AN ACCOUNTING ERROR has forced US company Essex Crane to reissue its 2010 financial statement, boosting its net loss by £1.1m.
Net deferred tax liabilities stemming from the acquisition of Coast Crane were understated by $1.8m (£1.1m), while the valuation of allowances related to net operating losses was overstated.
The error will increase basic and diluted losses per share from 59 cents to 71 cents, although the company claims the adjusted numbers have no impact on cash flow or liquidity.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.