TORONTO, ONTARIO--(Marketwire - Jan. 29, 2013) - Stone Investment Group Limited ("SIG") yesterday released its audited annual financial results for the year ended September 30, 2012.
The full financial statements for the year, including Management's Discussion and Analysis, are available on SEDAR at www.SEDAR.com.
Restatement and Refiling of Interim Financial Statements
In the preparation of the annual audited financial statements of SIG, it was determined that, in accordance with IFRS, the Limited Recourse Liability related to DSC Financing (the "Limited Recourse Liability") should not be presented as a liability on the balance sheet of SIG. As a result, the annual audited financial statements of SIG for the year ended September 30, 2012 under IFRS are consistent with the annual financial statements of SIG for prior years under Canadian GAAP whereby the Limited Recourse Liability is not characterized as a liability on the balance sheet of SIG. The interim unaudited financial statements of SIG for the first, second and third quarters of the fiscal year ended September 30, 2012 were prepared and filed on the basis that the Limited Recourse Liability was characterized under IFRS as a liability. SIG has determined that it will prepare and refile revised interim financial statements for the first, second and third quarters of the fiscal year ended September 30, 2012 on the basis that the Limited Recourse Liability is not presented as a liability of SIG.
About Stone Investment Group Limited
Stone Investment Group Limited is an independent wealth management company. Stone Investment Group Limited, through its wholly-owned subsidiaries, Stone & Co. Limited and Stone Asset Management Limited, structures and manages high-quality investment products for Canadian investors.