CAR DEALER Pendragon has been forced to correct its 2011 accounts after it overstated its cash flows from operations and investment activities.
The move follows a review by the FRC’s Financial Reporting Review Panel into the company’s presentation of cash flows from its contract hire vehicle operations.
As a result of the correction, made in the company’s 2012 interim results, cash inflow from operating activities was overstated by £31.3m and should, therefore, have been reported as £52.6m. Net cash outflow from investing activities was overstated by £31.3m and should have been reported as £23.8m.
The FRRP said it was satisfied with the corrections and the matter has been closed.
Shares in the London-listed company fell 6% following the announcement.
The application of robotics in finance functions is moving faster than predicted. Although, companies are cautious in how they are applying artificial intelligence to ensure results first, many are stepping up their investigations
EU competition commissioner Margrethe Vestager has defended the decision to order technology giant Apple to pay €13bn (£11bn) in back taxes to the Irish government
Carillion has announced the appointment of a new finance director as it reported a rise in first half profits and sales led by strong growth in its support services business
The UK inflation rate hit its highest level in almost two years in July, suggesting that the sharp fall in sterling following the UK referendum to leave the European Union is forcing prices up