-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueThe Rise of Data
Analytics is a given in this industry, but the threshold is changing. If you think you're too small to invest in analytics, you may need to reconsider. So how do you do analytics better? What are the new tools, and how do you get started?
Counterfeit Concerns
The distribution of counterfeit parts has become much more sophisticated in the past decade, and there's no reason to believe that trend is going to be stopping any time soon. What might crop up in the near future?
Solder Printing
In this issue, we turn a discerning eye to solder paste printing. As apertures shrink, and the requirement for multiple thicknesses of paste on the same board becomes more commonplace, consistently and accurately applying paste becomes ever more challenging.
- Articles
- Columns
Search Console
- Links
- Media kit
||| MENU - smt007 Magazine
Cicor Changes the Accounting Policy for the Treatment of Goodwill
July 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.
Suggested Items
I-Connect007 Editor’s Choice: Five Must-Reads for the Week
11/08/2024 | Nolan Johnson, I-Connect007In our industry we work on solutions. This week, solutions are represented in these must-read choices. Solid state batteries make an appearance, as does LED imaging equipment at American Standard Circuits. SPEA’s AI-based optical inspection is here, as are Happy Holden’s recent article on one key engineering skill and news about a flagship R&D facility funded by the U.S. CHIPS Act.
Nortech Systems Reports Net Sales of $31.4 Million in Q3 2024
11/08/2024 | Nortech SystemsNortech Systems Incorporated, a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, industrial and defense markets, reported financial results for the third quarter ended September 30, 2024.
Keytronic Announces Results For Q1 of Fiscal Year 2025
11/08/2024 | KeytronicFor the first quarter of fiscal year 2025, Key Tronic reported total revenue of $131.6 million, compared to $150.1 million in the same period of fiscal year 2024.
Gartner Forecasts IT Spending in Europe to Grow 8.7% in 2025
11/07/2024 | Gartner, Inc.IT spending in Europe is projected to total $1.28 trillion in 2025, an increase of 8.7% from 2024, according to the latest forecast by Gartner, Inc. IT spending in Europe is on pace to reach $1.18 trillion by the end of 2024.
KLA Corporation Reports Fiscal 2025 First Quarter Results
11/07/2024 | KLAKLA Corporation announced financial and operating results for its first quarter of fiscal year 2025, which ended on Sept. 30, 2024, and reported GAAP net income of $945.9 million and GAAP net income per diluted share of $7.01 on revenues of $2.84 billion.