Avcorp Industries Inc. (TSX: AVP) has announced it has amended and restated financial statements for the financial year ended December 31, 2016 in its 2017 Annual Report filed on July 11, 2018, the company said.
The amended information corrects a material classification error in its prior filing.
In previously filed financial statements the Company recorded the foreign exchange gain on acquired liabilities through the statement of operations. Upon further analysis in 2017, it was determined that the foreign exchange gains on these items should have been recorded through other comprehensive income in the statement of equity. As a result the Company has corrected the classification of USD 3,995,000 from foreign exchange gain to other comprehensive income in the year ended December 31, 2016 (January 1, 2016: USD 861,000).
The comparative financial information for the year ended December 31, 2016 included within the financial statements for the Company´s most recently completed financial year ended December 31, 2017 have been amended and restated and were filed under the Company´s profile on SEDAR on July 11, 2018. The Restated Financial Statements replace and supersede the respective previously filed original financial statements. Such previously filed financial statements should be disregarded.
The Avcorp Group designs and builds major airframe structures for some of the world´s leading aircraft companies, including BAE Systems, Boeing, Bombardier, Lockheed Martin and Subaru Corporation.