Jigsaw numbers didn't fit into place: FRRP
High street retailer found wanting by reporting watchdog
The company behind high street retailer Jigsaw has been asked to explain why
it didn’t recognise share payments in its financial statements.
The Financial Reporting Review Panel said company Robinson Webster (Holdings)
Limited, which is behind women’s retailer Jigsaw, failed to recognise
‘share-based payments’ for the 12 month period ending 29 September 2007.
In a statement, the panel said Webster’s failure to recognise an expense for
share–based payments in the profit and loss account, “was not in accordance with
that standard”.
“The share–based payment that should have been charged in the 2007 accounts
in
accordance with FRS 20 was not quantified at the time the accounts were issued,
but has subsequently been determined by the Directors at £1,770,000,” the panel
said.
“The impact of this charge would have been to reduce consolidated profit for
the financial period from £1,234,000 to a loss of £536,000.”
The panel said Robinson had now corrected the error.
Read the full FRRP statement
here
