The latest technical update for accounting changes including the dual investigations into accounting problems at Tesco, release of Pensions SORP 2015 to meet new UK GAAP framework and FCA reporting requirements for EU Transparency Directive
The Financial Reporting Council (FRC) is to investigate Tesco’s financial statements for the past three years and the company’s first set of interim results for 2014 in the latest regulatory development surrounding concerns over accounting irregularities which have been uncovered at the supermarket chain.
Tesco’s accounting practises are already being investigated by the Financial Conduct Authority (FCA) and the Serious Fraud Office (SFO) over the £263m black hole identified in September, which Tesco said was caused by booking revenue from suppliers too early.
The FRC is to investigate ‘members and a member firm’ over the preparation, approval and audit of the financial statements of Tesco for the financial years ended 25 February 2012, 23 February 2013 and 22 February 2014. It will also probe their conduct in relation to the issues reported in the company’s interim results for the 26 weeks ended 23 August 2014.
The
