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1.Market Observations, 8.Was Sticky

19 Sept 2016 (AFR) – Accounting ‘skulduggery’ hides $26b in losses

(19 September 2016, AFR, p8, by Patrick Durkin)

‘Veteran investor Peter Morgan has warned that top companies are using accounting “skulduggery” to boost profits and bonuses and hide more than $26 billion in write-downs in their latest results. Huge write-downs at top 50 companies led by BHP Billiton, South32, Rio Tinto, Santos, Woolworths, Orica, Woodside and Wesfarmers led to a 43 per cent or $44 billion collapse in statutory profits in the year to June 30 compared to last year. The write-downs are twice those reported in 2015 and the highest since the global financial crisis but more than $26 billion of the $38 billion in red ink was airbrushed from the results presented to investors, KPMG says in a forthcoming analysis.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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