media release (17-124MR)

Shine Corporation writes down goodwill

Published

ASIC notes the decision by Shine Corporation Ltd (SHJ) to make a $5 million impairment charge against the goodwill of its Energy & Resources Practice in its financial report for the half-year ended 31 December 2016.

ASIC reviewed Shine's 30 June 2016 financial report as part of its ongoing financial surveillance program and followed this with enquiries as to the cashflow forecasts used in Shine’s impairment model.

As outlined in ASIC media release 16-428MR ASIC calls on preparers to focus on useful and meaningful financial reports, the application of impairment testing and asset values remains a focus area of ASIC's financial reporting surveillances. 

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