You can lead a horse to water......
I never disputed that Xped's 4e is subject to AASB requirements! That is obvious but it is not the point.
You obviously find it difficult to comprehend. What I said was "Accounting standard AASB is
not relevant re 'pro-forma' accounts"
AASB does not recognize 'pro-forma' accounts because, by definition, there is no certainty of compliance with the standards.
As such, their use is questionable and they are subject to ASIC oversight (as per the link I provided but which you obviously did not care to read).
But they have a purpose in accounts following acquisitions, as I indicated in my last post. That is , 'pro-formas' are used
to help investors understand the impact of a significant transaction, such as a business combination or disposition, by showing how it might have affected the historical financial statements.
And why do they do this? Probably to clarify the reasoning behind the purchase price and the assessment of fair value.
Perhaps you also need to read the E4 again, because it did NOT say "why are they saying JCT's contribution since "January 2016" 18 months ago?"
They said nothing of the sort!
They said, instead, "If the acquisition had occurred on 1 January 2016, consolidated pro-forma revenue and profit of the year ended 30 June 2017 [i.e. 1 July 2016 to 30 June 2017] would have been.....
See this for clear explanation of the purpose and limitations of pro-forma accounts:
ASIC Report
Michael Dwyer discusses ASIC’s views on how misleading reporting of non-conforming financial and pro forma financial information can be avoided.
Pro forma financial information
Pro forma information may be necessary in scheme documents, takeover documents, prospectuses and other transaction documents to show users the effects of proposed transactions. A common example is showing the financial effects of a business combination as if it had occurred at the preceding balance date. [i.e. June 2016 re the JCT acquisition]
ASIC believes users expect that pro forma financial information in transaction documents will be prepared in accordance with the accounting standards, subject to assumptions necessary to present the effects of a proposed transaction. As the applicable past and future financial reports will comply with the accounting standards, users are accustomed to this financial information being prepared in accordance with the standards and this should continue.
There should be clear explanations as to how the information is calculated. To reduce the risk that users are misled, ASIC’s draft guide includes some further guidelines for transaction documents. For example, the amount and nature of all material adjustments that have been made to the statutory financial information to derive the pro forma financial information should be disclosed by way of reconciliation.
http://www.companydirectors.com.au/...e/asic-report-reporting-financial-information
(20min delay)