No Big Deal on ATH Suspension
The delay in releasing its financial reports was attributed to changes to the international auditing standards and the shift in the financial year-end, affecting the financial reporting procedures and requirements for the company.
Friday 20 October 2023 | 15:34
Members of the Fiji Institute of Chartered Accountants (FICA) attended a presentation during an ethics seminar in Suva on October 18, 2023.
The head of the Fiji Institute of Chartered Accountants (FICA) said there were valid reasons why a company would take time to adapt to the new standards and changes and therefore request for voluntary suspension in trading on the stock exchange.
“This is not out of the ordinary. We use the word suspended, but sometimes it’s just a matter of giving them (the company) time,” FICA president Rajeshwar Singh said at a Suva seminar on ethics on Wednesday.
Amalgamated Telecom Holdings Limited is currently under voluntary suspension until it could make its audited financial accounts available.
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The delay in releasing its financial reports was attributed to changes to the international auditing standards and the shift in the financial year-end, affecting the financial reporting procedures and requirements for the company.
In April this year, the South Pacific Stock Exchange (SPX or Exchange) approved a request for voluntary suspension in trading made by Kinetic Growth Fund Limited (KGF).
Members of the Fiji Institute of Chartered Accountants (FICA) attended a presentation during an ethics seminar in Suva on October 18, 2023.
According to SPX, the request was related to a delay in the release of the company’s audited financial statements to the market resulting from changes in the accounting treatment of the entity in line with the International Financial Reporting Standards (IFRS).
Mr Singh said the institute does not get involved in trading suspension matters like these.
“From FICA’s point of view, we are responsible for ensuring that the international standards are effective from the implementation date. That’s what we do,” he said.
“We work with other stakeholders to ensure that there are going to be some waivers or more conditions or different changes that have to be brought about.
“When standards roll out, we read, we attend seminars and workshops, ask questions, and engage with our external auditors because they have a lot of good resources to share with us.
“This is how we upskill ourselves, and it becomes a continuous process.”
Feedback: jernese.macanawai@fijisun.com.fj
