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Alarmforce Industries Inc.: Adoption of New Accounting Policy Resulting in Restatement of Financial Results.

Publication: Business Wire
Publication Date: 17-FEB-05 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
TORONTO -- AlarmForce Industries Inc. (TSX:AF) (the "Corporation") announced that it is restating the financial statements for the first 3 quarters for the year ended October 31, 2004 and the corresponding comparative 3 quarters and annual figures for the year ended October 31, 2003.

The Corporation is adopting a new accounting policy reflecting the recommendations of The Canadian Institute of Chartered Accountants Emerging Issues Committee Abstract 142 "Revenue Arrangements with Multiple Deliverables" issued in December 2003, regarding the timing of revenue recognition and the classification of certain items as revenue or expense.The recommendations allow for either prospective or retroactive application of this accounting policy.

The Corporation has decided to adopt retroactive application of the accounting policy as the more appropriate alternative and therefore the financial statements are being restated....

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