NEWMARKET, Ontario, April 03, 2019 (GLOBE NEWSWIRE) -- ANB Canada Inc. (the “Corporation”) wishes to announce that as a result of the implementation and adoption of International Financial Reporting Standard 15 –Revenue from Contracts with Customers (“IFRS 15”), the Company is issuing this news release in connection with the correction of revenue presentation made in its Unaudited Interim Financial Statements for the three month period ended March 31, 2018 (the “2018 Q1 FS”), its Unaudited Interim Financial Statements for the three and six month period ended June 30, 2018 (the “2018 Q2 FS”) and its Unaudited Interim Financial Statements for the three and nine month period ended September 30, 2018 (the “2018 Q3 FS”). There has been no change in the financial position and results previously reported. The correction to the Company’s revenue presentation related to the adoption and implementation of IFRS 15 resulting in certain costs reclassified from cost of sales to revenue. IFRS 15 was effective January 1, 2018.
IFRS 15 provides a single comprehensive model for revenue recognition. The core principle of the standard is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
The Corporation is today re-filing its 2018 Q1 FS, 2018 Q2 FS and 2018 Q3 FS including the related Management and Discussions Analysis (‘MD&A’) amended to restate revenue presentation as a result of the implementation and adoption of IFRS 15.
All other information contained in the 2018 Q1 FS, 2018 Q2 FS and 2018 Q3 FS and related MD&A’s which were filed on SEDAR May 29, 2018, August 21, 2018 and November 20, 2019 remain materially unchanged.
The Restated Unaudited Interim Financial Statements and MD&A’s are available on SEDAR at www.sedar.com.
About the Business
The Corporation offers turnkey over-the-counter (“OTC”) sales and distribution services to manufacturers in the Canadian Food, Drug and Mass marketplace. The Corporation not only markets, sells, warehouses and distributes consumer OTC brands, but also helps manufacturers in a number of other areas including navigating Canadian regulatory guidelines.
Further Information
For further information, please contact:
Brent Larkan, Chief Executive Officer
Telephone: 647-280-8901
Email: blarkan@anbcanada.com