Does anybody read financial statements anymore, or do they just let the automated financial data scraping services compute all the ratios for you automatically?
You might think the mix-up regarding the date formatting was a one-shot thing, but no, it is also on the income statement, equity statement, cash flow statement, and notes 3, 4, 11 and 14.
If the CFO isn’t even reading these financial statements, what makes an investor think the company is being run in good hands?
This is another example of what happens when people become overly reliant on push-button systems – eventually two things get lost – one is how the push-button machine works, and the other is the reason why we have to push the button in the first place.
I have caught on occasion some pretty bad typos or formatting errors in financial statements but never have I seen such a blatant presentation error on dates as this one.
LOL! (What’s mystifying to me is how someone makes the typo of “20201” instead of 2021. Because the “0” is nowhere near the “1” on the keyboard whereas “20212” I can understand. The other mystery is how there are two typos both on one row and both in the decade digit.)