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Ann: Half Year Report and Accounts - 31 December 2017, page-72

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momentum71

150 Posts.

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31/07/18

08:44

Post #: 34637014
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Originally posted by will_fest ↑

I think that it is possible that BIG’s management did make some mistakes with their revenue recognition via the whole thing with FCC. That is possible. I think its important to give the directors the benefit of the doubt on this one. The decisions they made most likely went through the proper channels, i.e. the board, the accountants, the auditors etc. Accounting can be complex and challenging enough and nobody is perfect. Even big players can get it wrong i.e. Slater and Gordon.

Mistakes were made with scrip for services and it looks like ASIC has placed a 12 month penalty on them for not declaring the scrip for services at the time of the agreements being made. Now its time to move on.

It’s important to remain calm and not get emotional is situations like this. I think there is a tendency in Australia for a tall poppy syndrome and its unhelpful to direct that onto people who probably just made a few mistakes. If we all want the company to trade again we should be looking for positives coming out of this.

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BIG Price at posting: $2.22 Sentiment: None Disclosure: Not Held
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