BusinessCompany NewsRover accounts prompt concern at watchdog

Rover accounts prompt concern at watchdog

Questions remain over the accounting treatment at MG Rover, but FRC refuses to publish report

MG Rover’s accounts ‘raise a number of questions’ that the Department of Trade and Industry may want to pursue, according to the Financial Reporting Review Panel.

The FRRP handed over its report into the accounting practices at MG Rover today, but has decided not to publish its findings and will not to seek revisions to the accounts because the company is now in administration.

‘The FRRP’s policy is to avoid commenting publicly or publishing information on cases except where the company has agreed to issue amended accounts or given a commitment to change its accounting practices in future sets of accounts,’ read an FRC statement issued today.

‘Neither of these outcomes will apply in the case of MG Rover. The FRRP has concluded that there are no grounds for departing from this policy in this case and has, therefore, decided that it would be wrong to publish its report to the DTI.’

Despite this, the FRC has raised a number of issues ‘relating to the affairs of MG Rover and its associated companies which the FRRP believes may be relevant for the DTI to consider’. ‘It will be for the Secretary of State to decide what action the DTI should take following receipt of the FRRP’s report,’ the statement continued.

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