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Pearl River Files Amended and Restated Interim Financial Statements

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Pearl River Announces Filing of Amended and Restated Interim Financial Statements

Pearl River Holdings Limited ("Pearl River") has announced the filing of amended and restated financial statements for the interim period ended June 30, 2023. The purpose of these amended financial statements is to correct an error related to the Canadian dollar equivalent amounts on the Condensed Interim Consolidated Statement of Operations. The correction ensures the accuracy of the Chinese Yuan Renminbi amounts.

Correction of Error

Following the filing of the original financial statements, Pearl River's management discovered that the Canadian dollar equivalent amounts for the three months ended June 30, 2023, had not been updated from the previous year's amounts. However, all the Chinese Yuan Renminbi amounts were correct.

Impact and Availability of Amended Financial Statements

The impact of the changes made to the amended financial statements can be found in the provided table. The amended financial statements replace and supersede the previously filed interim financial statements. The original interim financial statements for the period ended June 30, 2023, should be disregarded. Pearl River's amended financial statements are available on SEDAR+ under the company's profile at www.sedarplus.ca. Pearl River Holdings Limited is primarily engaged in the manufacturing and distribution of plastic products in China, Australia, and the United States of America. For further information, please contact George Lunick, CEO, at (519) 645-0267 or via email at george@lunick.ca. In conclusion, Pearl River's filing of amended and restated interim financial statements reflects the company's commitment to accuracy and transparency. The correction of the error ensures the reliability of the financial information provided to stakeholders and underscores Pearl River's dedication to maintaining high standards in financial reporting.

Hot Take: The Importance of Financial Transparency for New Businesses

Pearl River Holdings Limited's recent announcement of filing amended and restated interim financial statements offers a crucial lesson for new businesses. The company's commitment to financial transparency and accuracy is a testament to its dedication to maintaining high standards in financial reporting.

Financial Transparency and Trust

Pearl River's correction of an error in its financial statements underscores the importance of financial transparency. For new businesses, maintaining accurate financial records and being transparent about any corrections can help build trust with stakeholders, including investors and customers.

Impact of Accurate Financial Reporting

The impact of accurate financial reporting cannot be overstated. It not only ensures compliance with financial regulations but also provides a clear picture of a company's financial health. This is especially important for new businesses as they seek to secure funding and establish themselves in the market.
Availability of Financial Statements
Making financial statements readily available, as Pearl River has done by posting its amended statements on SEDAR+, is another key takeaway for new businesses. This level of accessibility can enhance transparency and allow stakeholders to make informed decisions. In conclusion, Pearl River's commitment to financial transparency and accuracy provides a valuable blueprint for new businesses. Adopting such practices can help startups build trust with stakeholders and navigate the financial landscape more effectively.
Story First Published at: https://financialpost.com/globe-newswire/pearl-river-announces-filing-of-amended-and-restated-interim-financial-statements
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