According to the Zhitong Finance App, ISP GLOBAL (08487) announced that the company's 2022 annual report and the Group's consolidated financial statements for the year ended June 30, 2022 are presented in Singapore dollars (the date is September 23, 2022). Considering that most of the Group's business and assets are located in China and that its transactions are mainly denominated and settled in RMB, changing the presentation currency will enable the company's shareholders and potential investors to have a more accurate understanding of the Group's financial performance. The board of directors believes that it is more appropriate to use RMB as the presentation currency for the Group's comprehensive financial statements.
The Group's first consolidated financial statement using RMB as the presentation currency will be the Group's comprehensive financial statement for the year ended June 30, 2023. Changes to the presentation currency will be applied retroactively. Comparative figures for 2022 will be restated in RMB in these consolidated financial statements of the Group. It is anticipated that the change in the presented currency and the reclassification of comparative figures from the Singapore dollar to the renminbi will not have a significant impact on the Group's consolidated financial statements.