PracticeAuditAccounting hit for BPP Holdings

Accounting hit for BPP Holdings

Group's assets fall by £5.2m as accounting policy changes.

Professional education provider BPP Holdings’ fixed assets and shareholders’ funds have both dipped by £5.2m because of the group’s adoption of new accounting standards for its employee stock option plans.

Link: Pension liabilities hit Johnston Press profits

The new standard – UITF38 – changes the way the company reflects its own shares held in an ESOP trust. Shares used to be held as assets and will now be deducted to calculate shareholders’ funds. The company now has fixed assets valued at £94m. Shareholders’ funds total £40.3m.

BPP Holdings revealed the effects of the UITF38 at the announcement of its final results for the 2004 financial year. The group reported pre-tax profits of £8.2m, 8% down on the £8.9m reported for 2003.

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

12h Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

5d Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

1m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter