Luca Pacioli, known as the “Father of Accounting and Bookkeeping” was an Italian mathematician, who published the first book on double entry accounting in the year 1494.
After discovering accounting errors in prior periods, chemical and mining group Rolfes has re stated its expected earnings for year ending June 2016. The issue in hand was, understatement of impairments relating to prior periods. The understatements will reduce the expected earnings for year ending June 2016, from an earlier number of 55.9c to a range between 39.9c to 48.1c. A significant impairment from previous expectation!
PricewaterhouseCoopers revealed that in the UK, they pay their Asian, Black and minority ethnic staff 13 percent less than other employees.
The accountants didn’t mess up the Emmy’s, yay!!! We got it correct, no snafu’s on the final winner names like at the Oscars.
The delivery company, DX group’s woes worsened as the company announced a £1.8M hit on their financial statements ending June 30th. The issue was that the company incorrectly applied the accounting related to lease incentives on one of its sites. The lease incentive should be credited back over the remaining life of the term of the lease, which in this case is 10 years.
This is not the first time the company stock has taken a beating this year. The company has been going through a rough patch- first their CEO Peter Cvetkovic resigned, followed by their finance director Daljit Basi, there was also police probe into the business and to top it all a failed merger. The accounting issue is hopefully the last in line of mishaps for the company, at least for the year.