|
|
23 Jan 2012
RSM TENON, which today saw its chief executive and chairman leave, said it was in "constructive discussions" with its lending bank to set up new facilities.
The firm said that with "limited" headroom, it was engaged in discussions to negotiate new facilities due to the forthcoming end of its deal.
Further reading
With revenues for the six months to 31 December 2011 expected to be 10% lower than the same period a year earlier, RSM Tenon would record a loss before tax in those circumstances.
CFO Adrian Gardner, who joined the business in 18 October, has been leading a review of the firm's financial reporting that will see some non-cash restatements and to its accounts for the year-end to 30 June 2011 accounts.
Non-cash charges have occurred in the six months to 31 December 2011 figures "outside of our earlier expectation", the firm said in its stock exchange statement.
Pricing and similar underlying trading effects account for approximately half of the revenue decline, while the updated accounting estimates contributing towards the balance of the fall.
You may also like
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.
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. 
Visitor comments Add your comment