The Securities and Futures Commission Imposes a Fine and One-Year Audit Designation on Yesco Holdings for Violating Accounting Standards

[Asia Economy Reporter Park Jihwan] The Securities and Futures Commission (SFC) under the Financial Services Commission held its 22nd meeting on the 1st and imposed a fine and a one-year auditor designation on Yesco Holdings for preparing and disclosing financial statements in violation of accounting standards.

According to the Financial Services Commission, Yesco Holdings did not reflect the valuation loss of fair value financial assets through profit or loss in the 2018-2019 financial statements. In particular, the 2018 financial statements understated goodwill impairment losses by applying incorrect assumptions.

The SFC decided to impose fines on the company and its related parties and to designate an auditor for one year.