Review of financial reporting – Belships ASA

13 Feb 2025 16:35 CET

Finanstilsynet has reviewed certain accounting matters related to the financial
reporting of Belships ASA ("The entity"). Finanstilsynet has pointed out
material errors and omissions related to the following:
i. Belships has entered into many lease agreements for ships that have not yet
commenced, but to which the company is bound, where IFRS 16 Leases requires that
detailed qualitative and quantitative disclosures have to be provided.
Including, disclosures about future cash outflows that are not yet reflected in
the lease liability recognized in the balance sheet.
ii. Belships has employees within "ship management" who receive significant
remuneration in the form of distributions to silent partners in internal
partnerships, as well as from performance-based bonus agreements. Provisions in
IAS 19 Employee Benefits and IAS 1 Presentation of Financial Statements require,
among other things, that the financial reporting shall include information about
the period's payroll expenses related to these schemes.
iii. Finanstilsynet pointed out several other matters regarding Belships' annual
financial statements for 2023, related to items presented in an aggregated
manner in the balance sheet and disclosures that were either omitted or
inadequate, compared to requirements in IAS 1 or specific accounting standards.
The entity has either already implemented corrective measures as of its interim
financial statements for the third quarter of 2024 or confirmed that it will
implement corrective measures in its annual financial statements for 2024.
Finanstilsynet has taken note of the company's measures to correct the errors.
If you have any questions, please contact:
Lars Jacob Braarud, Head of section, +47 22 93 97 53 / +47 91 34 52 73 (mobile)

More information:
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638682_Kontroll av finansiell rapportering Belships ASA.pdf