Excellent news for AHF agreements with WOW and WES and their distribution, Aldi is in big trouble for failing to meet disclosure requirements due to an accounting academic at UNSW and his investigation see below article:
http://www.smh.com.au/business/retail/aldi-urged-to-come-clean-on-accounts-20160925-gro1lv.html
German discount supermarket Aldi may be in breach of disclosure requirements, an expert says.
Jeffrey Knapp, a lecturer in accounting at the UNSW, said Aldi's failure to do consolidated accounts was an important regulatory issue that was being overlooked.
Consolidated accounts show assets, liabilities, revenues and expenses line by line. By contrast, Aldi's accounts show its Australian business as just a one-line investment asset with no detail on sales, gross profit or profit.
"They [Aldi] say in their accounting policy that they comply with all the recognition and measurement requirements in accounting standards," Knapp said. "But it doesn't look like they're doing what they say they've done."
While Aldi Foods gives the Australian Taxation Office consolidated financial information, there is a different story in the accounts lodged with ASIC. Aldi Foods' audited accounts, signed off by KPMG, are not consolidated.
Aldi Foods' accounts, lodged with ASIC for the 2015 calendar year, state it has a 20 per cent interest in the net profit of the limited partnership and describe Aldi Foods as a "small proprietary company that is controlled by a foreign company".
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