In this month’s roundup of developments in accounting and financial reporting, Air Partner forced to deal with £3.3m accounting error, IASB refreshes Conceptual Framework for IFRS users, US GAAP rules on revenue recognition hit GE profits
Air Partner forced to deal with £3.3m accounting error
The CFO at global aviation services group Air Partner, Neil Morris, has resigned after the company admitted identifying a £3.3m accounting error dating back to 2011.
In a regulatory statement, the private jet hire and charter broker said: ‘The board of Air Partner has identified, during the course of its year-end review process, an issue predominantly relating to its accounting for receivables and deferred income.
‘Following preliminary investigations, the issue principally relates to the collection of receivables from customers and accounting for uncollected amounts since financial year 2010/11.
‘Certain uncollected receivables were inappropriately offset against deferred income rather than being expensed to the income statement in the appropriate financial year. This is a non-cash item and has no bearing on the company’s cash balances.’
The
