Perviously, the troubled supermarket booked gross concession turnover as sales. But the change, caused by FRS5 (ANG), now means only the commission earned from sales can be included in turnover.
The news came today (Wednesday) as Sainsbury published its interim results for the six months to 9 October this year.
The results showed underlying profits before tax down to £131m compared to £366m the previous year. Total sales stood at £8.69bn against £9.69bn for the same period the previous year.
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
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.