Pundits, most residing in the National Party, just three years ago predicted the economy would surf high on “rivers of white oil” flowing from the dairy industry, but they now have cow pats splattered on their faces as Fonterra today announced another payout downgrade and signalled liquidity pressures.
“New Zealand investors are facing an accounting crisis. This is because domestic companies have rejected many of the new international financial reporting standards (IFRS) and are declaring “adjusted”, “underlying”, “operating”, “excluding non-trading” and “from continuing operations” profits that vary significantly from audited IFRS-compliant profits.”
A range of interesting political/economic comment today in the Herald: Fran O’Sullivan joins the left-wing and groups like Federated Farmers in calling on […]
