April 23, 2018 / 2:42 PM / 5 months ago

BRIEF-Norwegian Air: FSA reviews accounting treatment of NOFI

April 23 (Reuters) - Norwegian Air Shuttle ASA:

* REVIEW OF FINANCIAL REPORTING - NORWEGIAN AIR SHUTTLE ASA

* PRIMARY FOCUS OF REVIEW HAS BEEN ACCOUNTING TREATMENT OF INVESTMENT IN NORWEGIAN FINANS HOLDING (NOFI)

* FINANSTILSYNET (FSA) IS OF THE OPINION THAT NORWEGIAN AS OF 30 JUNE 2017 AND 31 DECEMBER 2017 STILL HAD SIGNIFICANT INFLUENCE OVER NOFI, AND THAT THE INVESTMENT SHOULD THEREFORE HAVE BEEN ACCOUNTED FOR USING THE EQUITY METHOD IN ACCORDANCE WITH IAS 28

* NORWEGIAN HAS TAKEN NOTE OF THIS AND RECORDED THE INVESTMENT USING THE EQUITY METHOD IN THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

* NORWEGIAN WILL ALSO MAKE NECESSARY CORRECTIONS OF COMPARATIVE FIGURES FOR PREVIOUS ACCOUNTING PERIODS IN THE INTERIM FINANCIAL STATEMENTS FOR 2018

* THE REVIEW ALSO IDENTIFIED INSUFFICIENT NOTE DISCLOSURES REGARDING CONTRACTUAL COMMITMENTS, REVENUES FROM DIFFERENT GEOGRAPHIC AREAS AND MISSING INFORMATION RELATED TO THE ALTERNATIVE PERFORMANCE MEASURES USED

* THIS HAS BEEN IMPROVED IN THE ANNUAL REPORT FOR 2017 Source text for Eikon: Further company coverage: (Reporting By Oslo Newsroom)

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