Bell Group Holdings Pty Limited has submitted its financial report for the year ended 31 December 2024 with restated FY23 comparative figures following a review by the Australian Securities and Investments Commission (ASIC) as part of its proactive surveillance program to improve financial reporting quality.

Bell Group is a large proprietary company, which is required to prepare and lodge an audited financial report with ASIC.

When Bell Group lodged its 31 December 2023 financial report, it failed to consolidate Bell Financial Group Limited, an ASX-listed entity in which Bell Group had a 45.6% shareholding. As the remaining shareholdings are widely dispersed, this gives Bell Group control meaning it should have consolidated Bell Financial.

The restatement of the FY23 comparative figures to include the consolidation of Bell Financial resulted in an increase in net assets of $129.8 million, an increase in profit after tax of $13.5 million and a decrease in net cash outflows of $72.4 million.

ASIC raised concerns with Bell Group that it had failed to comply with the requirements of AASB 10 Consolidated Financial Statements. This resulted in financial report users not having all the relevant information about the entity’s true financial position and performance. Subsequently, Bell Group released its 31 December 2024 financial report that included a restatement to correct the error.