ASIC media releases are point-in-time statements. Please note the date of issue and use the internal search function on the site to check for other media releases on the same or related matters.
15-254MR Tigers Realm Coal writes down assets by $168 million
ASIC has welcomed the decision by ASX-listed Tigers Realm Coal Limited (Tigers) to impair the Amaam project-related assets by $168 million in its financial report for the half-year ended 30 June 2015.
ASIC had previously made enquiries to Tigers regarding the value of the Amaam project in Tigers’s 31 December 2014 financial report as part of its financial reporting surveillance program. ASIC raised a number of concerns with Tigers, including the deterioration in forecast coking coal prices.
As outlined in ASIC media release 14-294MR Focuses for 31 December 2014 financial reports, impairment testing and asset values remain a focus area of our financial reporting surveillances. ASIC reminds companies and those involved in preparing and approving financial reports that assumptions and estimates used in estimating the fair value of assets should be realistic and supportable.