Edtech giant BYJU’s denied reports that its auditor Deloitte is yet to sign off its 2020-21 (FY21) financial results, saying that the company will file the financial results by July 15.
In a statement to IANS, BYJU’s which was last valued at $22 billion “strongly denied” the reports.
“We strongly deny the allegations about Deloitte not signing our results.
Our FY21 results will be out by July 15,” a company spokesperson said. Earlier reports said last month that BYJU’s auditor Deloitte hasn’t yet signed off on its 2021 financials and “its reticence comes from the lending and accounting decisions that BYJU’s has made”. BYJU’s then said that it has completed the consolidation of businesses, a process that was on for some time, and will be filing its financial results soon. The edtech unicorn made at least 10 acquisitions for a cumulative transaction value of about $2.5 billion last year.
Multiple acquisitions were made in FY21 and each of these acquisitions had a different accounting style and year, according to the company. BYJU’s said that all business practices, from student success to governance and accounting standards, have been in operation for the last six years, have been audited by Deloitte and records are submitted to all relevant authorities over these years. The company also said that the acquisition process of Aakash Educational Services is on track and is expected to be completed by August.
About The Author