Norwegian Finanstilsynet published the outcome of a financial reporting review of one accounting matter in Grieg Seafood ASA’s Q4 2024 interim financial statements, concluding the report contains errors and omissions against the disclosure requirements in IAS 36 Impairment of Assets (paragraphs 124–137). The authority found that, without the missing disclosures, users cannot understand the drivers and size of an impairment that materially changed the issuer’s financial position compared with the end of the prior annual reporting period, with reference to IAS 34 Interim Financial Reporting (paragraphs 15 and 15A). Finanstilsynet highlighted missing material information such as the method for determining recoverable amount, the use of fair value less costs of disposal, and management adjustments. In the Q4 2024 interim report, Grieg Seafood recognised impairment of intangible assets and property, plant and equipment of NOK 1,733 million, corresponding to 20% of long-term assets as at 31 December 2024, and the note disclosures indicated the impairments related to operations in Canada but did not explain key elements including how the impairments were allocated across the company’s two reportable segments in Canada. The company acknowledged the deficiencies and stated that the 2024 annual financial statements will include the disclosures required by IAS 36.124–137; Finanstilsynet noted this, while reminding the issuer of its ongoing obligation to assess disclosure of inside information under Market Abuse Regulation Article 17 and that delayed disclosure under MAR does not provide a basis to omit disclosures required by IFRS accounting standards. Finanstilsynet indicated it expects the identified deficiencies to be remedied in the 2024 annual financial statements and sent a copy of its letter to the company’s auditor.
Norwegian Finanstilsynet 2025-04-02
Norwegian Finanstilsynet identifies IAS 36 impairment disclosure deficiencies in Grieg Seafood ASA’s Q4 2024 interim report
Norwegian Finanstilsynet reviewed Grieg Seafood ASA’s Q4 2024 interim financial statements, identifying errors and omissions in compliance with IAS 36 Impairment of Assets. The report lacked critical disclosures on impairment drivers and allocation, affecting the understanding of a NOK 1,733 million impairment. Grieg Seafood acknowledged the deficiencies and committed to rectifying them in the 2024 annual financial statements.