Valuing TBR and RND without their crossholdings, page-5

Whoa.................seboya you've asked alot of big questions that aren't simple to answer, and the best I can do is suggest that you spend time studying some corporate accounting.

If I was to give you some advice, it would be this, if you do some calculations on published corporate accounts and the conclusion you reach is that the base information you are using is either wrong or incomplete, 99 times out of 100 it is your method or calculation that will be wrong. Consolidating company accounts is a big accountancy topic and fills many chapters in many accountancy text books. There are Australian/International Accounting Standards that dictate how a listed company must prepare and consolidate it's accounts. The auditors job is to ensure that the accounts comply with these standards and sign them off to show that they do. Nothing is missing from the accounts and they comply with the standards, but having said that I do consider them to be misleading and that they require some understanding of accountancy to help interpret them. Look at note 39 and spend some time learning about how companies consolidate their accounts, it will be very helpful.

I don't quite understand why you disagree with me when you acknowledge TBR should be $10 and it is currently $5.

I treat the gold as an investment and therefore use it's before tax value. As the gold price rises value is expanding from the pre-tax base not the after tax base, there are also franking credits that you could throw into the debate - personal preference.

Cheers

W