VGL
13/03/2015 16:20
FLLYR
NOT PRICE SENSITIVE
REL: 1620 HRS Vista Group International Limited
FLLYR: VGL: VGL - Audited 2014 financial statement - re-release
13 March 2015
Vista Group - Re-release of 31 December 2014 Financial Statements due to
correction of technical accounting treatment error
Vista Group advised the markets on Monday, 2 March 2015 that, after the NZX
and ASX markets had closed on Friday, 27 February 2015, that it had been
notified by its auditors, Grant Thornton, that they now considered there may
be a technical accounting treatment error in the audited financial statements
that had been released on Friday, 27 February.2015.
The re-released audited financial statements include adjustments to meet the
technical accounting requirements. There is no change to profit, total
comprehensive income, cash flows or the Statement of Financial Position. The
re-released audited financial statements include additional disclosures in
notes 1, 13, 16 and 30 to explain the technical accounting adjustments.
Since the auditor's raised the possible technical accounting error, Vista
Group has conducted a review in conjunction with external advisors to
determine the correct accounting treatment. This exercise was completed on 11
March 2015 and the resulting changes have now been reflected in the
re-released audited financial statements.
The change in accounting treatment has resulted in an additional $8.5m of
goodwill being recognised through the Statement of Comprehensive Income. The
goodwill was then subject to an impairment test at 31 December 2014 and it
has been determined that an impairment expense of $8.5m also needed to
reported in the Statement of Comprehensive Income. The net effect of these
adjustments is that there was no change to profit, total comprehensive
income, cash flows or the Statement of Financial Position and they did not
trigger any taxable event.
Contact:
Brian J Cadzow
Director - Finance and Legal
Email - [email protected]
Phone - +64 9 984 4570
End CA:00261842 For:VGL Type:FLLYR Time:2015-03-13 16:20:28
