Lender and mortgage broker N1 Holdings has restated its revenue in response to an ASIC review of its 2021/22 financial report. ASIC found that N1 Holdings was recognising total loan establishment fees upfront, instead of treating them as part of the loan’s effective interest rate, as is required by the accounting standard AASB 9 Financial Instruments. As a result of the restatement, the company’s 2021/22 profit was cut from A$1.1 million to $697,000. In a statement, ASIC advised preparers of financial information to be aware of the impact of AASB 9. N1 Holdings has changed its business model several times over the years. Originally a mortgage broker specialising in dealing with migrants from Asia and Asian buyers, it moved into real estate sales and management in 2016, then later rent roll management, property development and migration services. But these days its core business is SME lending. It has commercial loan receivables of $54.1 million, which contributed $4.5 million of interest income to total revenue of $7.05 million in the six months to December. Mortgage broking origination commissions contributed $521,000 or revenue and trail commissions $186,000.