Yep makes sense. If you read back through my original analysis I did suggest they should be providing some sort of cancellation/refund provision against the deferred revenue. However, BIG have also stated that the cancellation rate to date has been zero, so I think they are using that as a reason not to provide any provison.
Hard to really know though, I've given up trying to second guess too much and just waiting for outcome of ASX investigation.
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This is what you call great analysis, page-151
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