Access Financial Services Limited wishes to inform of the following revisions made to the Unaudited Financial Statements for the Third Quarter Ended December 31, 2023:
During the audit for the period ended March 31, 2023, there were restatements of some of the balances of prior periods which would have affected the period ended March 31, 2022. These changes resulted in the restatement of the December 2022 balances previously reported. The financial statements affected have been outlined below:
- The Statement of Financial Position (December 2022):
- Loan origination fees, which was previously included as fee income, is now added to the loan principal, and amortized over the life of the loans. As a result, loan and advances was overstated, while deferred tax assets was understated.
- The Statement of Changes in Stockholder’s Equity (December 2022):
- The Group changed how it accounted for loan origination fees, which was previously recognized under IFRS 15 instead of IFRS 9. The loan origination fees were recognized in profit or loss as the services were provided, however IFRS 9 requires these fees to be added to the loans and amortized over the life of the loans. Consequently, fees and commissions income was overstated while interest income and deferred tax were understated. The correction has been made by restating each of the affected financial statement line items for prior periods.
These revisions have led to adjustments to the corresponding amounts reported in the Balance Sheet data within the Financial Performance Highlights.
