PNC 2.34% 62.5¢ pioneer credit limited

Ann: FY19 Annual Report (with App 4E), page-45

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    ' In adopting AASB 9, the Group has reclassified purchased debt portfolios from financial assets at fair value through profit or loss to financial assets measured at amortised cost, resulting in a corresponding decrease in the carrying value recorded at 1 July 2018 of $4.6m compared to the amount previously reported at 30 June 2018.
    In accordance with the transition requirements of AASB 9, comparative information for FY18 has not been restated and transitional adjustments have been accounted for through retained earnings as at 1 July 2018, the date of initial application; and as a result shareholders’ equity decreased by $3.2m and deferred tax assets increased by $1.4m, following the reclassification of purchased debt portfolios to be measured at amortised cost. The adoption of AASB 9 also impacts income tax and deferred tax, both at transition and ongoing. '
    Page 37

    The accounts quite clearly state that 2018 has NOT been restated, therefore they are NOT on the same basis & are NOT comparable.

    To have comparable information we need not only FY18 prepared on Amortized cost basis but also FY19 without any retrospective adjustments. Alternatively as PNC stated FY19 on a FV basis.
 
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