Crown accounts tank

As expected the on paper value of NZ Inc has tanked in the failing global economy.

Treasury said the change was a result of the late reversal of accruals relating to an earlier period.

Of interest is the accrual reversals. What has been suddenly reversed one month on from Prefu making the books look massively worse? Did Mikhail 'reverse' certain entries prior to Prefu to make the problems only look half-bad?

Only problem is her indoors held out for the long election game and what could have been uncovered by a new government to their absolute horror has been exposed to sunlight.

An explanation about here would be very nice Mikhail. Timing is everything, just like Obama now gathering in the sympathy vote.