Accounting updates: August 2019

In this month’s accounting updates, misstatements at AIM-listed Renold and Eddie Stobart Logistics, deferred prosecution for Serco, late filing penalty change at Companies House, revised ethics code, FRC flags problems with half of annual reports reviewed, IASB consults on insurance contracts and prioritises intangibles, while one third of local councils are at risk of financial failure

AIM-listed Renold finds £1.8m accounting error

Renold, an industrial equipment supplier, postponed its AGM scheduled for 17 July after the company discovered a £1.8m accounting black hole in its gears business unit.

The AIM-listed company said the accounting issue was an ‘intentional mis-statement’, relating to historical accounting issues in the three years ending 31 March 2017, 2018 and 2019. Revised financial statements for the year ending 31 March 2019 will now have to be produced to rectify the issue.

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AIM-listed Renold finds £1.8m accounting error

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