Chez Gérard forced to restate accounts

Chez Gérard forced to restate accounts

Groupe Chez Gérard, the restaurant chain, has been ordered by the UK's financial reporting watchdog to change its depreciation policy, forcing the company to restate its 2000 accounts

The Financial Reporting Review Panel said Chez G‚rard had not properly applied the rules of FRS 15, the accounting standard that deals with tangible fixed assets.

The news came as Chez G‚rard released its preliminary results for the year ending 1 July 2001, showing the company had made a pre-tax profit of Pounds 2m.

But the restated accounts for the previous year revealed that they would have had to announce an increased loss of Pounds 2.85m.

FRS 15 came into effect on 23 March 2000, leading Chez G‚rard and other restaurant chains to review their existing depreciation policies.

Previously the company had not depreciated its freehold or long leasehold premises, but the new policy involved depreciating them over 50 years or the life of the lease.

But the FRRP took issue with the way revisions to the useful economic lives and residual values of the assets were calculated on adoption of the new standard.

Links

Chez G‚rard

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource