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Is it possible that IBM do not owe us and it's our accounting at...

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bastjose

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29/02/24

12:26

Post #: 72668260
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Originally posted by shadowcat: ↑

11. The auditor's review of quarterly cash flow reportsAn entity's quarterly cash flow reports are not required to be audited or reviewed by its auditors before they are released to the market. However, ASX expects an entity's auditor will inspect the entity's:
• first two quarterly cash flow reports when it is auditing or reviewing the entity's half year financial statements; 39 and
• all four quarterly cash flow reports when it is auditing the entity's full year financial statements, 40 as part of its work plan for that audit or review and, if it identifies any material errors or omissions in the quarterly cash flow reports, to communicate those to the entity's board.
If the entity's board receives such a communication from its auditor, ASX will expect the entity to make an announcement to the market highlighting and correcting the errors or omissions.
The quarterly cash flow reports - the ones we've seen - aren't audited. The auditors review them at the half year and full year.

So the auditors aren't impressed with what the board has reported for the last two quarters. We'll see why in the fulness of time. But a suspension of quotation means they're not going to sort it out within the 48 hours given by a trading halt.

IANAA but things that I found suspicious in the quarterlies:
- ongoing discrepancy between cash receipts and reported income, each time with a promise that they would be reconciled the following quarter (they never were)
- lots of language around timing of both income and expenses which I interpret as "we fiddled the timing so that our income was reported now and our expenses were reported later"

I also wonder how much of their "income" including their IBM "debt" is contingent on performance that they never deliver.

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Is it possible that IBM do not owe us and it's our accounting at fault.
I find it hard to believe that a major like IBM don't pay their bills.
Just thinking.
It should have been written off a long time ago instead of mudding the accounts.
Wonder who picked up the error.

DUB Price at posting: 22.0¢ Sentiment: Buy Disclosure: Held
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