ChipMOS (IMOS) Unit to Restate Financials from FY09 - FY11 to Account for Convertible Bonds
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ChipMOS Technologies, Ltd. (Nasdaq: IMOS) reported that ThaiLin Semiconductor Corp., the 42.9% owned subsidiary of the Company’s 84.2% owned subsidiary ChipMOS Technologies, Inc., plans to restate its financial statements for 2009, 2010 and 2011, as required by Taiwan’s Financial Supervisory Commission, Executive Yuan of R.O.C., to make the presentation of information regarding ChipMOS convertible bonds held by ThaiLin as financial assets consistent with ROC generally accepted accounting principles.
ThaiLin is working with its auditor and expects to file the restated financials with Taiwan regulatory authorities later this month or early next month.
ChipMOS has reviewed the related information with its auditor. Since the convertible bonds held by ThaiLin have been eliminated in the Company’s reported consolidated financial statements, no financial restatement is required.
ChipMOS Taiwan plans to review the impact, if any, of ThaiLin’s restated financial statements and will then prepare and file, if required, any restatements with Taiwan regulatory authorities.
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ThaiLin is working with its auditor and expects to file the restated financials with Taiwan regulatory authorities later this month or early next month.
ChipMOS has reviewed the related information with its auditor. Since the convertible bonds held by ThaiLin have been eliminated in the Company’s reported consolidated financial statements, no financial restatement is required.
ChipMOS Taiwan plans to review the impact, if any, of ThaiLin’s restated financial statements and will then prepare and file, if required, any restatements with Taiwan regulatory authorities.
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