Ann: Big Un Limited Market Update- Finstro, page-75

Wrong way around. AUS is deferred revenue as 12 months of revenue is paid up front (cash receipts). Ie 25% would be booked as revenue in Q1, 75% would be ‘defferred revenue’, in Q2 another 25% would be booked as revenue, and only 50% would remain on the balance sheet as deferred revenue, in Q3, its 75% Rev / 25% deferred, and after Q4, all revenue is recognized and no deferred Rev remained locked up on the balance sheet. (It just so happens that in many circumstances the customers are using finance to make that upfront payment)