ASIC notes the announcement by Webjet Limited (Webjet) to reduce revenue by $11.9 million for the year ended 30 June 2017 in connection with a contract with Thomas Cook.

ASIC raised concerns with the recognition of revenue. Our inquiries followed Webjet’s announcement of 28 July 2017 concerning its accounting treatment for the contract.

As outlined in ASIC Media Release 17-162MR ASIC calls on prepares to focus on the quality of the financial report information, recognition of revenue remains a focus area of our financial reporting surveillances.