The Financial Reporting Council (FRC) has announced the findings of a review into WH Smith’s accounts, revealing that it did not correctly recognise some of its pension scheme contributions.
The Financial Reporting Review Panel (FRRP) of the FRC’s Conduct Committee reviewed the annual report and accounts of WH Smith for the year ended 31 August 2012.
The principal issue arising from that review related to the retailer’s decision not to recognise as a liability in its accounts a schedule of contributions prepared under section 227 of the Pension Act 2004 between a subsidiary of the company and the company’s pension trustee.
According to the review...
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