Accounting updates: January 2018

In this month’s roundup of developments in accounting and financial reporting, Poundland owner Steinhoff calls in PwC over accounting irregularities, FRC plans to scrutinise Mitie 2016 financial statements, tax changes to plant and machinery leases planned

Poundland owner Steinhoff calls in Pwc over accounting irregularities

South African retail giant Steinhoff International, which owns discount chain Poundland in the UK, has discovered accounting irregularities and has called in PwC to investigate.

In a statement the company said: ‘The supervisory board of Steinhoff wishes to advise shareholders that new information has come to light today which relates to accounting irregularities requiring further investigation.

‘The supervisory board, in consultation with the statutory auditors of the company, has approached PwC to perform an independent investigation.

‘Markus Jooste, CEO of Steinhoff has tendered his resignation with immediate effect and the board has accepted the resignation.’