6 + 2 Point Deductions

[Tommy Chong]

It is not a GAAP figure so the PL don’t need to follow GAAP.

The expense wasn’t allowed last year, what has changed?

I understand what you’re saying mate…
The PL don’t have to adhere to the accounting statements.
Whereas IFRS allow for certain expenses to be capitalised based on their nature, the PL don’t have to follow that and can treat all expenses as an income statement expense for the purpose of their calculation.
But then that means that they’re picking and choosing which numbers to use from the audited financial statements to suit their agenda.
And if they’re asking for audited financial statements, then surely we can raise an argument that they must use the audited AFS’s numbers, otherwise what’s the point of submitting them?