Cash Converters International Ld Final Results -6-
August 23 2012 - 2:00AM
UK Regulatory
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Profit attributable to members
of Cash Converters International
Limited 29,416,024 27,692,433
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Prior year adjustment
The Group has recently concluded discussions with the United
Kingdom Financial Reporting Review Panel (FRRP) in relation to the
accounting that was adopted for the acquisition, during the year
ended 30 June 2010, of a right previously held by Quickdraw
Financial Solutions Pty Ltd to provide the cash advance platform
and associated services to Franchisees within South Australia and
the Northern Territories. This transaction had originally been
treated as the acquisition of a reacquired right and amortised over
its useful economic life of 100 years from the date of
acquisition.
Following discussions with the FRRP, and as disclosed in the
Group's financial report for the half-year ended 31 December 2011,
it has been concluded that the payment made should have been
accounted for as a termination payment in accordance with AASB 138
'Intangible Assets' and not capitalised and subsequently
amortised.
Consequently, the accounting treatment has been amended by
restating the affected line items within the consolidated Statement
of Financial Position as at 30 June 2011 and 30 June 2010 and the
consolidated statement of comprehensive income for the year ended
30 June 2011.
The adjustment resulted in a reduction of $5,750,000 and
$5,693,000 as at 1 July 2010 and 30 June 2011 respectively to other
intangible assets and retained earnings with a consequent reduction
in net assets of the same amount and a $57,000 increase in net
profit for the year ended 30 June 2011 being amortisation
previously charged.
There is no material impact on earnings per share or cashflows
for either of the periods presented.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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