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19-066MR Mustera Property Group restates net assets and discloses related party transactions
ASIC notes the decisions by Mustera Property Group Limited (Mustera) to reflect the following changes through its financial report for the half-year ended 31 December 2018:
- reclassify its non-controlling interest in the Mustera Property Fund (the Fund) from equity to a liability, reducing reported net assets by $7.1 million as at 30 June 2018; and
- make additional disclosure on transactions with a related party during the year ended 30 June 2018.
ASIC had raised concerns on the treatment of the non-controlling interest in the Fund as equity rather than a liability in Mustera’s financial report for the year ended 30 June 2018, as well as the relationship and transactions with a related party during the year.
As outlined in ASIC media release 18-364MR Major financial reporting changes and other focuses, the non-consolidation of controlled entities remains a focus in ASIC’s surveillance of financial reports.