Webjet (WEB.AU) and the representation of earnings.
Our post, Genworth (GMA.AU) and the statistical significance of earnings focussed on how believable are reported earnings. In Genworth's case, the multi-period nature of their insurance policies means we can have little confidence in the exactness of current period profits. This is one side of the earnings quality equation. Another side of Earnings Quality has been on display in recent [...]