BusinessCompany NewsHoneywell restates earnings for last three years

Honeywell restates earnings for last three years

Manufacturer makes restatement to reflect accounting change

Honeywell International, the diversified aircraft components’ manufacturer,
has restated its earnings for the last three financial years to reflect a change
in the way it accounts for sales promotions.

The company said it lowered income from continuing operations by $17m (£9m)
in 2005, $35m (£18.5m) in 2004 and $35m (£18.5m) in 2003 and also reduced net
income for these years by 2 cents per share, 4 cents per share 4 cents per share
respectively.

In February, Honeywell changed the way it accounts for the free or deeply
discounted wheels and brakes it provides some customers, to encourage them to
buy higher-value products like landing gear.

Previously, it had capitalized the cost of these items over their estimated
life span. Now it accounts for the charge when the products are delivered

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