ABT: Notice of decision by the Financial Supervisory Authority of Norway
January 21 2020 - 5:05AM
ABT: Notice of decision by the Financial Supervisory Authority of
Norway
Aqua Bio Technology ASA (ABT) has received notice of
decision by the Financial Supervisory Authority of Norway
(Finanstilsynet) dated 17 January, 2019, related to the valuation
of the Company’s inventory and patents.
Finanstilsynet has notified ABT that it will order the Company
to write down the inventory to NOK 0 per 31 December, 2018 as per
the regulations in IAS 2, and also to rectify the valuation of the
inventory in accordance with IAS 8. Furthermore, Finanstilsynet
orders ABT to estimate the recoverable value of its patents per 31
December, 2018, in accordance with IAS 38 and IAS 36.
ABT acknowledges receipt of the notice and will within the reply
deadline set by Finanstilsynet to 7 February 2020 revert to
Finanstilsynet with the Company’s view on the announced order to
write down the inventory to NOK 0 per 31 December, 2018.
The Company has decided to write down the inventory to NOK 0 per
31 December, 2019. It is the Company’s opinion that the value is
potentially higher but as sales volumes are low, the value will be
set to NOK 0 in accordance with good accounting practice.
For further information, please contact Espen Kvale, acting CEO,
telephone +47 91 62 80 92.