Quotes & Sayings About Financial Statements

After nearly making a terrible mistake not buying See's, we've made this mistake many times. We are apparently slow learners. These opportunity costs don't show up on financial statements, but have cost us many billions. — Charlie Munger

Some companies use off-balance-sheet partnerships to raise money or to buy assets without ever telling their shareholders in their financial statements. — Alex Berenson

These financial statements are compiled using information found in the general ledger, which is, essentially, the collection of all of a business's journal entries. — Mike Piper

Should the basic financial statements refer to the SI? No. The basic financial statements should not refer to or report on the supplementary information. — Charles Hall

After watching Taro reach the brink of bankruptcy, seeing their shares delisted from trading, hearing endless false promises about receiving audited financial statements, and witnessing an unchecked drain of company resources, the shareholders have clearly had enough. — Dilip Shanghvi

Trust-me companies are companies whose financial results gallop ahead of their businesses, companies with seemingly perfect control over their quarterly sales and profits. Companies whose financial statements are loaded with footnotes: companies that short-sellers often attack but rarely dent. — Alex Berenson

Mrs. B's story is well-known but worth telling again. She came to the United States 77 years ago, unable to speak English and devoid of formal schooling. In 1937, she founded the Nebraska Furniture Mart with $500. Last year the store had sales of $200 million, a larger amount by far than that recorded by any other home furnishings store in the United States. Our part in all of this began ten years ago when Mrs. B sold control of the business to Berkshire Hathaway, a deal we completed without obtaining audited financial statements, checking real estate records, or getting any warranties. In short, her word was good enough for us. Naturally, I was delighted to attend Mrs. B's birthday party. After all, she's promised to attend my 100th. — Warren Buffett

If you don't have regular and accurate financial statements, you're driving your business 100 miles an hour down a one-way street the wrong way, at night, in the fog, without lights. — Jim Blasingame

Connor pockets his cell. "Lily," he says. "If I wanted to date for a last name, I'd have a girl on my arm every single day. I would never be single." He leans forward. "I promise you, that my intentions are pure. And I think it's sweet you're looking out for Rose, but she's more than capable of taking care of herself, which is one of the many reasons why I want to pursue her." "What's another reason?" I test him. He smiles. "I won't have to taxingly explain to her menu items in a real French restaurant." He knows she's fluent? "I won't have to explain financial statements or dividends. I'll be able to discuss anything and everything in the world, and she'll have an answer. — Krista Ritchie

Since mistakes of omission don't appear in the financial statements, most people don't pay attention to them. We rub our noses in mistakes of omission - as we just did. — Charlie Munger

Even the financial disclosure statements that political bloggers were required to post hadn't stemmed the suspicion that people's opinions weren't really their own. "Who's paying you?" was a retort that might follow any bout of enthusiasm, along with laughter - who would let themselves be bought? — Jennifer Egan

Everyone has taste, yet it is more of a taboo subject than sex or money. The reason for this is simple: claims about your attitudes to or achievements in the carnal and financial arenas can be disputed only by your lover and your financial advisers, whereas by making statements about your taste you expose body and soul to terrible scrutiny. Taste is a merciless betrayer of social and cultural attitudes. Thus, while anybody will tell you as much (and perhaps more than) you want to know about their triumphs in bed and at the bank, it is taste that gets people's nerves tingling. — Stephen Bayley

The insurance companies do not refer to the key policy rate when they send their statements. We can only control that rate. Long-term interest rates are determined largely by global financial markets. — Mario Draghi

You have more independent eyes scrutinizing the decision-making and financial statements of companies. — Steve Odland

Perhaps the most widespread misunderstanding of economics is that it applies solely to financial transactions. Frequently this leads to statements that "there are noneconomic values" to consider. There are, of course, noneconomic values. Indeed, there are only noneconomic values. Economics is not a value itself but merely a method of trading off one value against another. — Thomas Sowell

You get in a lot of trouble when you start putting fictitious numbers on value. I think to just say, we're going to say a dollar of cash is worth $2 all of a sudden, it isn't worth $2. It's worth a dollar today. And I think once you start putting phony figures into financial statements, you get in a lot of trouble. — Howard Warren Buffett

I call it the Rule of Three. If you read a company's financial statements three times, and you still can't figure out how they make their money, that's usually for a reason. — James Chanos

You have to understand accounting and you have to understand the nuances of accounting. It's the language of business and it's an imperfect language, but unless you are willing to put in the effort to learn accounting - how to read and interpret financial statements - you really shouldn't select stocks yourself — Warren Buffett

Market values are fixed only in part by balance sheets and income statements; much more by the hopes and fears of humanity; by greed, ambition, acts of God, invention, financial stress and strain, weather, discovery, fashion and numberless other causes impossible to be listed without omission. — Gerald M. Loeb

Ricky asks her, "You lost your earrings in the living room?" She shakes her head. "No, I lost them in the bedroom. But the light out here is much better." And there it is. Most leaders prefer to look for answers where the light is better, where they are more comfortable. And the light is certainly better in the measurable, objective, and data-driven world of organizational intelligence (the smart side of the equation) than it is in the messier, more unpredictable world of organizational health. Studying spreadsheets and Gantt charts and financial statements is relatively safe and predictable, which most executives prefer. That's how they've been trained, and that's where they're comfortable. What they usually want to avoid at all costs are subjective conversations that can easily become emotional and awkward. And organizational health is certainly fraught with the potential for subjective and awkward conversations. — Patrick Lencioni

Creating a complete picture of a company financial health, by looking at periodic financial statements, is like turning a hamburger into a cow — Don Tapscott

The Federal Reserve ranks among the most transparent central banks. We publish a summary of our balance sheet every week. Our financial statements are audited annually by an outside auditor and made public. Every security we hold is listed on the website of the Federal Reserve Bank of New York. — Janet Yellen

Say you have a dog, but you need to create a duck on the financial statements. Fortunately, there are specific accounting rules for what constitutes a duck: yellow feet, white covering, orange beak. So you take the dog and paint its feet yellow and its fur white and you paste an orange plastic beak on its nose, and then you say to your accountants, 'This is a duck! Don't you agree that it's a duck?' And the accountants say, 'Yes, according to the rules, this is a duck.' Everybody knows that it's a dog, not a duck, but that doesn't matter, because you've met the rules for calling it a duck. — Bethany McLean

Year-end financial statements ... express a truth about office life which is no less irrefutable yet also, in the end, no less irrelevant or irritating than an evolutionary biologist's proud reminder that the purpose of existence lies in the propagation of our genes. — Alain De Botton

Mandatory auditor rotation is designed to address a potential conflict of interest between a public company and its auditor. Because an auditor is hired and paid by the public company it audits, the auditor's desire to maintain a good relationship with its client could conflict with its duty to rigorously question the client's financial statements. — Robert Pozen

A board of directors that cannot produce reliable audited financial statements for almost seven years simply should not remain in office. — Dilip Shanghvi