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Agrowill Group AB Announces Details Regarding Inspection of Financial Statements

Friday, 22 Feb 2013 08:47am EST 

Agrowill Group AB (AG) announced that it has received the decision of the Director of the Supervisory Authority of the Bank of Lithuania (BL) dated February 19, 2013 regarding the inspection act number 241-38 of AG dated November 27, 2012. AG has been warned by the decision of the Executive Director of the Supervision Service of the BL regarding the violation of article 21(5) of the Law on Securities. The 2011 consolidated financial statements of AG did not comply with the provisions of article 30 and 31 of IAS 27 Consolidated and Separate Financial Statements, article 34 of IAS 36 Impairment of Assets and article 46 of IAS 39 Financial Instruments: Recognition and Measurement. At the moment, the Company is evaluating an impact of other discrepancies on the consolidated financial statements for December 31, 2011 of the Company. If it will be determined that other discrepancies had a significant impact on the financial position and financial performance of the Company in 2011, the consolidated financial statements for 2011 will be regressively corrected and published together with the audited consolidated financial statements of the Company for 2012. Alongside the impact of the found discrepancies on the financial performance and financial position of the Company for December 31, 2011 will be disclosed. 

Company Quote

17 Dec 2014