{"id":4115,"date":"2025-07-23T16:09:29","date_gmt":"2025-07-23T06:09:29","guid":{"rendered":"https:\/\/blog.amt.org.au\/?p=4115"},"modified":"2025-07-23T16:09:49","modified_gmt":"2025-07-23T06:09:49","slug":"the-2024-amt-annual-report-is-here-and-yes-its-still-enrons-fault","status":"publish","type":"post","link":"https:\/\/blog.amt.org.au\/index.php\/2025\/07\/23\/the-2024-amt-annual-report-is-here-and-yes-its-still-enrons-fault\/","title":{"rendered":"The 2024 AMT Annual Report Is here and, yes, it\u2019s still Enron\u2019s fault"},"content":{"rendered":"\n

Those of you who attended the 2025 AMT AGM or watched the recording<\/a> will already be aware that AMT has beef with the long defunct Texan energy giant Enron<\/a>.<\/p>\n\n\n\n

But for those of you who missed out on the epic story of how a 25-year-old monster accounting fraud echoed down through the ages to make AMT\u2019s financial position look way more precarious than it really is, we have prepared this short presentation<\/a>.<\/p>\n\n\n\n

Of course, if you\u2019re not a Star Wars fan, you can just read the 2024 Annual Report<\/a> instead.<\/p>\n\n\n\n

May the force be with you!<\/p>\n\n\n\n

Scroll down for an accessibility PS<\/p>\n\n\n\n

<\/div>\n\n\n\n

We are not sure whether our special presentation is accessible so here is the text.<\/p>\n\n\n\n

A long time ago in a finance system far, far away …<\/strong><\/p>\n\n\n\n

Episode <\/em>LVIII The Income Strikes Back<\/p>\n\n\n\n

A tiny Australian not-for-profit association, noble in mission but humble in means, faithfully collects its membership fees and records them as income. It is a time of beige monitors, fax machines, dial-up internet modems, and budgets built in Excel before colour coding was cool.<\/p>\n\n\n\n

The idea of deferring revenue was but a whispered myth, a dark accounting prophecy that no one believed would come true.<\/p>\n\n\n\n

Peace reigned.<\/p>\n\n\n\n

But across the seas, in the shimmering towers of Wall Street, a dark force rises \u2026<\/p>\n\n\n\n

The ENRON EMPIRE, master of illusion, conjured future profits out of thin air using an arcane spell of special purpose entities and aggressive revenue recognition.<\/p>\n\n\n\n

Through a shadowy network of off-ledger partnerships with names like DEATH STAR CAPITAL and JEDI TRUST HOLDINGS, they created the illusion of infinite growth without a single dollar changing hands.<\/p>\n\n\n\n

Whispers in the Galactic Audit Office claimed they even tried to classify Ewoks as \u201cindependent forestry consultants\u201d, citing a shell entity registered on Endor.<\/p>\n\n\n\n

One memo, later recovered in the wreckage, referenced a proposed deduction for \u201ctribal security services and treehouse maintenance\u201d.<\/p>\n\n\n\n

The deception ran so deep, some investors believed R2-D2 was the CFO.<\/p>\n\n\n\n

For a while, the empire dazzles investors with phantom earnings. But the illusion cannot last.<\/p>\n\n\n\n

In a thunderous collapse of lawsuits and shredded documents, Enron falls. Trust in accounting, once a force for good, was plunged into darkness. The accounting order is thrown into chaos.<\/p>\n\n\n\n

From the ashes, the wise elders of the International Accounting Standards Board and their Australian allies at the AASB rise up. They forge two powerful artefacts:<\/p>\n\n\n\n

AASB 15 \u2013 Revenue from Contracts with Customers
AASB 1058 \u2013 Income of Not-for-Profit Entities<\/p>\n\n\n\n

These sacred scrolls, inscribed in the language of compliance, declared:<\/p>\n\n\n\n

\u201cRevenue shall not be recognised until the performance obligation is fulfilled.\u201d<\/p>\n\n\n\n

Thus began the New Accounting Order.<\/p>\n\n\n\n

Suddenly, the small humble association must change everything.<\/p>\n\n\n\n

Membership fees, once recorded with a grateful shrug, are now liabilities. Payments in December for services in January? They belong not to the past but to the future.<\/p>\n\n\n\n

Confusion spreads. The company secretary weeps. The spreadsheets grow complex. But it\u2019s 2025 so at least we have colour coding now.<\/p>\n\n\n\n

Slowly, methodically, painstakingly, wisdom prevails. Order is restored. Revenue is aligned with reality.<\/p>\n\n\n\n

And so, the little not-for-profit lived financially ever after: cautious, compliant, and forever slightly bitter about Enron.<\/p>\n","protected":false},"excerpt":{"rendered":"

A long time ago, in a financial system far far away …<\/p>\n","protected":false},"author":1,"featured_media":4117,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,13],"tags":[1043,1044,598,1048,1047,1049,1045],"class_list":["post-4115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-amt","category-news-and-events","tag-amt-2024-annual-report","tag-amt-annual-audit","tag-association-of-massage-therapists","tag-australian-accounting-standards","tag-enron","tag-revenue-received-in-advance","tag-star-wars"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/blog.amt.org.au\/wp-content\/uploads\/2025\/07\/The-income-strikes-back.png?fit=2534%2C1448&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1720,"url":"https:\/\/blog.amt.org.au\/index.php\/2019\/05\/24\/amt-2018-annual-report\/","url_meta":{"origin":4115,"position":0},"title":"AMT 2018 Annual Report","author":"admin","date":"24\/05\/2019","format":false,"excerpt":"We know you've been sweating on this. Drum roll please ... the 2018 AMT Annual Report is out!","rel":"","context":"In "AMT"","block_context":{"text":"AMT","link":"https:\/\/blog.amt.org.au\/index.php\/category\/amt\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/blog.amt.org.au\/wp-content\/uploads\/2019\/05\/FullSizeRender.jpg?fit=1130%2C838&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/blog.amt.org.au\/wp-content\/uploads\/2019\/05\/FullSizeRender.jpg?fit=1130%2C838&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/blog.amt.org.au\/wp-content\/uploads\/2019\/05\/FullSizeRender.jpg?fit=1130%2C838&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/blog.amt.org.au\/wp-content\/uploads\/2019\/05\/FullSizeRender.jpg?fit=1130%2C838&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/blog.amt.org.au\/wp-content\/uploads\/2019\/05\/FullSizeRender.jpg?fit=1130%2C838&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":999,"url":"https:\/\/blog.amt.org.au\/index.php\/2018\/08\/06\/the-curious-incident-of-the-spacesuit-in-the-storeroom\/","url_meta":{"origin":4115,"position":1},"title":"The curious incident of the space suit in the storeroom","author":"admin","date":"06\/08\/2018","format":false,"excerpt":"The latest in our series ~Seemingly boring thing~ is sexy and fun, Rebecca Barnett tells the story of a mysterious accounting error and encourages you to enjoy the 2017 AMT Annual Report in all its suspenseful glory. Matthew Reilly can't muster this level of edge-of-your-seat suspense.","rel":"","context":"In "AMT"","block_context":{"text":"AMT","link":"https:\/\/blog.amt.org.au\/index.php\/category\/amt\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/blog.amt.org.au\/wp-content\/uploads\/2018\/08\/AMT-Report-Card-Infographic.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/blog.amt.org.au\/wp-content\/uploads\/2018\/08\/AMT-Report-Card-Infographic.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/blog.amt.org.au\/wp-content\/uploads\/2018\/08\/AMT-Report-Card-Infographic.jpg?resize=525%2C300 1.5x"},"classes":[]},{"id":3708,"url":"https:\/\/blog.amt.org.au\/index.php\/2023\/05\/17\/au-revoir-but-not-goodbye\/","url_meta":{"origin":4115,"position":2},"title":"Au revoir but not goodbye","author":"admin","date":"17\/05\/2023","format":false,"excerpt":"In this instalment of the blog, we publish the Chairperson's report from the 2023 AMT Annual General Meeting. 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Please read on ...","rel":"","context":"In "AMT"","block_context":{"text":"AMT","link":"https:\/\/blog.amt.org.au\/index.php\/category\/amt\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/blog.amt.org.au\/wp-content\/uploads\/2023\/03\/Face-to-face.jpg?fit=1076%2C982&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/blog.amt.org.au\/wp-content\/uploads\/2023\/03\/Face-to-face.jpg?fit=1076%2C982&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/blog.amt.org.au\/wp-content\/uploads\/2023\/03\/Face-to-face.jpg?fit=1076%2C982&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/blog.amt.org.au\/wp-content\/uploads\/2023\/03\/Face-to-face.jpg?fit=1076%2C982&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/blog.amt.org.au\/wp-content\/uploads\/2023\/03\/Face-to-face.jpg?fit=1076%2C982&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":4214,"url":"https:\/\/blog.amt.org.au\/index.php\/2025\/09\/18\/21-resolutions-in-21-days-episode-9\/","url_meta":{"origin":4115,"position":4},"title":"21 resolutions in 21 days – Episode 9","author":"admin","date":"18\/09\/2025","format":false,"excerpt":"Freude, sch\u00f6ner G\u00f6tterfunken, Tochter aus Elysium, Wir betreten feuertrunken, Himmlische, dein Heiligtum. Deine Zauber binden wieder, Was die Mode streng geteilt,* Alle Menschen werden Br\u00fcder,* Wo dein sanfter Fl\u00fcgel weilt. This is episode 9 of our blogbuster series on the AMT Constitution. 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