Review of financial reporting – Helgeland Sparebank
Published: 10 March 2016
Last updated: 18 March 2019
Finanstilsynet has reviewed certain aspects of the 2014 financial statements of Helgeland Sparebank.
The primary focus of the review has been to identify business or arrangements that pose a potential for risk differing from what is to be expected from ordinary savings and loans business, and to ensure that any such circumstances are recognised, measured and disclosed in the financial statements in accordance with IFRS. Finanstilsynet's attached letter accounts for two such circumstances, respectively Helgeland Sparebank's ownership interest in Helgeland Invest AS and its loans to, and ownership interest in, a company engaged in halibut fish farming.
Helgeland Sparebank has taken note of Finanstilsynet's evaluation of certain aspects of the accounting related to the above and duly corrected the errors concerned in its 4th quarter 2015 financial statements in accordance with IAS 8 and disclosed the effects that the correction of those errors has had on prior periods.