ASIC Commences Proceedings Against ISX and JK, page-1499

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ZMan

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05/03/21

20:38

Post #: 51562679
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Originally posted by ChillingOut: ↑

Good point, I agree. I think this is an interesting moot topic but it's largely a red herring.

Documents such as the AASB Standards can be seen as a helpful guide for professionals (like an aide memoir memoire) at best, but a hollow box-ticking exercise at worst where lip service is paid and not much more. The truth may lay somewhere in between. It's nothing more than an opinion given based on someone else's opinion. A bit like multiplying uncertainties with additional biases (conscious or not) that overlay.

As Michael Kirby said many times during his time in judicial office, "our duty is to the Act". No different here. The duty is to comply with the disclosure requirements laid out in the Corporations Act, not an accounting standard. The latter may assist in the preparation of the former but it is no more than that, much like a journalists standard or any other professional standard. If not complied with, it may lead to sanctioning of the author or reporter, but it's their actions not those of the principal. Otherwise the tail is wagging the dog. ISX could only be called into question if, through their agent, they fail to comply with statute-imposed disclosure duties.

For mine, I think ISX have complied with their disclosure requirements under the Act regarding current and ongoing litigation. It has to be asked, has ASX done likewise? Beyond the disclosure requirements under the Act, I don't see the need for ISX to have to provide some arbitrary forecast (positive or negative) on the outcome of litigation where the evidence is yet to be assembled, tested, tendered (assuming it's admissible), and adjudicated upon. Clearly, that's a matter for legal opinion, not accounting..

cheers

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Interested to get your view of this judgement today and any relevence to ISX:
https://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/full/2021/2021fcafc0026

Seems to me like they have ruled against one judge hearing 2 different cases involving action against Getswift at the same time.

Could there be a similar argument with Judge Davies hearing both the ASX and ASIC cases?

ISX Price at posting: $1.07 Sentiment: Hold Disclosure: Held
5 Upvote

0 Great analysis

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