LPI (Australia) Holdings Pty Limited (LPI Australia) has lodged its financial report for the year ended 31 December 2023 with restated FY22 comparative figures. This follows a review by ob体育 as part of its proactive surveillance program to improve financial reporting quality.聽聽
LPI Australia is a large proprietary company, which is required to prepare and lodge an audited financial report with ob体育.
When LPI Australia lodged its 31 December 2022 financial report, it failed to consolidate Jones Lang LaSalle (Taiwan) Limited, an entity in which LPI聽Australia has a 100% holding.聽 This meant that the financial report did not include consolidated assets of $57 million, liabilities of $25 million, revenue (including reimbursements) of $100 million and expenses of $96 million, which resulted in users of the report not having all the relevant information about the entity鈥檚 true financial position.
ob体育 raised concerns with LPI Australia that it had failed to comply with the requirements of AASB 10 Consolidated Financial Statements.聽As a result, LPI Australia agreed to restate its 31 December 2022 comparatives with the lodgement of its 31 December 2023 financial report.
ob体育 expects preparers of financial reports to give consideration to assessing control of related entities and the consolidation requirements of the Australian Accounting Standards.
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础厂滨颁鈥檚鈥�financial reporting and audit surveillance program鈥痑ims to improve the quality of financial reporting and to ensure financial reports have been prepared in accordance with the law, supporting investor confidence and the integrity of Australia鈥檚 capital markets.聽
ob体育 conducts regular reviews on a risk-basis of the financial reports of selected companies and other public interest entities, to monitor compliance with the鈥�Corporations Act 2001 and Australian Accounting Standards.聽聽
ob体育鈥檚 recent media release highlights our financial reporting and audit focus areas for 30 June 2024.