ASB hot on the heels of Stagecoach.
Stagecoach FD Keith Cochrane must be running as fast as one of his buses to keep pace with the expansion, as one takeover follows another as surely as they are also referred to the MMC.
The complexities of the takeovers and the inadequacies of the ruling standard mean that attempts to reconcile the reconciliation of net borrowings with the analyses of acquisitions and the cash flow statement are doomed to failure without the assistance of a team of accountants and several days.
This is not helped by Cochrane’s including the hire purchase finance as an inflow in the investing activities section of the cash flow statement.
“I suspect they are not doing what they ought to have done”, said one ASB member.
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