Inveresk, the forestry and paper company, has had its accounts qualified by its auditors KPMG after a disagreement regarding the sale of a reservoir in Fife.
According to the auditors, the sale of the Borelands Reservoir did not take place until 2005 and should not have been reflected in the 2004 financial statements.
In a results statement, however, the company said it ‘strongly believes that inclusion of this sale in the 2004 accounts portrays clearly to shareholders very much what happened in reality’.
If the sale had not been recognised in 2004, Inveresk’s profit of £184,000 for 2004 would have changed to a loss of £417,000. The company said this ‘would have been misleading to shareholders’.
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