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Cicor Changes the Accounting Policy for the Treatment of Goodwill
June 17, 2024 | Cicor Technologies Ltd.Estimated reading time: 1 minute
Cicor Technologies Ltd. changes the accounting policy for the treatment of Goodwill in the consolidated financial statements.
In recent years, it has become standard practice for companies applying Swiss GAAP FER to offset goodwill against equity. For this reason, and to facilitate comparability with other stock listed companies, the Board of Directors of Cicor Technologies Ltd. (Cicor) has decided that, from January 1, 2024, goodwill from acquisitions will be offset directly against shareholders' equity at the time of acquisition, using the accounting policy choice provided in Swiss GAAP FER 30 "Consolidated financial statements". This is the consequence of the successful implementation of Cicor's growth strategy through acquisitions. The impact of theoretical capitalization and amortization, including any impairment arising from the assessment of recoverability, will be disclosed in the notes to the consolidated financial statements.
Previously goodwill was capitalized and amortized over its estimated useful life of five years. As this is a change in accounting policy, prior periods will be restated accordingly. Cicor previously reported the alternative performance measures "Core EBIT", "Core net profit" and "Core earnings per share", which excluded the amortization of goodwill and other intangible assets that were capitalized as part of an acquisition. These Core results will no longer be reported. These changes in financial reporting will simplify the communication with stakeholders and will be applied for the first time in the half-year report 2024 to be published on July 24, 2024.
The table in the first page of the attached document shows the main changes following application the new accounting policy for goodwill on the consolidated financial statements for the first six and the full twelve months 2023. Detailed financial information is disclosed on the second page of the document.
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