https://padlet.com/matt_griffith/wvwbnmhdt9q0 Given the information about the AICPA / ABA “Treaty” concerning pending litigation: en-us 2018-04-10 14:18:46 UTC 2025-11-08 06:50:05 UTC hello@padlet.com https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250791969 If a company is trying to win a major lawsuit, disclosing to an auditor or in its financial statements that it expects to lose is not a good strategy. A lot of companies would likely say they have a much better chance of victory than they actually do either due to their own bias or to make themselves look better and not impact the pending legislation. ]]> 2018-04-11 16:04:49 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250791969 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792120 Financial reporting needs to be accurate in order to help allocate capital to the market. To make sure this happens appropriately, financial reporting needs to be neutral. If the ABA treaty protects the interests of the corporations facing litigation, then the resulting financial reports are not neutral. ]]> 2018-04-11 16:05:06 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792120 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792229 They shouldn’t have to disclose something that may not happen or potentially influence the pending case ]]> 2018-04-11 16:05:18 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792229 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792313 If lawyers had to disclose they thought they would lose a case for financial reporting purposes, the court system would see this as as the party giving up the lawsuit and charging them for the loss]]> 2018-04-11 16:05:26 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792313 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792328 There is a meaningful downside to reporting these contingencies, and the current system only provides a rough estimate. Contingencies should be reported in notes at the amount the prosecutor is seeking to give a worst-case scenario estimate. ]]> 2018-04-11 16:05:33 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792328 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792504 The information could negatively affect the company’s image. I don’t think that the loss amount should be reported but if a loss could occur it should be noted so that interests to the company are well aware of the situation.]]> 2018-04-11 16:05:42 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792504 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792522 2018-04-11 16:05:44 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792522 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792559 Shouldnt have to disclose until after lawsuit/case is complete. Having to report on statements would get rid of confidentiality ]]> 2018-04-11 16:05:48 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792559 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792599 the lawyers' job is to protect their clients interest, but they are withholding information that may be very important to the investors. ]]> 2018-04-11 16:05:52 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792599 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792707 financial reporting seeks to be as conservative as possible, and I believe that the uncertainty of a case in court could jeopardize this if it must be reported

]]> 2018-04-11 16:06:01 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792707 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792735 Personal judgement on having a “slight” chance of being wrong doesn’t seem sufficient enough and could be inconsistent ]]> 2018-04-11 16:06:04 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792735 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792827 They should not have to ]]> 2018-04-11 16:06:12 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792827 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792828 I think they don’t need to report something that may or may ]]> 2018-04-11 16:06:12 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792828 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792874 Auditors need as much information as possible in order to do their jobs and make sure information about companies is accurately portrayed to shareholders]]> 2018-04-11 16:06:16 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792874 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792996 Clients shouldn't have to disclose information until it occurs. ]]> 2018-04-11 16:06:27 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250792996 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793024 Should be consistent with neutrality principle]]> 2018-04-11 16:06:31 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793024 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793125 If they have to dosclose, this would hurt there chances in a their court case ]]> 2018-04-11 16:06:40 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793125 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793133 Informing clients of an 'estimate' is too risky. What something completely opposite of what was predicted occurs instead?]]> 2018-04-11 16:06:41 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793133 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793245 Th lawyers are simply trying to protect their clients. Lawyers work in the interest of their clients ]]> 2018-04-11 16:06:54 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793245 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793262 It may affect the outcome of the case if information is disclosed to the public through financial statements and reporting a loss that is not guaranteed is very conservative accounting ]]> 2018-04-11 16:06:56 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793262 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793305 It would be in the clients best interest as the uncertainty could end up harming them either way]]> 2018-04-11 16:06:59 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793305 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793397 They shouldn't have to disclose]]> 2018-04-11 16:07:12 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793397 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793524 Lawyers might say they have a higher probability of winning than what is actually true]]> 2018-04-11 16:07:28 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793524 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793827 Should be neut]]> 2018-04-11 16:07:58 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793827 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793937 2018-04-11 16:08:09 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793937 https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793962 AICPA inhibits financial reporting because if lawyers give predictions on the outcome of lawsuits, the company can act accordingly to offset any negative consequences on their financial statements.]]> 2018-04-11 16:08:13 UTC https://padlet.com/matt_griffith/wvwbnmhdt9q0/wish/250793962