No Signboard appoints independent reviewer to meet SGX RegCo directive on accounting

The No Signboard Seafood outlet at VivoCity mall in Singapore; taken in 2018.The No Signboard Seafood outlet at VivoCity mall in Singapore; taken in 2018.

No Signboard Holdings said Tuesday it appointed Nexia TS Public Accounting Corp. as an independent reviewer, after consulting with SGX RegCo and the company’s sponsor.

That was after a directive from SGX RegCo for a review of the appropriateness of adopting the actual group accounting principles for its financial statements for the first, second and third quarter of 2018, and whether those statements were prepared in accordance with the Singapore Financial Reporting Standards, No Signboard said in a filing to SGX.

The independent reviewer will report its findings directly to SGX RegCo, the filing said.

In a March SGX filing, No Signboard said it prepared its results for those three quarters on the basis that the company obtained control over its restaurant and beer subsidiaries at end-October 2017, as part of a corporate restructuring.

But during the year-end audit, its external auditors, Deloitte & Touche LLP, determined that continuing to use merger accounting principles, rather than actual group accounting principles, would better reflect No Signboard’s financial performance and offer better comparability for the 2017 and 2018 results, the March filing said.

Earlier this year No Signboard restated the results for the fiscal first quarter of 2018.

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