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NPP Australia acknowledges errors

08 November 2017 6:01PM
NPP Australia might have to re-lodge its 2017 accounts with ASIC after the company was alerted to reporting errors in the notes to the financial statements.While the June 30 balance sheet shows the company had A$30.9 million in cash and only $1.9 million in trade payables, a disclosure on interest rate risk exposures in in Note 14 showed the company had negative net financial assets of $29 million.The inconsistency prompted NPP Australia to consult the company's auditor who confirmed that the figures disclosed on the balance sheet were accurate.The auditor also confirmed that two cross-references in Note 14 were also incorrect."NPP Australia's overall financial position is accurately reflected in the substantive statements of comprehensive income, financial position, changes in equity, and cash flows for the year ending 30 June 2017," a NPP Australia spokesperson told Banking Day. "However, we can confirm clerical errors within Note 14: the erroneous use of parenthesis for one number (despite it appearing correctly throughout the rest of the document) and incorrect cross-references.""Our auditor has confirmed the correctness of the substantive statements and the immateriality of these regrettable but obvious clerical errors."

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