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[quote user="blue streak 1"] SAM we need your help on this one.  Amtrak has posted its 2013 FY audit.  At the same time it removed the other previous year's audits.  Makes a referrence to note #2.  What in the world did the 2013 audit actually mean and especially note 2 ? [/quote] Basically Amtrak messed up the accounting for its capital leases and deferred income taxes.  I need to spend some time with the financials to understand them. On January 2nd I sent a letter to Tom Howard, Amtrak's Inspector General, raising a conern about Amtrak's failure to release the 2013 audited financial statements.  I got a letter this afternoon from one of his associates telling me that the statements would be issued soon.  Voila! A quick review of the financial statements suggests that there are some significant differences between the original 2012 financials and the restated 2012 financials, although they are not material.   Amtrak probably pulled the prior financials because they too were impacted by the accounting errors.   If my memory serves me correctly, Amtrak does not have to restate the financials prior to 2012 as long as it presents the 2013 data and the restated 2012 data in a comparative format, which it has done. Without access to Amtrak's books it is impossible to know the extent of the issues associated with the lease and deferred income tax accounting. Given that it took Amtrak more than 15 months to correct the problem, it suggests that the root cause of the problem ran pretty deep.  I suspect the accounting folks burned a lot of midnight oil fixing the problems.
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