Related Posts
GSP San Fran or Leo Chicago?
More Posts
Thoughts on Mindshare Chicago?
Additional Posts in Accounting
What are you saving for?
PSA: With tax season is around the corner I just wanted to share that CashApp (Square) allows you to e-file individual Federal return and 1 state return for free (with NO income limit), and the best part is it supports ALL essential forms for stocks like 1099s and Sch D (gain loss on stock including crypto). DM if you need a ref code
https://cash.app/app/MLWKHQR
All right people. LET'S FILE SOME TAX RETURNS.
New to Fishbowl?
unlock all discussions on Fishbowl.




Rising Star
Wow you are very passionate about this....I like it!
Any CohnReznick partners have insight into why you're allowing them to apply a non-GAAP treatment without mentioning that on your audit opinion? Like wtf are you even auditing if you're not going to test the material revenue producing assets?
Further Zoos often DO sell and exchange animals, and SeaWorld shows us value IS established for these zoological assets. Additionally, their disclosure, which states age/sex/reproduction history make it impractical to assign value is a lie - they track all of that stuff.
Lastly, they say that expenditures for animal acquisition is expensed when acquired. So a Lion purchased on 12/31 for $xxx you allow them to write down to $1? That is so far from GAAP! Who is signing this opinion, one of the great apes over on Treetop Way? Because there's no way in hell it's an audit partner.
And if you're going to tell me these aren't Revenue Producing Assets; nobody is going to the zoo to see empty cages. Literally their website, their tickets, their entry way - ALL marketing material contains a picture of an animal, not of an empty cage.
FASB states that financial reports should provide ALL relevant and useful information. So why do you give these guys a pass, without at least a disclaimer of opinion?
I think this a pretty widely accepted practice for NP zoos.
I really don’t care that much. You have obviously spent a lot of time thinking about this. I think you should write a very stern letter to them. Shame on them.
I actually thought it was standard practice to only exchange animals, so as to deter ever setting a real price for exotic animals that could be used for...unscrupulous means
While that is common, from time to time they do buy animals.
My problem isn't the zoos not valuing the animals, I agree with why they do it... My problem is the audit opinion not disclosing this departure from GAAP.