Canwest balance sheet lists 788 million as long term debt, yet Canwest only owes 1/3 of this. What screws the Manitoba Securites Commission is that this is all the long term debt Canwest lists in the balance sheet, as the other debt is classified differently with the CCAA filing. Canwest long term debt in balance sheet is declaring 100 percent of debt for Goldman Sachs Altantis company, that Canwest only owns one third the shares in .
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[Complaint on file with the Manitoba Securities Commission about Canwest auditor; specifically that the 2nd quarter 2010 Canwest financial filing not declare Goldman Sachs debt portion of CW Media, as Canwest debt. To no avail.
Manitoba Securities Commission has failed to enforce the SEC Canada Canwest debt total compliance order -- that Canwest balance sheet cease overstating Canwest debt. This was a test of the provincial regulator.]
2nd quarter 2010 Canwest long term debt
CW Media Holdings Inc.:
Senior secured revolving credit facility 2013 - - -
Senior secured credit facility
(net of debt issuance costs of $9 million
(August 31, 2009 - $11 million)) 2015 US$436 449,900 469,760
Senior unsecured notes including accrued
interest (net of debt issuance costs of $7
million (August 31, 2009 -$8 million))(5) 2015 US$338 343,465 362,538
Gets better, as Canwest column then states that Canwest LP debt and 8% notes not longterm debt, says therefore that Canwest long term debt is only CW Media debt.
449,900
343,465
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more than 788,667
[Clearly an error, or small principle payment. This debt is for Goldman Sachs TV company that Canwest owns 1/3 in; in Canada when a company wants to voluntaryly expropriate shareholder shares, the balance sheet lists extra debt, is of course not right. GAAP debt disclsore violation.]
Canwest excuse that new GAAP regulation not enforce yet; theretheless old GAAP also said Canwest long term debt accounting is questionable.]
Canwest quote, "CICA 1601 and 1602 will require a change in the measurement of non-controlling interest and will require the change to be presented as part of shareholders’ equity. These standards will become effective for business combinations for which the acquisition date is on or after September 1, 2011. The Company is currently considering the impacts of the adoption of such standard."
http://www.pwc.com/ca/en/financial-reporting/newsletter/2009-01-06-canadian-gaap-affecting-2011.jhtml
http://www.grantthornton.ca/resources/insights/accounting_standards_developments/NDS_2009_01_CICA_1582_1601_1602_Business_combinations_with_158_IFRS_comparisons.pdf
