On the AR., page-11

Hi Doc,

Is the carrying value of WIP discounted? I.e. the quantum of billed revenue can reliably be forecast and the discount represents the gap from highly probable to certain. Put another way, is the uplift on completion the removal of the discount (receivables certainty)?

And just out of interest, something I had heard raised as an option in darker days, if a generic consumer law firm had to sell its WIP to say pay down some debt, what range of discount do you think this would have to carry to attract potential suitors? Given the revenue is already highly probable and assuming no issues with accounting standards (i.e. the cases stack up).

Thanks.