ASIC reviewed ColorTV Limited’s (ColorTV) financial report for the year ended 31 December 2021 and raised concerns about ColorTV’s lack of disclosure of material business risks in their operating and financial review (OFR) and the presentation of ‘EBITDA Operating profit/(loss)’ as a non-IFRS profit measure in their profit and loss statement.
On 30 August 2022, ColorTV announced to ASX updates to their OFR, including the disclosure of material business risks, and re-presented their profit and loss statement without the non-IFRS profit measure.
ASIC has previously urged company directors to put greater focus on disclosing material business risks in financial reports and reminds preparers of financial information that non-IFRS profit measures should generally not be included in financial statements.
