Agree,
@hotmixre. performance shares revenue, while revenue recognition for contracts that are bundled, i.e. several products and services into one contract, (the case with ISX) are complicated, two points (snippets copied) in the ‘responses’ gave me a great deal of confidence on their internal accounting procedure/s.
1) The invoices were billed in advance and NON REFUNDABLE. If it was refundable, then clearly ASX has a case.
2) ISX obtained a certificate of practical completion from each customer, i.e. each party to the contract has completed their obligations under the contract, whatever that may be.
Further, the credit note issued to those customers were immaterial/'of insignificant' value as well. Not sure why they raised this issue at least couple of times?The whole discussion (by trolls) of 4 customers being under ASIC's radar is just conjecture and will carry zero or little legal significance from a contact perspective as these customers had the legal right (by ASIC) to do business in Australia.
This enquiry/suspension is taking too long, I just hope this ends positively for all parties involved.
