Accounting errors

UBS AG Period End 31 December 2010

Submitted by YWang on Thu, 2011-07-28 12:44
UBS AG Annual Report 2010
CR Monitor Issue: 
2011/0715
Company covered: 
UBS AG
Period End: 
31 December 2010
Report issued on 28 July 2011 covered the following practice issues:
Inconsistent
Material cumulative errors not corrected retrospectively.
Change
Measurement of subprime financial assets moves from Level 3 to Level 2.
Change
Changes in balance sheet format including separate line items for cash collateral receivables and payables on derivatives.
Change
Changes in disclosure of personnel expenses.
Change
Methodology of measuring the carrying amounts of CGUs changed to an Equity Attribution framework.

Deutsche Post AG Period End 31 December 2010

Submitted by Company Reporting on Wed, 2011-05-18 09:37
Deutsche Post AG Annual Report 2010
CR Monitor Issue: 
2011/0515
Company covered: 
Deutsche Post AG
Period End: 
31 December 2010
Report issued on 18 May 2011 covered the following practice issues:
Change
IFRS Amendment on financial instruments leads to recognition of forward contract related to future acquisition.
Change
Amendment to cash flow Standard impacts classification of cash flows.
Change
Impairments of associates included in net financial income.
Change
Increase in disclosure as related party amendment adopted.

Accounting Errors - A State Of Denial?

This report reviews disclosures made by companies when their financial statements have been restated to correct prior period errors.

Zurich Financial Services Ltd Period End 31 December 2010

Submitted by Company Reporting on Thu, 2011-04-21 08:05
Zurich Financial Services Ltd Annual Report 2010
CR Monitor Issue: 
2011/0403
Company covered: 
Zurich Financial Services Ltd
Period End: 
31 December 2010
Report issued on 21 April 2011 covered the following practice issues:
Change
Decision to hedge leads to change in policy for measuring underlying insurance liabilities.
Inconsistent
Two newly acquired subsidiaries not consolidated.
Restatement
Change in method of, and correction of errors in, classification prompt prior year adjustments.
Restatement
Inconsistent disclosures of amounts of restatements.

Micro Focus International plc Period End 30 April 2010

Submitted by Company Reporting on Tue, 2010-09-21 16:12
Micro Focus International plc Annual Report 2010
Prior year restatement highlights an error of disclosure of cost of inventories as an expense
Restatement by UK information technology company Micro Focus International highlights a prior period error in that the US$64,000 difference in the opening and closing balances of inventories was disclosed as an expense.

National Grid plc Period End 31 March 2010

Submitted by YWang on Wed, 2010-09-08 13:14
National Grid plc Annual Report 2010
Separate hierarchy disclosures for commodity contracts and other derivatives
UK utility company National Grid separates new fair value hierarchy disclosures for commodity contracts accounted for as derivatives from those for other derivatives as a result of their separate balance sheet classifications.

PZ Cussons plc Period End 31 May 2010

Submitted by Company Reporting on Mon, 2010-09-06 10:37
PZ Cussons plc Annual Report 2010
Restatement of figures leads to prior year revenue reduction of £56.3 million
Review of distribution agreement leads UK personal products company PZ Cussons to treat subsidiary as agent rather than principal and results in restatement that reduces prior year revenue by 6.7%.

JD Wetherspoon plc Period End 26 July 2009

Submitted by Company Reporting on Mon, 2009-11-09 00:00
JD Wetherspoon plc Annual Report 2009

Profit reduced by 17% following correction of a prior year error

UK pub company JD Wetherspoon chooses not to correct a prior period error retrospectively but to record the cumulative impact in the current year that reduces pre-tax profit by 17%.