BusinessCompany NewsKvaerner writes off £18m due to accounting error

Kvaerner writes off £18m due to accounting error

Anglo-Norwegian engineering group Kvaerner has announced it is writing off 230m Norwegian Kroner (£18m) after discovering an error in its accounts.

The company said some costs within the Oil & Gas business area had not been accounted for in its financial reports between 1998 and 2000.

The costs could not be allocated to each individual accounting period and impact directly on the Oil & Gas sector in the 1998-2000 accounts.

It added: ‘The costs relate to the delayed recording of labour hours and negative variances between budgeted and actual hourly rates.

‘The Group expects these costs to have a minor negative impact on the result for the Oil & Gas business area in 2001.’

According to Kvaerner, the costs will not affect liquidity and it had made provisions for the period in question, of which NOK 200m (£16m) had not yet been used.

Last year Kvaerner narrowly escaped bankruptcy.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

2m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

6m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

6m Alia Shoaib, Reporter
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

9m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

9m Emma Smith, Managing Editor
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

9m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

9m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

9m Emma Smith, Managing Editor