BusinessCompany NewsShell restates quarterly income

Shell restates quarterly income

Oil giant Shell has restated its income upwards for its first quarter of 2004, following the fiasco over its restatement of oil barrel reserves.

Link: Shell adjusts oil reserves and profits

First-quarter net income for 2004 has been re-adjusted to $4.7bn from $4.43bn because of changes in the accounting of inventories.

The changes, which were a follow-through from the adjustments in its 2003 accounts, were done to mainly reflect the cut in its oil and gas reserves.

In May this year, Shell cut its estimates of oil barrel reserves by more than 4 billion barrels, leading to the resignation of senior executives.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

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

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor