A review into the accounts of Sabien Technology has seen the company correct an error in its 2009 results.
A review of Sabien 2009 accounts by the Financial Reporting Review Panel, an arm of the Financial Reporting Council, had focused on its reclassification of convertible loan notes in its consolidated cash flow statement.
Sabien has corrected this through a restatement of its comparative figures in its 2010 prelims.
The main correction focused on presentation of cash generated from operations, and cashflows from financing activities. Cash outflow was originally reported as £257,000, understated by £483,000. Net cash outflow from financing activities was overstated by £483,000, The changes have not effect on the opening and closing cash position, or statement of its financial position.
“The panel welcomes the corrective action taken by the directors and regards its enquiries into the company’s accounts for the year under review, initiated on 13 July 2010, as concluded,” said the FRRP in a statement.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Does Darwin's theory apply to taxation? Colin ponders...
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment