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  "documentTitle": "Quintis Limited (QIN)",
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  "notes": "The slide uses financial report excerpts to challenge the company's accounting treatment of land sales and receivables.",
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      "text": "Note that a quick calculation by us on the $25m outstanding amount from FY2010 equates to approximately 380ha. Remember this number.",
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      "text": "The application of accounting standards provided that the sale of a wholesale investment of 610 ha could not be treated as revenue in FY11...",
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      "text": "The FY 2012 Key Events: TFS’s FY 2012 results indicate that the payment for the 610ha lot is actually contingent on the ‘German Institutional Bank’ successfully raising funds...",
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      "text": "Yet the FY 2011 accounts still show receivables outstanding from the FY 2010 “cash basis” institutional sales:",
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      "text": "We also note that a 610ha Beyond Carbon investment was not recorded as the land subdivision had not yet been completed, thus leading TFS to fall short of its profit guidance.",
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      "text": "Footnotes 9, 10, 11 referencing TFS Annual and Interim Reports.",
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      "text": "Note 5: Trade & Other Receivables (Current) table showing 2011 vs 2010 figures.",
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