Observations on the annual report, page-16

Note 18 D relates to the liquidity risk component of financial instruments disclosure, and AASB7 (http://www.aasb.gov.au/admin/file/content105/c9/AASB7_08-15.pdf) defines liquidity risk as "The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset."

Yet BIG's accounting policy disclosures in Note 1(G) state that "Where the client pays the membership package in monthly instalments or there is an ongoing servicing obligation during the membership, the revenue is recognised in equal monthly instalments over the twelve month period of the subscription."

This implies that (as for any subscription business) the deferred revenue liability is to be settled by an ongoing servicing obligation, not by delivering cash or another financial assets, and therefore isn't a "financial liability".

As Southbank Steve points out, it might well be for BIG because it's not a normal company. It may well be that deferred revenue is a financial liability because it needs to be settled in cash back to FCC. In which case Note 18(D) is correct but all the other disclosures will be consuming a lot of billable time on the part of the accountants and auditors.