Morning Briefing: Quindell over-stated accounts by more than AU$600 million

by Steve Randall06 Aug 2015
Quindell over-stated accounts by more than AU$600 million
The firm which sold its legal services division to Slater & Gordon has revealed its revised accounts as an investigation continues by the UK financial regulator. Quindell brought in PwC to audit its accounts and review accounting policies. The revised accounts show that for the year to the end of December 2014 there was a pre-tax loss of £137 million (approx. AU$274 million) and not the profit of £175 million (approx. AU$350 million) that had been previously stated. 

The company says that the matter did not change the value of the assets sold to Slater & Gordon; Quindell group finance director Mark Williams told the Law Society Gazette: “They were given a huge amount of disclosure and we are well aware that the board was likely to change the approach in relation to accounting policies. It doesn’t change the value of the asset they purchased.”
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