The net profits of the NCB Financial Group have been revised downwards by J$1.7 billion to $21.6 billion by its auditors PWC.
This was mainly due to a re-evaluation of the long term insurance contracts held by its subsidiary Guardian Holdings under International Financial Reporting Standards.
These standards require companies to standardise the treatment of funds flowing from customer contracts internationally.
Prior to this, companies had the flexibility to determine how to stagger the flow of funds, which made it difficult to compare similar contracts.
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