Periphery
Cancelled
- Jul 25, 2013
- 6,688
- 9,911
- AFL Club
- St Kilda
Not to be rude but heard on SEN about an addition error in the balance sheet supplied. Error occurs in both 2013 and 2012 seasons where adding up liabilities gives a total about 4 million dollars less.
You can find it on page 13 of the annual report (page 2 of financials). Although I am no accountant so maybe there's an explanation.
I am not an accountant so if I am wrong on this someone who is qualified please correct me:
I think that is a typo and not a mistake adding up the current liabilities.
Current liabilities
Trade and other payables 4,421,559
Other current liabilities 524,440
Short-term borrowings 4,568,588
Employee Benefits 4,568,588
Total current liabilities 10,039,134
If you add up the current liabilities but exclude the Employee benefits you get 9,514,587 which creates a difference of 524,547 which is the exact amount listed in Note 17 on page 28 as the Current Employee Benefits. Basically I think someone has mistakenly copied over the right number for both of those years after all the calculations are done and not noticed.
For 2013 it should be:
Current liabilities
Trade and other payables 4,421,559
Other current liabilities 524,440
Short-term borrowings 4,568,588
Employee Benefits 524,547
Total current liabilities 10,039,134