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19-263MR iSignthis restates funds held on behalf of merchants
ASIC notes the decision of iSignthis Limited to restate its funds held on behalf of merchants in its financial report for the half-year ended 30 June 2019.
Following ASIC inquiries, iSignthis Ltd [ASX code: ISX] decreased the funds held on behalf of merchants classified as current assets and current liabilities by $6.3 million to $2.3 million as at 30 June 2018.
As outlined in ASIC media release 19-143MR Major financial reporting changes and other focuses, off balance sheet accounting remains a focus area for financial reporting at 30 June 2019.
Directors are primarily responsible for the quality of an entity’s financial report. This includes ensuring that management produces quality financial information on a timely basis. Companies must have appropriate processes, records and analysis to support information in the financial report.