ISX vs ASX, page-1125

@Rodeoshow

"Contingent liabilities are possible obligations whose existence will be confirmed only by uncertain future events, and present obligations where the transfer of economic resources is not probable or cannot be reliably measured. There are ongoing legal claims and possible claims against the Group and its subsidiaries. Contingent liabilities exist in respect of actual and potential claims. An assessment of any likely loss has been made on a case-by-case basis and a provision is raised where appropriate."

that is the FULL quote regarding contingent liabilities. It is among other DESCRIPTIONS of different types of provisions the group may take. The only ACTUAL provisions detailed are those related to employee benefits and leases. There is no contingent liability recorded for the ISX case, a case seeking HUNDREDS OF MILLIONS in damages.

Contrast this to the ISX half year report with regard to the ASIC case:

"Note 9: Contingent Assets and Liabilities
ASIC
On 7 December 2020, ASIC served iSignthis with a statement of claim in civil proceedings to be conducted in the Federal Court of Australia. The proceedings seek civil penalties against iSignthis arising from some alleged continuous disclosure breaches and alleged misleading information in 2018 and mid-2020 (the latter being while the Company's shares were not trading on the ASX). iSignthis will vigorously contest the claims. The Company holds no provision for this matter, as the outcome is so uncertain, no reliable estimate can be made."

Hmmm, funny that ISX does not record a contingent asset for the ASX isn't it? Also interesting that ASX doesn't record a contingent liability for ISX, like ISX has had to do for the ASIC case.


Note: The ISX case asking for over 400m in damages is incredibly material in the context of ASX. ASX made 687.6m in pre tax profits in FY21 and 480.9m after tax. If ISX was handed its damages claim in full it would effectively wipe out an ENTIRE year's profits at ASX. You have absolutely no idea what you are talking about as usual. You are competely embarrasing yourself.