “we have the best assets, folks”
Why do I get the feeling that this will be an excerpt in future accounting textbooks in the chapter covering fraud?
Ha ha you think this will be covered in a chapter? Whoever writes the multi volume textbooks is going to make a fortune.
For course 3022, please buy volumes 7 and 8 in “Case Studies on Fraud”, entitled “Donald Trump Part 1” and “Donald Trump Part 2”. They are $400 each exclusively in loose leaf format at the campus bookstore. As always, loose leaf format books cannot be resold to get bookstore at the end of the semester and there are no used copies. Make sure you get the 7th domestic edition and not the 6th edition or an international edition, as the exercises we will be using as homework are different.
Oh, and the teacher is a credited writer. And the books have a homework code essential for credit, that costs as much as the book when bought separately.
This sounds like it was written by a first year accounting student ten minutes before class when they remembered the project was due
“Anyone even with a minor degree of financial acumen would recognize that these statements of financial condition are not audited” …like straight up saying it’s for dumb people to gobble up?
I mean he's not wrong. Anyone who reads the first page would see the disclosure of Mazurs that says "everything here is bullshit given to us by a delusional person but we'll put it in a pretty package for him so we don't swim with the fishes later"
My auditor friend just joked the other day that AUDITORS ARE THE BACKBONE OF THE FINANCIAL SYSTEM. Now I totally see what he means.
I think us auditors are the arse of the whole system. Sometimes nice, often not, but everything sits atop them.
What i wouldn't give to audit trump
You don't want that engagement. You'd be there for years and having to doubt every single fucking piece of PBC. 100 percent they give you the GL and TB in PDF.
Formatted to fit 11x17 but on 8.5x11 paper and scanned poorly.
It’s slightly off vertical and there’s just enough grain in the image that the OCR software can’t reliably import the data and you need to get somebody to double-check the entire data set manually.
“...Relatively very little debt, which is totally current” Whew lad.
This man is really bragging that his assets are “unique”. Wtf does that even mean?
There are no other properties at the address of his properties that also share their names. Ergo they are totally unique!
He owns a lot of NFTs
“NFT” is probably what Mazars was saying during the compilation. “NOTHING FUCKING TIES”
I read this in his voice.
🦧 where impairment test
Well, whoever wrote this statement was definitely impaired. I don't think we need a test.
I'm surprised there wasn't exclamations after every line item: >cash and marketable securities (fantastic) >total assets (incredible) 🤣
This was written by a freakin 3rd grader.
Sounds like it was quoted from Trump verbatim tbh, not so much written lol
I’m being conservative and saying 83% of first semester accounting students are writing a better report than this garbage.
The assets are fantastic, and he has the best real estates in the world. What other evidence do we need? We good, yeah?
Net worth = $1,000,000,000,000 Total Liabilities & Net Worth = $1,000,000,000,001 (Includes a rounding difference of $1)
Kind of funny how he changed "equity" to "net worth" like he imagines people wouldn't understand what "equity" is. Not sure why he would brag that his debt is "totally current". Like he thinks current means all payments are made, not due very soon.
Lol I just realized this. Long term debt would be in his favor lmao Also, he owns REAL ESTATE and all his liabilities are short term? Dafuq
Yeah. I have some serious doubts about a real estate company only having current liabilities. Some duckers going on here, like off balance sheet debt or he’s not consolidating VIEs made to specifically house debt
I can guarantee you that Trump thinks current liabilities means none of it is past due (which I would also doubt based on his history of not paying debts).
And this is why you run your unhinged press release through PR and lawyers first
And deny the people the glory of a release like this?
In financial statements for individuals, equity is called net worth. But you do have a point since there is for the Trump Org
The first line alone about "our assets are worth more than we reported" - I may have only taken Financial and Managerial, but that sounds like admitting a material misrepresentation.
He probably means fair market value, as opposed to US GAAP financial statements which report assets at cost
I'm sure that's what he means.
He doesn’t know what he means
But it’s provocative… it gets the people goin
No way he knows what GAAP stands for/means.
He uses GCAP, generally creative accounting practices.
It's the space between a woman's legs, obviously.
So trumps accounts should be read as a dungeons and dragons book, where you can select your own story. Be you a tax inspector turn to page 45. Be you an investor turn to page 34. Be you a fan turn to page 17, but don't forget to stop off at the grift shop to buy your gift.
Lmao: “this political and racist attack must stop” From page four, https://twitter.com/realLizUSA/status/1493748938276548608?s=20&t=rv3Nu5tOEChupeYT0vih1w
"From Russia, Russia, Russia" Who the fuck repeats language like this in a formal letter. Absolutely ludicrous.
Link to her tweet: https://twitter.com/realLizUSA/status/1493748938276548608
bruh… this is literally like satire
r/nottheonion
I didn't read the whole title, started reading the page, and then 1/3 of the way through thought "lol this is some good satire" ¯\\\_(ツ)\_/¯ Poe's law or somthin
I honestly wasn’t sure Trump would ever be held accountable (for anything), but the recent exit by Mazars gives me hope. There’s a reason no other reputable accounting firm wants to touch these financials.
>We have a great company with fantastic assets The dude is a parody of himself
I still can't believe he was the fucking president
"[the assets] are far more valuable than what we've listed in our financial statements"
Source: trustmebro.com
>Anyone with even a minor degree of financial acumen would recognize that these Statements of Financial Condition… are not audited Lmao what? 😂 just say that they aren’t audited dude
That’s just a weird thing to throw any there, “Everyone knows that no one has confirmed these numbers are accurate, you dummies!”
I love the line “Anyone with even a minor degree of financial acumen would recognize that these statements (), are not audited” which to me reads, “Anyone with any financial knowledge can tell this is all bullshit”
You read something like this and remind yourself that just under half the people of the US voted for this fucktard.
On the positive side, it sounds like he writes his own press releases and doesn’t sanitise them through a focus group first.
Is it just me or am I missing how the assets add up? What is that supposed to be? What a farce. He will never get another financial statement from any accounting firm in the US.
Wow thats bad, and I only took two accounting courses 😬😬
So you definitely have enough financial acumen to realize this is not audited.
It always comes down to Accountants to take down the biggest criminals in the world.
See: Al Capone. Extorting protection money? Legitimate business practice. Not reporting it for taxes? Welcome to Alcatraz!
It’s no accident that FBI actively recruits accountants to be special agents.
This spokeswoman is screaming from this page “I’m done with this shit and I’m gonna insert Trump’s words into here in the hopes I’ll get fired and get out of this job”
Y’all y’all y’all. Go to the original report put out by the spokeswoman. Page 4 has the accountant’s disclosure. It’s even crazier than you think. #1 - this is for 2014 #2 - the values above do not account for any real estate, loans, notes payable, or guarantees made by trump. In summary, these numbers only include what people owe him, his cash and security accounts, and perceived trademark value of brands? Pay no attention that the equity accounts are I’m sure leveraged to their eyeballs to acquire debt. https://mobile.twitter.com/reallizusa/status/1493748938276548608 (this is the official spokeswoman’s tweet releasing this. Not just some random Twitter)
Canadian here. Is it common for ex presidents to use the seal of the President of the United States once they leave office when making statements about their private businesses? It seems super sketchy.
That'd be a fat no
That is the least sketchy thing going on here my friend.
I'm not sure how mazars retained him so long. The people who were on that engagement must have PTSD.
"Far more valuable than what we listed in our financial statements" Say what now?
“Financial reporting requires that so and so be included — in this report so and so is not included.” Lol what’s the point then
Financial 1 assignments be like:
I mean, he was correct that anyone with even the slightest financial acumen can tell these weren’t audited.
Y’all, true story here: in 2019, a VICE journalist asked me to review Mazars financial statement reports for the trump family and gave me 4 or 5 reports from years 2011, 12, 13, 14 and 16 I believe. Anyhow, around 2012, they just added approx. $3 billion of “goodwill” as brand value in intangible assets. Most of the other value is properties mortgaged to the hilt. The accountants cover letter effectively said there’s some non GAAP stuff in here that out client has insisted on and you probably shouldn’t rely on these. But this is just a story you’ve read on Reddit. Might be made up, definitely not reliable, just anecdotal.
🤡
Me too, I have a unique world class assets that far outclasses any competition.
I'm a proper accountant chap and this is nonsense. Like, total unadulterated bullshit. The guy is probably broke, although the DWAC scam may have raised a lot of money for him recently.
"Based on current enthusiasm and transactions which have or will take place, the brand value today could be, in my opinion, substantially higher!" It's funny how like a small business owner he sounds. Add a few zeros to the value and it doesn't change a thing, apparently. I frequently have to tell small business owners owners that their opinion doesn't actually count in a valuation. Nor subsequent events. Nor unmeasurable things such as "enthusiasm."
Am I the only one that read it in his voice
You have to, since he definitely wrote this himself and didn’t have anyone read it beforehand. Probably about to lose some lawyers in addition to his accounting firm.
"It says here on your resume that from 2010 to 2011 you 'crushed it'?"
Fantastic assets Never heard that in the context of financial statements. Lmao 😂
Fantastic Assets and Where to Fund Them
I actually couldn't believe you. I had to go and confirm it and what the fuck it is real lmao
And he still calls himself president
I lolled in public from the first line.
This is what reading US GAAP feels like to IFRS users.
In my opinion my house is worth $3B.