Business
Freedom Foods’ accounting scandal is a shocker – The Australian Financial Review
As the legendary business columnist Pierpont would say, finance journalism owes Freedom Foods and commerce students a huge debt.
By 1987, shareholders’ funds were shown as $65.6 million but, according toDeloitte, were a deficiency of $58.4 million.
Given that high watermark of accounting sleight-of-hand, the Freedom Foods case study is pretty impressive. The company restated its 2019 accounts from a profit of $11.6 million to a loss of $145.8 million.
The business lost $174.5 million in the year to June 2020. The total net asset write-downs and restatements of $590 million are to cover 2020 and prior years.
Capitalisation…
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