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Review of financial reporting - DOF ASA

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Review of financial reporting - DOF ASA

Published: 3 February 2016 Last updated: 21 March 2019

Finanstilsynet has reviewed certain aspects of the 2014 financial statements of DOF ASA ("DOF"). The review covered, inter alia, impairment testing of vessels, segment reporting and disclosure requirements for the recognition of deferred tax assets.

Finanstilsynet has reviewed the company's impairment testing as of year-end 2014. Each vessel constitutes a cash generating unit, which is tested separately for impairment. At year-end the recoverable amount was primarily based on fair value estimates from independent third parties. The company has described the procedures used to assure the quality of the estimated values, and to certify that the values are determined in accordance with applicable regulations. The estimated values were supported by sales transactions that the company carried out around year-end.

The supply market has weakened further since the company presented its annual report for 2014. Finanstilsynet would on a general basis strongly encourage companies that make use of independent third party valuations in their impairment testing to demand extensive documentation, describing both the valuation methodology and assumptions used in fair value estimation. This is essential for ensuring that the values are estimated in line with the requirements of the accounting legislation.

The review also included issues relating to insufficient disclosures. DOF has informed Finanstilsynet that the company's disclosures will in future be compliant with requirements.

Letter

  • Review of financial reporting DOF ASA (Norwegian only)

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