Auditors will be all over this piece. Statutory earnings will be impacted and they will harp on about "Underlying earnings" instead.
Those impairment tests to goodwill / intangibles are very conservative and heavily influenced by management. Accounting financial engineering at its best. Auditors don't want to make management angry because of potential loss of business to other accounting firms who are lining up to take their share of business. And management don't want to lose their compensation so will do whatever it takes to hide the books and manage earnings. Been there, done that, seen the messed up things that go on behind the scenes.
Balance sheet should be viewed with the Cash Flow statement, then P&L statement.
Auditors will be all over this piece. Statutory earnings will be...
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