Flexiroam financial correction details

Flexiroam (ASX:FRX) has corrected its fiscal year 2024 financial statements due to an accounting error identified during a management review. The error involved inaccurate revenue recognition from two invoices issued under previous management. This led to a necessary restatement of the company's financial results.

Flexiroam's financial restatement and future plans

Flexiroam Limited has announced a correction to its FY24 financial statements following an accounting error in revenue recognition. The restated results show a decrease in reported revenue by AUD 421,125, increasing the net loss after tax to AUD 1,481,802. The company has implemented changes in revenue recognition processes to avoid future inaccuracies. Flexiroam remains committed to providing global connectivity solutions and aims to enhance governance and accountability to increase investor confidence. The company's forward-looking statements indicate potential risks, but also reflect its strategic focus on expanding flexible travel data services.

Official statement on financial restatement

The current management has changed the process for assessing revenue recognition, specifically for deferred settlement agreements, to prevent future errors. The Board of Directors has authorized these changes and corrections.