SP1 southern cross payments ltd

Ann: Half Year Accounts, page-157

  1. 6,681 Posts.
    lightbulb Created with Sketch. 1545
    Okay some posters have raised some compelling points with regards to restatement, so I gave the half year account a little skim through again which made me realise that the pages are peppered with mentions of "note 18". Note 18 outlines restatements that have been made in the account, but what is restatement?

    Source:
    https://www.accountingtools.com/articles/2017/5/10/restatement#:~:text=A%20restatement%20refers%20to%20the,Accounting%20errors

    https://hotcopper.com.au/data/attachments/2566/2566663-047beec1b02f36337a8c76157c17172b.jpg
    As you can see from that snippet there, restatement is not something to take lightly.

    So here is the content of note 18:

    https://hotcopper.com.au/data/attachments/2566/2566672-048a622efe1d99eddb02c6c93049ad96.jpg
    That is some weird [insert expletives here] going on when combined with the fact that:

    https://hotcopper.com.au/data/attachments/2566/2566677-7cae372ce34a0c34d449af85f0dc718b.jpg

    I have doubts about the profit.....
 
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