Ann: Process Update and Request for Suspension Extension, page-93

Notapennymore raised some interesting points that are in the public domain. The facts are quite simple. A switch from FVTPL to AC resulted in a swing from $20m to $4m. Prior to FY19, every year PNC hit or exceeded NPAT targets using FVTPL.

I would like to see what FY17 and FY18 looks like at AC. I don't think we ever will see this because I personally don't think they will list again. It's safe to assume the NPAT would of been much lower based on FY19 NPAT and hence those dividends paid out would of been much lower.

It's another case of a BIG4 signing off accounts within the realms of the law of the land but from an ethical view PNC may well become another case study for future auditors/accountants. I still struggle to understand how this can keep happening where a few profit from the many. Something needs to change.