DroneShield Reaffirms Compliance of Financial Reporting Practices with Accounting Standards

MT Newswires Live

Nov 24

DroneShield (ASX:DRO) reaffirmed that its financial reporting practices fully comply with all applicable accounting standards and that it follows strict compliance procedures under Australian export control legislation and its internal controls, according to a Monday Australian bourse filing.

It added that it recognizes revenue only when or as performance obligations are satisfied, and never in advance of transferring control to customers.

Chairman Peter James said that its independent review of its continuous disclosure and securities trading policies and other areas will be overseen by independent directors, Simone Haslinger and Richard Joffe.

It will also ensure an appropriate split between cash compensation and equity-based incentives moving forward.

Further, Tom Branstetter, its vice president of sales and business development, will lead its US operations in the interim.

Its shares rose nearly 3% in recent trading on Monday.

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