Review of financial reporting – Birdstep Technology ASA

The review covers inter alia classification of "earn-out" received in 2012 in connection with the disposal of two companies in 2011. In the financial statement for 2012, the changes were presented as finance income. Pursuant to IFRS the changes should have been presented separately as "discontinued operations". Birdstep Technology ASA disagrees with Finanstilsynet, but has changed the classification in light of Finanstilsynet's assessment. The change is presented in the fourth quarterly report for 2013. Finanstilsynet has taken note of this.

In addition, Finanstilsynet points out that the company's financial reporting contains a number of inaccuracies and errors, and to some extent inadequate disclosures. Birdstep Technology ASA states that measures have been taken and that the quality of the company's financial reporting will meet Finanstilsynet's requirements in future. Finanstilsynet has taken note of this.

Finanstilsynet's final letter (in Norwegian only)

Contact person:
Head of Section Gaute S. Gravir, +47 22 93 99 46, mobile: +47 994 75 076