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%.
An unheralded opt out reveals breach of IFRS rules
German mail company Deutsche Post discloses an opt out from IFRS rules on financial instruments, that led to a previous year under-valuation by €239 million, representing 8.4% of current year profit before tax, of a fair value liability, that was not disclosed in the previous year.
Discovery of prior year error prompts restatement UK financial company Hargreaves Lansdown corrects an error and eliminates a prior year £12 million gain arising from a sale of its own shares leading to a 55% reduction of income recognised in equity.
Error identified in misstating share capital as £25m rather than £25,000 UK investment company HSBCInfrastructure Company corrects an error in misstating its share capital as £25 million instead of £25,000 whereby comparative distributable reserves increase by 8.7%.
Error identified in measuring deferred payables UK home builder Barratt Developments corrects an error in relation to deferred term land purchases and restates comparative financial statements, but the impacts are not significant.
Exceptional write-downs and restructuring costs reduce profit by 65% UK home builder Barratt Developments presents as exceptional items £255 million costs in relation to inventory write-downs, impairments of intangibles and restructuring, that reduce pre-tax profit by 65%.
Error in accounting for a zero-coupon bond corrected German bank Commerzbank corrects an error relating to the measurement of a zero-coupon bond and consequently restates its prior year financial statements.
Prior year comparatives restated to correct multiple errors UK software producer DICOM Group corrects three accounting errors by restating prior year comparatives that increases net assets by £360,000 or 0.4%.
Restatement reveals previous error in accounting for treasury shares
UK investment trust Murray Income Trust restates its prior year balance sheet to correct an error in treating treasury shares as if they had been cancelled.