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FSA reviews certain aspects Birdstep Technology financial reporting


Thursday, 27 Mar 2014 03:01am EDT 

Birdstep Technology ASA:Says Finanstilsynet (The Financial Supervisory Authority of Norway) has reviewed certain aspects of the financial statements of Birdstep Technology ASA for 2012.The review covers inter alia classification of earn- out received in 2012 in connection with the disposal of two companies in 2011.In the financial statement for 2012, the changes were presented as finance income.Pursuant to IFRS the changes should have been presented separately as discontinued operations.The company disagrees with Finanstilsynet, but has changed the classification in light of Finanstilsynet's assessment.The change is presented in the fourth quarterly report for 2013.Finanstilsynet also points out that the company's financial reporting contains a number of inaccuracies and errors, and to some extent inadequate disclosures.Birdstep Technology ASA states that measures have been taken and that the quality of the company's financial reporting will meet Finanstilsynet's requirements in future. 

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28 Nov 2014