This is what you call great analysis, page-88

In terms of the accounting the unearned income is a liability account anyway, so I don't see a huge mistake. It's more just lacking in enough detail for us to make informed decisions.

However (as per my long analysis post yesterday) I would personally like to see it split out on the balance sheet as a) “deferred income accepted customers” and b) “deferred income non-accepted customers”. That would help us to see how much of the deferred income is ‘locked in’ as future guaranteed revenue.

Either that or they should be making a separate liability provision to cover the risk of cancellation fees and refunds. However, given the cancellation rate to date is zero they could just assume that zero rate to continue and no provision needed.