NOCERA, INC. (NCRA): auditor change — Nocera restates FY2022 financials after SEC review; prior statements no longer reliable

NOCERA, INC.

SEC staff review flagged accounting issues; XFC disposition in Nov 2022 should be classified as discontinued operation.
Audit Committee concurred with management that FY2022 audited financial statements may no longer be relied upon.
Restatement will reclassify XFC as discontinued operation and adjust cash flow statements; impact is non-cash.
Company will also amend MD&A and audit report to add critical audit matter and clarify change in construction service intent.
Restatement follows prior sale of controlling interest in XFC; company no longer provides RAS construction services in Taiwan.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

NOCERA, INC. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Centurion ZD CPA & Co.

Exact text from the filing

o longer be relied upon. Management reached such conclusions following its evaluation of the Staff’s comments and consultations with its independent auditor, Centurion ZD CPA & Co., for the following reasons. Based upon management’s evaluation of the Staff’s comments and guidance for disclosure with regard to the Accounting Issues , the Company has concluded that, in view of the disposition of XFC in November 2022, the operations of XFC should be classified as a discontinued operation and such reclassification will require a restatement of the Company’s audited consolidated financial statements for the year ended December 31, 2022.

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Source: SEC EDGAR

accession 0001683168-23-006303

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