Financial Reporting in Hyper-Inflationary Condition Delays VFD Audited Report
VFD Group has announced late filing of its 2023 audited financial statement, according to its official statement release on Wednesday. The company said management inability to close its audited report with auditor was as a result of treatment of accounting information under hyper inflationary condition.
The company which is currently valued at more than N51 billion on the Nigerian Exchange has seen low trading activities on its floated shares in the market. Naira Skids as FX Turnover, External Reserve Decline
In its regulatory filing, the group informed its shareholders and other stakeholders that further to the announcement issued on 8 April 2024 notifying the investing public of a delay in filing the Company’s Audited Financial Statements for the year ended 31 December 2023 with the Exchange, the Company regrets its inability to file the 2023 AFS by the announced extended due date of 15 April 2024.
It said the implementation of the International Accounting Standard (IAS) 29 – Financial Reporting in Hyper-Inflationary Economies with its auditors is taking longer than planned and continues to affect the timely completion of the audit.
The implementation will be completed, and the audited accounts filed with the Exchange on or before 30th April 2024. We sincerely apologize for any inconvenience this delay might have caused. # Financial Reporting in Hyper Inflationary Condition Delays VFD Audited Report
