TheInsightfulComethVille
The rock-solid analysis and opinion, based on actual data, comes our way courtesy public document analyzer and self-declared 'armchair auditor' Norman Farrell.
Mr. Farrell to the conclusion that this year's ragging of the puck on public account disclosures likely means very bad news* indeed for the (notso) great stewards of our economy, the BC Liberal Party.
Here is just a snippet, but the entire thing is very much worth the read:
...Probably worst of all is that material amounts and situations are often given no more weight than comparatively minor issues, particularly if inconvenient. For example, BC Hydro’s last financial statements commit only five sentences to “Liquidity Risk”, the possibility that BC Hydro will encounter difficulty in meeting obligations associated with financial liabilities. Commitments under BC Hydro’s energy purchase agreements increased from $17 billion to $43 billion in fiscal 2011 alone yet the Annual Report provides almost no explanation and no trend expectations. It covers that amazing change with this statement:
“BC Hydro does not believe that it will encounter difficulty in meeting its obligations associated with financial liabilities.”
You can find Norm's latest, here.
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*Of course, if Norm's analysis turns out to be correct, this is actually really, really bad news for the actual citizens of British Columbia....Funny, then, how little we actually see, hear and/or read about this kind of stuff in the big media 'news' productions, eh?
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