The Australian Securities & Investments Commission reported that Bell Group Holdings Pty Limited has lodged its audited financial report for the year ended 31 December 2024 with restated FY23 comparative figures after an ASIC review identified a consolidation error. The restatement corrects Bell Group’s failure to consolidate Bell Financial Group Limited, an ASX-listed entity in which Bell Group held a 45.6% shareholding. ASIC said the remaining shareholdings were widely dispersed such that Bell Group had control and should have consolidated Bell Financial under AASB 10 Consolidated Financial Statements, meaning users of the original 31 December 2023 financial report did not have all relevant information on the group’s financial position and performance. The revised FY23 comparatives increased net assets by AUD 129.8 million, increased profit after tax by AUD 13.5 million and reduced net cash outflows by AUD 72.4 million, with ASIC reiterating expectations that preparers appropriately assess control and consolidation requirements under Australian Accounting Standards.
Australian Securities & Investments Commission 2025-09-23
Australian Securities & Investments Commission prompts Bell Group Holdings to restate FY23 figures to consolidate Bell Financial Group
The Australian Securities & Investments Commission (ASIC) announced that Bell Group Holdings Pty Limited restated its FY23 financial figures after an ASIC review found a consolidation error. Bell Group failed to consolidate Bell Financial Group Limited, in which it held a 45.6% shareholding, under AASB 10. The restatement increased net assets by AUD 129.8 million, profit after tax by AUD 13.5 million, and reduced net cash outflows by AUD 72.4 million, underscoring ASIC's expectations for proper assessment of control and consolidation under Australian Accounting Standards.