ASIC revenue recognition & performance rights inquires...., page-2

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durmaz

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15/02/20

19:54

Post #: 42954502
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Originally posted by NashaNasha: ↑

Hey Holders & Non-holders,

I've been reading and following up on ASIC investigations that have taken place with LT holders and also been asking clarifications from the company itself. I would appreciate an open discussion on your views on this below:

There are these two investigations that have concluded from what I can tell:
24 September 2019 - 19-263MR - iSignthis restates funds held on behalf of merchants
https://asic.gov.au/about-asic/news-centre/find-a-media-release/2019-releases/19-263mr-isignthis-restates-funds-held-on-behalf-of-merchants/=

7 February - 2020 - 20-026MR - ASIC review of 30 June 2019 financial reports
Now, this report is what got me convinced (and all holders as I want a positive outcome for all shareholders) that ASIC has again audited all revenue to ensure perf shares were issued off audited revenue recognition. ISX was advised by ASIC that they were looking at revenue recognition for 2018, which is linked to performance rights. This investigation did that and it’s now closed. What they found was the client funds issue which ISX did announce last year. So if the ASIC audit team has AUDITED revenue recognition we could conclude they are STILL fine with the June 2018 revenue that hit performance share targets, correct or am I reading this from a biased holder position?

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2020-releases/20-026mr-asic-review-of-30-june-2019-financial-reports/

Anyway as I stated above, I am hoping for an open discussion on everyone's interpretation on the 7 Feb 2020 ASIC release and to be corrected on any of the above as I want to go back to the company with questions and clarifications

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Great work and great result for ISX.

My only question would be why didn't ISX announce this to the market or shareholders if it was positive for the company? Is ISX being advised by it's lawyers to not announce anything?

ISX Price at posting: $1.07 Sentiment: Buy Disclosure: Held
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