FRRP decisions: the Grainger Trust plc restatement
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 panel’s 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.