My take on this.
The accountants who have put together our accounts have their reputations and their livelihoods at stake so I don't believe there will be anything vastly untoward in the accounts that were submitted to HMRC and Companies House. That is nothing illegal has occurred.
The club must think they have found a plausible interpretation of the EFL's P&S rules such they can present the accounts showing that we have not breached the P&S limits. They clearly believe they can defend this interpretation.
The EFL obviously believe we have not adhered to their interpretation or the intentions of the rules and that we are in breach of the limits..
An independent body will adjudicate