IAS 8 cab maker reveals accounting errors

Revelations of accounting errors which resulted in an understatement of historical losses by £3.9m at London black cab maker, Manganese Bronze Holdings plc, has forced the company to delay its half-year results. Manganese Bronze told the market today that the issues concerned 2011 and previous financial years. It gave notice that it would announce its half-year results on or before 24 September 2012. The problems began with the introduction of a new integrated IT system in August 2010, intended to help manage the increasingly complex supply chain.