Bell Group Holdings Pty Limited submitted its financial report for the year ended on December 31, 2024 with remodeling FY23 comparative elements after a review by the Australian Securities and Exchange Commission (ASIC) as part of the Proactive Surveillance program to improve the quality of financial references.
Bell Group is a large privately owned company that is obliged to prepare and submit a tested financial report with ASIC.
When Bell Group submitted the financial report of December 31, 2023, it failed to consolidate Bell Financial Group Limited, an entity recorded by ASX in which Bell Group had 45.6%. As the rest of the entries are widely scattered, this gives control of the Bell team which means it should have a consolidated Bell Financial.
The recasting of FY23 comparative data involving the integration of Bell Financial has resulted in an increase in net assets of $ 129.8 million, increased profit after $ 13.5 million tax and a reduction in net outflows of $ 72.4 million.
Asic expressed concerns with Bell Group that it failed to comply with the requirements of consolidated AASB 10 financial statements. This led to the financial report that users do not have all the relevant information on the actual financial position and the performance of the entity. Bell Group then published the financial report of December 31, 2024, which included a recasting to correct the error.