Insurance broker PWS Holdings has been forced by the financial reporting watchdog to amend its 1998 accounts to show an amortisation charge as a normal, rather than exceptional, item. In a statement the Financial Reporting Review Panel said it had considered the report and accounts of PWS Holdings for the year ended 30 September 1998 and has discussed them with the company’s directors. The panel’s concerns about the £45,000 goodwill amortisation charge centred on the company’s interpretation of FRS3 and the introduction of a new line item ‘Operating profit before exceptional operating items’.
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