Applying your same logic it must be possible to make the same...

Applying your same logic it must be possible to make the same deduction about CLH and CCP. Even after the application of AASB9 rules PNC still showed a profit of $4m+. I could also come to your conclusion if I disregarded the heavy examinations by the auditor and their description of them in the last three FY reports. I do hold some respect in the auditors opinions and procedures - partciularly these litigious times where they can be held accountable for their statements.

IMO I believe we are in the situation we are because the loan covenants have been breached and the banks involved would not like to forgive the breaches and open the doors to similar possibilities in the future. The Royal commission into the banks has put a spotlight on what has been considered by Haynes to be looseness in their credit procedures and they have clearly been asked to tighten up. Forgiving loan breaches would be seen to be returning to old habits. There have been other ASX companies which have had to adjust their accounts for AASB9. One which I noticed in recent times had to change their accounts from a profit FY18 to a $30 loss for FY19. They are lucky they had no bank loans and so are still trading on the ASX - consequently at a very much reduced price. The bank loans and their conditions make all the difference.