Despite spending hours trying to get my head around the new accounting standard I’m still not clear, or at least not clear enough that I could explain it to someone else.
For example, if you had the following scenario:
A couple bought a house for $1,000,000
Deposit paid $50,000 (5%)
They pay LMI to lender who pays premium to Helia.
The couple make principal and interest repayments for 5 years, then they sell the property for a profit and pay out the mortgage in full.
At that point can Helia book the premium as profit?
Ann: FY22 Earnings Release Date, page-5
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