The company behind high street retailer Jigsaw has been asked to explain why
it didn’t recognise share payments in its financial statements.
The Financial Reporting Review Panel said company Robinson Webster (Holdings)
Limited, which is behind women’s retailer Jigsaw, failed to recognise
‘share-based payments’ for the 12 month period ending 29 September 2007.
In a statement, the panel said Webster’s failure to recognise an expense for
share–based payments in the profit and loss account, “was not in accordance with
“The share–based payment that should have been charged in the 2007 accounts
accordance with FRS 20 was not quantified at the time the accounts were issued,
but has subsequently been determined by the Directors at £1,770,000,” the panel
“The impact of this charge would have been to reduce consolidated profit for
the financial period from £1,234,000 to a loss of £536,000.”
The panel said Robinson had now corrected the error.
Read the full FRRP statement
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season