The receivables and payables are interesting. If I understand it correctly, last year the receivables included an amount that was the maximum credit available to franchisees, and it was much higher (with payables balancing it out). This year it has changed and I believe they are only counting the amounts outstanding. Wonder if there was any argy bargy about that little bit of transparency? Last year there wasn't even any note about it. That was quite a surprising way to account for the franchisee dealings IMO.
Any ideas why they might have chosen to account for the franchisee obligations in such a seemingly opaque way in the past? (or are they still opaque and not really representing franchisee inventories etc)?
Ann: Appendix 4E for FY17, page-6
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