Specialist US doughnut maker Krispy Kreme has been forced to restate its 2004 year-end figures following an internal review into alleged accounting errors.
Accountancy Age, 04 Jan 2005
Krispy Kreme, which is still under informal investigation by the SEC into its accounting irregularities, would be hit by between a $6.2m and $8.1m (£4.3m) reduction in pre-tax income for the fiscal year 2004.
'The company also is conducting discussions with the Commission staff regarding the staff's inquiries concerning certain accounting matters, including certain of the matters giving rise to the adjustments described above,' Krispy Kreme said in a statement.
It could not rule out that the ongoing investigation by the SEC would bring about a further write down in income for the period.
'In such event, there can be no assurance that the amount of those additional adjustments will not be material individually or in the aggregate,' Krispy Kreme stated.
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