ReportPCF Group
Independent Auditor's Report on the Consolidated Financial Statements: 2021
9 pages~12 min full read
The 2021 consolidated financial statements for PCF Group Spółka Akcyjna received an unqualified audit opinion, confirming they are free from material misstatement and compliant with IFRS and Polish statutory requirements.
See it on page 1Auditors verified the valuation and impairment testing of goodwill totaling PLN 54,604 thousand, which arose from the acquisitions of Game On Creative Inc., Incuvo S.A., and Phosphor Games, LLC.
See it on page 3Revenue recognition processes were subjected to rigorous scrutiny due to the complexity of multi-element client contracts, variable consideration, and specific performance obligations.
See it on page 3Management’s accounting estimates regarding bonuses, warranties, and contract modifications were reviewed and deemed adequately disclosed in notes 3 and 9 of the financial statements.
See it on page 3The audit was conducted in accordance with Polish law for public-interest entities and EU Regulation 537/2014, with the audit firm maintaining full independence and providing no conflicting non-audit services.
See it on page 2The engagement covered the 2019–2021 fiscal period, with the auditor retained for the 2022 fiscal year to ensure reporting continuity.
See it on page 4The audit report confirms that the 2021 consolidated financial statements of PCF Group Spółka Akcyjna and its subsidiaries present a true and fair view of the group’s financial position, results, and cash flows as of 31 December 2021. The statements comply with International Financial Reporting Standards, the European Union ESEF format, and Polish statutory requirements. The auditor’s opinion is unqualified, indicating that the financials are free from material misstatement and comply with applicable accounting principles.
Key findings highlight significant audit focus areas. Revenue recognition from client contracts was scrutinised due to the complexity of multi‑element agreements, variable consideration, and performance obligations. The auditor evaluated management’s estimates for bonuses, warranties, and contract modifications, confirming that disclosures in notes 3 and 9 are adequate. Another critical area involved the acquisition of Game On Creative Inc., Incuvo S.A., and Phosphor Games, LLC. The goodwill recognised at PLN 54,604 thousand required detailed valuation and impairment testing, which the auditor verified as appropriate.
The audit was conducted under Polish law for public‑interest entities and EU Regulation 537/2014, with the audit firm maintaining independence in accordance with IESBA ethics. The engagement covered three consecutive fiscal years (2019‑2021) and was repeated for 2022, ensuring continuity. No non‑audit services that would conflict with the audit were performed.
Overall, the report affirms compliance with regulatory and reporting standards, provides assurance on critical accounting judgments, and confirms that the group’s financial statements accurately reflect its economic reality.
