Forum Archive Index - February 2002

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

Hi winner69,
> 
>
>In these days of uncertainity around the world about the standard of 
>financial reporting (that is undermining investor confidence) the 
>RMG announcement today leaves a lot to be desired.
><snip>
> if you look at the performance of RMG over the last three half
>year periods at a net profit level and exclude tax, one off charges
>and one off profits on asset sales you see a different picture.
>
>
For this we can blame the Australian stock exchange.  Here is a 
footnote in the small print on page 60 of the Westpac 
Concise Annual Report.  In very small print under subnote /4/.

Quote
------------

"For reporting periods ending on or after 30 June 2001, it is no 
longer required (under Australain GAAP) to disclose abnormal items 
on the face of the statement of financial performance.  Where a 
revenue or expense is of such a size, nature or incidence that its 
disclosure is relevant in explaining (a company's)  financial 
performance, (the company) is required to disclose separately its 
nature and amount."

-------------
Unquote

When I read this, I was gobsmacked!   What an earth are they doing 
allowing abnormal results to be absorbed into the profit figure with 
no footnote?   Surely this is a serious step backwards in 
transparency of reporting?   Anyone know what the New Zealand 
reporting rules says as regards reporting abnormal profits/losses?  
SNOOPY



 
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