FRRP decisions: the Grainger Trust plc restatement

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Towards the end of last year the Financial Reporting Review Panel (FRRP) finished their investigation into the report and accounts of the property company Grainger plc. It was the panels first such action in almost a year, and it resulted in reduced earnings of 16.5 million. Rob Lewis looks at what happened.

The accounts in question related to the year-ended 30 September 2006, but it was one transaction in particular that attracted the attentions of the FRRP. During this period Grainger Trust had transferred trading properties to a wholly owned subsidiary G:res, a Jersey property unit trust. These were transferred with a carrying amount, at cost, of 43.5 million, but upon transfer were reclassified as investment properties with a market value of 23.5 million, recognised in the income statem...

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