Following inquiries by ob体育, Atomos Limited (Atomos) has made amendments to the prior period comparative information in its financial report for the half-year ended 31 December 2022.鈥赌�听
Atomos derecognised trade receivables and deferred revenue of $8,689,000 in the 30 June 2022 comparatives in its half-year report.鈥�In its financial report for the full year ended 30 June 2022, Atomos recognised deferred revenue and an accompanying receivable of $8,689,000.听听
Following a review of the full year report, ob体育 raised concerns about the recognition of the trade receivables when recognition of the corresponding revenue had been deferred. That is, if the revenue had not been earned, the receivables should not be recognised.听
The recognition of the trade receivables gave the false impression that Atomos had fulfilled all its obligations in relation to the revenue and all that remained was the collection of the funds.听听
The concerns included that as at 30 June 2022, there was no past event that would have given rise to either an asset (trade receivables) or a liability (deferred revenue), and that this transaction was not fairly presented in the full year report.鈥�听
Fundamental to accounting principles, ob体育 reminds companies that prior to a balance date, a past event must have occurred to support the recognition of assets and/or liabilities.听
叠补肠办驳谤辞耻苍诲鈥�听
As part of its鈥�financial reporting surveillance program, ob体育 regularly reviews financial reports of listed companies and other significant public interest entities selected on a risk-basis.听听
The program aims to improve the quality of financial reporting and ensure financial reports have been prepared in accordance with the law, supporting investor confidence and the integrity of Australia鈥檚 markets.鈥�