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18-242MR Kazakhstan Potash reduces profit on issuing replacement convertible notes
ASIC notes the announcement by ASX-listed Kazakhstan Potash Corporation Limited (Kazakhstan) of an $8 million reduction in a profit recognised on the issue and replacement of convertible notes in the year ended 31 December 2017. The correction will be reflected in the comparatives in Kazakhstan’s 30 June 2018 half year financial report.
ASIC had raised concerns about an $8.6 million profit on the issue of new convertible notes and the de-recognition of pre-existing convertible notes in Kazakhstan’s financial report for the year ended 31 December 2017.
As outlined in ASIC media release 18-159MR Major changes affecting reported net assets and profit, and other focuses for 30 June 2018 reporting, financial instrument valuation and revenue recognition remain a focus area of our financial reporting surveillance program.