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09 May 2011
AN ACCOUNTING ERROR has forced US company Essex Crane to reissue its 2010 financial statement, boosting its net loss by £1.1m.
Net deferred tax liabilities stemming from the acquisition of Coast Crane were understated by $1.8m (£1.1m), while the valuation of allowances related to net operating losses was overstated.
Further reading
The error will increase basic and diluted losses per share from 59 cents to 71 cents, although the company claims the adjusted numbers have no impact on cash flow or liquidity.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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