asic summons centro for talks, page-18

thanks recko for pointing that out - great that the auditors are doing their job. indeed, the auditors, who in the past, have not done their job, have been sued for substantial amounts.

good that you pointed out that it was the "unaudited accounts". a company the size of centro would have its own audit team, who would obviously know the difference between "current and non current" - so one would have to assume that it was a management decision to reclassify the debt. no doubt if the $1bn had been properly classified, the sell of in the stock would have started a lot earlier, as the liquidity ratio of a company is one of the key financial yardsticks.

my guess would have been that the company would have been hopefull of refinancing the short term loans, between the time of issuing the unaudited accounts, and by the time that the audited accounts were released