Tuesday, October 17, 2017 4:05:41 AM
Comment:
Classic example of GAAP miss-appropriation at its finest. A $ 40.2 B entry to create insolvency.
Inception Balance = Solvency of WMB ( Positive Equity - $ 26.4 B ).
Then - $ 40.2B impairment adjustment.
Current Balance = Insolvency of WMB ( Negative Equity $ 19.4 B ).
What I find interesting:
Notation of Unproven Liabilities -$ 272.3 B. Why!!! Any first year accountant understands that Liabilities are the easiest to prove or disprove.
This has me scratching my head. As liabilities are what is owed to outsiders and can be vouched via source documents.
Why?!!? Then can there can be in the "Current Balance":
1) Asset "Impairment" Adjustment of $ 40.2B which is based on estimations,
BUT
2) "No" Liability Adjustment which is based on hard material evidence.
Little doubt in my mind - Dubious GAAP application.
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