Womenswear group Robinson Webster has accepted that its accounts were not in accordance with FRS 20 'Share-based payment', when it failed to recognise an expense for such payment in respect of a share option scheme. The Financial Reporting Review Panel said the accounts were qualified for disagreement in relation to non-compliance with the standard. The company directors have accepted the panel's conclusion and in the financial statements for the year to September 2008 have corrected the error by way of a prior period adjustment. The panel said it welcomes the corrective action taken by the directors and regards its enquiries into the company's accounts for the period under review, started on 14 November 2008, as concluded. Robinson Webster disclosed in its 2007 accounts that no provision had been made for the value of share options granted during the period in accordance with FRS 20 as the directors thought that this would give a misleading view. The share-based payment that should have been charged in accordance with FRS 20 was not quantified at the time, but has subsequently been determined by the directors at £1,777,000. The impact of this charge would have been to reduce consolidated profit from £1,234,000 to a loss of £536,000. The recognition of the share-based payment charge has no effect on either cashflow or net assets at 29 September 2007.