ob体育 notes the decisions by the following companies:
- Authorised Investment Fund Limited 鈥� The decision to write down investment assets by $9.36 million in its financial report for the half-year ended 31 December 2019. ob体育 had raised questions about the company鈥檚 assessment of the value of investment assets in its financial report for the year ended 30 June 2019.
- Ovato Limited 鈥� The decision to write down goodwill by $35.2聽million聽in its financial report for the half-year ended 31 December 2019. ob体育 had raised questions about the company鈥檚 impairment assessment for its non-current assets at 30 June 2019, given negative free cash flows and losses from operations for the year then ended.
- Teaminvest Private Group Limited 鈥� The decision to derecognise $14.4 million of goodwill and recognise a share-based payment expense of $2.2 million in restated figures for the year ended 30 June 2019 in its financial report for the half-year ended 31 December 2019. ob体育 had raised questions about Teaminvest Private Group Limited being treated as the accounting acquirer of Teaminvest Private Pty Limited in the financial report for the year ended 30 June 2019. The transaction has now been treated as a reverse acquisition.
- Trimantium GrowthOps Limited 鈥� The decision to write down goodwill by $10.3聽million in its financial report for the half-year ended 31 December 2019. ob体育 had raised questions about the value of the company鈥檚 intangibles assets in its financial report for the year ended 30 June 2019.
In general, the impacts of COVID-19 have been disclosed as non-adjusting subsequent events for the purposes of 31 December 2019 financial reporting.
As outlined in ob体育 media release 19-341MR Financial reporting focuses for 31 December 2019, asset values remain focus areas for financial reporting at 31 December 2019.
Directors are primarily responsible for the quality of an entity鈥檚 financial report. This includes ensuring that management produces quality information on a timely basis. Companies must have appropriate processes, records and analysis to support information in the financial report.
Companies should apply appropriate experience and expertise to financial reporting, and to the processes and analyses supporting the information in the financial report. This is particularly important for potentially complex areas such as accounting estimates and asset values.