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17-460MR Sequoia restates revenue and expenses
ASIC notes the announcement by Sequoia Financial Group Ltd (Sequoia) that it will reduce both its revenue and hedging expenses for the year ended 30 June 2017 by $9 million. This restatement does not affect the reported profit before tax.
ASIC raised concerns with Sequoia regarding their treatment of revenue in its financial report for the year ended 30 June 2017.
As outlined in ASIC media release 17-423MR ASIC calls on preparers to focus on financial report quality and new requirements, revenue recognition remains a focus area of our financial reporting surveillance program.