Recognition of goodwill and 10-year amortization associated with the acquisition of NEC Financial Services
First written in FY2022-Q2. 1 of 2 entries say "Restated". Latest entry: FY2022-Q3.
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- FY2022-Q3RestatedAnnual report
「The business combination with NEC Financial Services, LLC completed on 30 November 2020 had been accounted for provisionally in the previous consolidated fiscal year, but the treatment was finalised during the first-quarter consolidated accounting period. There was no change in the amounts resulting from finalising the provisional accounting treatment. Amount of goodwill recognised US$12 million Amortisation method and period Straight-line amortisation over 10 years」
The Company reconfirmed that the provisional accounting treatment relating to the acquisition of NEC Financial Services, LLC had been finalised and that US$12 million of goodwill would be amortised on a straight-line basis over 10 years. - FY2022-Q2First statedAnnual report
「① Amount of goodwill recognised US$12 million ② Reason for recognition The goodwill arose from the excess earning power expected from future business development. ③ Amortisation method and period Straight-line amortisation over 10 years」
The provisional accounting treatment for NEC Financial Services, LLC, acquired on 30 November 2020, has been finalised, and the Company disclosed that US$12 million of goodwill will be amortised on a straight-line basis over 10 years.