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19-073MR Prime Financial Group increases reported liabilities
ASIC notes the decision of Prime Financial Group Ltd (Prime Financial) to increase its reported liabilities at 30 June 2018 by $4.5 million to $20.7 million in its financial report for the half year ended 31 December 2018.
ASIC had raised concerns about the accounting treatment of a put option written by Prime Financial in its financial report for the year ended 30 June 2018 and the need to recognise a liability.
As outlined in ASIC media release 18-364MR Major financial reporting changes and other focuses, the valuation of financial instruments remains a focus in ASIC’s surveillance of financial reports.