Atlantica Inc. is traded on the NYSE and follows IFRS. The company has been having a lot of difficulty in preparing its financial statements for release to the public. So much so that its Statement of Cash flows (SCF) is not completed and therefore cannot be audited by the auditors. The new CFO, who was recently transferred from the Galactica division office, says to release the statements except the SCF. If we do not release our other financial statements on time then it will look bad on our company. Moreover, the SCF are not audited yet so can’t be released. Why mention something that is not even included in our annual filings.

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The company must release the financial statements because they are not pre... View the full answer