FRRP say trolley firm “failed” to make proper disclosures

The UK reporting regulator has accused a supermarket trolley manufacturer of
failing to make proper disclosures in its financial statements.

The Financial Reporting Review Panel (FRRP) said AIM-listed company,
Supercart Plc, failed to disclose enough information on its financial statements
for its 2007 accounts.

In a statement, the FRRP said Supercart’s failure to disclose adequate
information under an international accounting rule known as IFRS 8, on the
grounds of commercial sensitivity, “was not in accordance with that standard”.
IFRS 8 relates to segmental reporting.

“The directors have accepted the panel’s conclusions and, in the recently
accounts for the year to 31 December 2008, have complied with the requirements
of IFRS 8, including disclosure of the relevant information for 2007 by way of

comparatives,” the FRRP said in its statement.

Read the full FRRP
of the Financial Reporting Review Panel in respect of the accounts of Supercart
Plc for the year ended 31 December 2007

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