SC. Supercart

 

TIDMSC. 
 
RNS Number : 0613Z 
Financial Reporting Review Panel 
15 September 2009 
 

Financial Reporting Review Panel 
Aldwych House, 71-91 Aldwych, London WC2B 4HN 
Telephone: 020 7492 2300 Fax: 020 7492 2479 
www.frc.org.uk/frrp 
FRRP PN 120    15 September 2009 
PRESS NOTICE 
 
 
FINDINGS OF THE FINANCIAL REPORTING REVIEW PANEL IN RESPECT OF THE ACCOUNTS OF 
SUPERCART PLC FOR THE YEAR ENDED 31 DECEMBER 2007 
 
 
The Financial Reporting Review Panel ("the Panel") has had under review the 
report and accounts of Supercart Plc ("the company") for the year ended 31 
December 2007. The auditors' opinion on the accounts was qualified for 
disagreement in relation to non-compliance with IFRS 8, 'Operating segments'. 
 
 The Panel concluded that the company's failure to disclose certain 
information required by IFRS 8, on the grounds of commercial sensitivity, was 
not in accordance with that standard. 
 
 The directors have accepted the Panel's conclusions and, in the recently 
published accounts for the year to 31 December 2008, have complied with the 
requirements of IFRS 8, including disclosure of the relevant information for 
2007 by way of comparatives. 
 
Supercart Plc's non-disclosure of certain items of segmental information 
 
 
IFRS 8 is mandatory for the annual accounts of companies using IFRS for periods 
beginning on or after 1 January 2009. It requires segment information to be 
disclosed based on the information reported internally to the entity's chief 
operating decision maker and used to allocate resources and assess performance. 
The company applied  IFRS 8 early as part of its first year of accounting under 
IFRS. 
 
 
The company disclosed in its 2007 accounts that it had omitted the disclosure of 
the following information on the grounds of commercial sensitivity: 
 
 
  *  the segmental analysis of revenues from external customers; 
  *  the operating segments responsible for revenues from major customers; and 
  *  the measure of profit reported to the chief executive officer for the purpose of 
  making decisions about allocating resources to the segment and assessing its 
  performance. 
 
Notes to editors 
 
 
  1.  The Financial Reporting Council (FRC) is the UK's independent regulator 
  responsible for promoting confidence in corporate reporting and governance. Its 
  functions are exercised principally by its operating bodies (the Accounting 
  Standards Board, the Auditing Practices Board, the Board for Actuarial 
  Standards, the Financial Reporting Review Panel, the Professional Oversight 
  Board and the Accountancy and Actuarial Discipline Board and by the FRC Board. 
  The Committee on Corporate Governance assists the Board in its work on Corporate 
  Governance. 
  2.   The Role of the Panel is to examine the annual accounts of public and large 
  private companies to see whether they comply with the requirements of the 
  Companies Act 2006 ("the Act") including applicable accounting standards. 
  Following implementation of the Accounting Regulation (EC) No 1606/2002, this 
  may mean compliance with UK or International Financial Reporting Standards. 
  3.  Where breaches of the Act are discovered the Panel seeks to take corrective 
  action that is proportionate to the nature and effect of the defects, taking 
  account of market and user needs. Where a company's accounts are defective in a 
  material respect the Panel will, wherever possible, try to secure their revision 
  by voluntary means, but if this approach fails the Panel is empowered to make an 
  application to the court under section 456 of the Act for an order for revision. 
  To date no court applications have been made. 
  4.  IFRS 8 replaces IAS 14: 'Segment Reporting' and is expected to give rise to an 
  increase in the number of reported segments and disclosure of amounts used 
  internally which may be prepared on a basis different to the IFRS amounts 
  reported in the primary statements. 
  5.  Disclosure of IFRS 8 information will be mandatory for companies preparing IAS 
  34 compliant half-yearly accounts to 30 June 2009. 
  6.  The Chairman of the Panel is Bill Knight and the Deputy Chairmen, Ian Wright and 
  David Lindsell. There are currently 26 other Panel members drawn from a broad 
  spectrum of commerce and the professions. Individual cases are normally dealt 
  with by specially constituted Groups of 5 or more members. 
  7.  All Press enquiries and consultation responses should be directed to Carol Page 
  tel: 020 7492 2460 or at c.page@frc-frrp.org.uk 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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