Updated paper on the AWU WA Branch finances - from Dr John Lourens
Wednesday, 05 February 2014
This updated paper incorporates changes suggested by readers after a first draft was published last Saturday. The first version we published made adjustments for assets that had been sold, but did not include adjustments for depreciation expense and downward revaluations pertaining to purchased assets. This omission resulted in some assets being classified as ‘missing’ in the previous version - that classification was wrong and is corrected in this updated paper.
Other liabilities classified as ‘missing’ in the first version are explained by motor vehicle loans classified as current on the balance sheet - the first version included an assumption that all loans taken out were non-current.
Thank you to the many readers who freely give of their expertise by making suggestions and observations about papers like this.
And to Dr Lourens - we are very much in your debt, however it's carried on the balance sheet!