Profits at Provident Financial, the doorstep lender, would have been five per cent lower last year had it issued its results under new International Financial Reporting Standards.
Unveiling pre-tax profits of £216 million, the financial services group said the new rules would have knocked more than £10 million off its profit and loss account.
The new rules would have affected the timing of the group’s revenue recognition and its bad debt provisioning, it said, meaning that one of its subsidiaries, Yes Car Credit, would have seen a profit of £4.4 million under UK GAAP rules turn into a £2.7 million loss.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned